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The crisis forces Unibail to review its new contracts

2021-07-28T17:38:26.398Z

In more than half of the cases, the leases do not exceed 12 to 36 months and the rents have fallen. Despite a rapid rebound in the number of visitors to its shopping centers and in the turnover of its tenants, Unibail-Rodamco-Westfield (URW) is not yet fully out of the crisis. Over the first six months of 2021, after an average closure of nearly 70 days of its centers, the group saw its half-year net rents drop by 22.4%, to 785 million euros. Its recurring net income has meanwhile slipped 30% to



Despite a rapid rebound in the number of visitors to its shopping centers and in the turnover of its tenants, Unibail-Rodamco-Westfield (URW) is not yet fully out of the crisis.

Over the first six months of 2021, after an average closure of nearly 70 days of its centers, the group saw its half-year net rents drop by 22.4%, to 785 million euros.

Its recurring net income has meanwhile slipped 30% to 472 million euros.

Read also:

Struck by the Covid-19 crisis, Unibail wants to accelerate sales

“Unlike 2020, where we had no restrictions until the end of March, the entire semester was marked by more or less severe health restrictions depending on the area,”

explains Jean-Marie Tritant, URW's new CEO.

Faced with its tenants suffering the closure of its centers, the property company granted 220 million euros in rent reduction.

"In France, our collection rate has also fallen because some tenants have not paid their rents, pending clarification on government support",

specifies Jean-Marie.

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Source: lefigaro

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