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.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.