Just a day apart, URW and Klepierre, Europe’s two leading shopping centre operators, released robust annual results. For URW, the advertising business accounted for more than 50% of net margin in 2024.
In 2024, Klepierre and URW saw similar growth in rental income (up by around 6.5%), as well as in tenant turnover (up by around 4%). However, a comparison of financial results, published on February 12 and 13, reveal stark differences. Klepierre, Europe’s second-largest shopping centre operator (€20.2 billion in assets under management across 70 centres), maintains a relatively low debt level of €7.4 billion. In a sector where new developments are largely restricted by the Climate and Resilienc
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