In 2025, the financial results of Klépierre, Unibail-Rodamco-Westfield and Carmila gave the challenger, Klépierre, the advantage in several areas. Net rental income growth shows a gap of two percentage points (up by 5.1% for Klépierre vs. up by 3.1% for URW), despite almost identical growth in tenant sales (up by 3.4% for Klépierre and by 3.9% for URW). These results also illustrate different strategies. Klépierre, Europe’s second-largest player in the sector with net rental income of €1.12 billion last year (via €21.2 billion in assets under management), has the lowest debt-to-EBITDA ratio. The group, whose French and Belgian entity is now headed by Laetitia Ferracci, has leveraged financial strength to expand commercial space by purchasing major regional centres such as Bari in Italy (Casamassima, €160 million).
