A year of crisis and revolution.
2020 will have been extraordinary for Unibail Rodamco Westfield (URW), the leading commercial real estate company in Europe.
The brand new chairman of the group's executive board, Jean-Marie Tritant, appointed in November following the successful putsch of Léon Bressler and Xavier Niel, presented sharply declining annual results on Wednesday.
Some of URW's strengths backfired when the Covid hit.
Concentrated on shopping centers (95% of rents), rather established in city centers, with “destination” centers which give pride of place to restaurants and cinema, URW has suffered more than other donors in the world. absence of tourists and employees at their workplace.
Its establishment in the United States following the takeover of Westfield in 2018 proved to be penalizing.
American shopping centers suffer more than Europeans.
The vacancy rate in URWs reached 13% there, compared to 5% in continental Europe.
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