With 1st quarter results showing an increase in mall vacancies in both the U.S.A. and in Europe, URW continues to clean up a balance sheet amid a tightening credit market.
While vacancy rates continued to rise in malls in Q1 2023 (+0.7 point in Europe in 3 months and +1.3 point in the U.S.A., where they remain particularly high at 11.7%), URW announced another asset sale. This includes the Westfield Brandon shopping Centre in Florida, in a US$220-million deal and the “V” office building near Paris in Versailles (€95 million). After disposing of €1.8 billion of assets in 2022 by a drastic portfolio reduction (mainly in the U.S.A.), the firm plans to sell €800 mill
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Article authors
Sophie Baqué
Chief Editor of mind Retail