Offices perform for Unibail-Rodamco Westfield

Rental income across Unibail-Rodamco Westfield remained relatively stable during the first half of 2023 at €1.1bn (£860m), up by 1.1% on 2022. On a like-for-like basis, rental income across the business rose by 8.2%. URW’s office portfolio, while only contributing a small proportion of total income, was the best performing segment for the group. It saw income rise by 17% to €41m. Operating profit across URW was back to pre-Covid levels at €1.1bn. The firm said it had also improved its debt position, reducing its burden by €20.5bn, with a reduced cost of debt of 1.8%. It has also secured some three years of liquidity with €11.9bn of finance available, including €3.8bn of cash. The average maturity of URW’s debt is eight years. Chief executive Jean-Marie Tritant said: “URW delivered very solid financial results in H1 2023 that demonstrate the strength of our assets and the quality of our operations and teams. “During the half, we signed a record number of leases with an increasing proportion of long-term deals and saw a 12.5% uplift in rents.” He added: “Our performance in the first half builds on the strong platform we established in 2022, and we are confident this momentum will continue throughout 2023.” To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews Photo by Ben Cawthra/Shutterstock