Unibail-Rodamco-Westfield (ASX:URW), a leading owner and operator of shopping centres and commercial properties, reported a solid performance for Q3 2024, driven by robust retail sales and increased foot traffic at its key sites. The company recorded a 9.1% increase in turnover compared to the same period last year, with the Convention & Exhibition segment showing a notable boost due to events associated with the 2024 Paris Olympic Games. Leasing activity also remained strong, with €313m in new leases signed during the first nine months of 2024, reflecting an 8% increase over indexed rents.
In a recent company announcement, CEO Jean-Marie Tritant outlined URW’s commitment to reshaping its portfolio by reducing its exposure to the US market and refocusing on its core European assets. This strategy included €0.8bn in asset disposals completed or agreed upon this year, aligning with the group’s goal to consolidate its position as a leading European real estate operator. “Our strategic shift towards Europe is progressing well, supported by strong leasing activity and encouraging retail trends,” Tritant said.
URW’s long-term targets include capitalising on the recovery in footfall and expanding revenue streams through initiatives like Westfield Rise — a project aimed at generating income from digital advertising and brand experiences within its centres.