URW reports strong results for 2018

Unibail-Rodamco-Westfield, the premier developer and operator of flagship shopping destinations, reports strong results for 2018.

“2018 was a historic year, marked by the creation on June 7 of Unibail-Rodamco-Westfield, the premier global developer and operator of Flagship shopping destinations. I warmly thank our talented teams for the extraordinary work they have performed in 2018. In addition to closing the transaction and embarking on the integration of the two platforms, URW delivered excellent results against a challenging industry backdrop. Adjusted recurring earnings per stapled share grew +7.2%, exceeding guidance. Continental Europe achieved strong Lfl retail and office NRI(1) growth of +4.0% and +4.5%, respectively. Occupancy in the US was up by +130 bps since June. The Group successfully sold €2.0 Bn of assets, mostly in Continental Europe, well ahead of schedule and above book value. Going forward, URW has set itself the near-term objectives of reducing leverage and integrating the business, while building on solid underlying growth as revenue synergies are realised. Consistent with these objectives, the Group plans to dispose of €4 Bn of assets in the next several years, bringing its total disposal target to €6 Bn. While dilutive in the short-term, this will set the stage for a renewed earnings growth phase as URW’s portfolio is well positioned to thrive in a rapidly changing retail environment.”

Christophe Cuvillier, Chief Executive Officer