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Westfield owner URW reports growth in 2022

Sophie Smith
27 October 2022

Unibail-Rodamco-Westfield, owner of the Westfield Shopping Centre franchise, has reported a 20.8% increase in turnover to £2.3 billion (€2.7 billion) for the first nine months of 2022.

This growth reflects post COVID-19 recovery, dynamic leasing activity and asset deliveries in shopping centres, leasing progress on offices and the improvement of its convention and exhibition division, partly offset by the impact of disposals.

Gross rental income for the shopping centre division was up 18.7% to £1.6 billion (€1.9 billion). This was due to the absence of COVID-19 rent relief, indexation, strong leasing activity, higher sales based rents, commercial partnerships and parking income.

Revenue from commercial partnerships increased from £39 million (€46 million) to £66 million (€76.5 million) in the nine months. This includes €28.1 million for media, brand and data partnerships activity.

The total number of leasing deals signed was 1,755, which was up 11% compared to 2021 and 20% higher than 2019.

For the third quarter, Unibail-Rodamco-Westfield shared the following results: 

  • Tenant sales reached 110% of 2021 levels and 103% of 2019 levels.
  • Rent collection up 96%.
  • European rent collection rate, including the UK, stood at 96%.
  • Leasing activity up 14%, with 554 deals signed.

The best performing categories in Europe, compared to Q3 2019, included sport up by 13.6%, health and beauty by 12.7%, and jewellery by 9.8%. However, fashion sales dropped 3.3%.

Jean-Marie Tritant, CEO of URW, said: “Leasing dynamics were solid, both in terms of volumes and conditions, demonstrating continued retailer appetite for our flagship destinations. The steady improvement in US and UK vacancy levels, as well as the increase in rent collection to 2019 levels, both confirm the solid recovery trend seen in H1 2022.

"We also continued to implement our strategy to grow our commercial partnerships revenues with the launch of Westfield Rise, an in-house media, brand experience and data partnerships agency.

"While market conditions may affect overall timing, we are committed to completing our deleveraging plan and are supported by a strong liquidity position and the robust operational performance of our assets."

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