Westfield owner ramps up disposals programme as UK income falls

Westfield London

Shopping centre landlord Unibail-Rodamco-Westfield has scaled back its development pipeline and ramped up its disposal programme as net rental income fell across its UK centres last year.

For the 2019 financial year, URW reported that like-for-like net rental income across its UK shopping centres was down 4.2%, making it the worst performing region across the group as both continental Europe and the US saw growth.

However, URW reported that footfall across UK centres through December was up 2.8%, outperforming the wider shopping centre index by 530 bps.

Tenant sales through December increased by 4.7% and vacancies across the portfolio fell to 7.7%, down from 8.7% in June 2019.

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