First Unibail-Rodamco-Westfield results bring “solid performance” for new group

Europe’s largest property firm reported a boost in its first half profit thanks to its acquisition of Westfield shopping centres earlier this year.

Paris-based Unibail-Rodamco officially completed its acquisition of Westfield in June this year.

The newly combined group said recurring net result, a measure of profit, in the first half of the year rose 14.5 per cent to EUR 703 million euros (£631.72 million).

Recurring earnings per share rose 7.3 per cent to EUR 6.61 (£5.94).

It noted that like-for-like net rental income rose by 4.3 per cent for the half year for shopping centres across continental Europe.

The group also revealed that as of June 30, it had an expected cost for its development pipeline at EUR 12.5 billion.

“Our focus remains on continuous improvement in our portfolio through disciplined asset management, our rotation strategy, and the build-out of the development pipeline,” said group chief executive Christophe Cuvillier.

“The skills of the Unibail-Rodamco-Westfield team and our best in breed assets are well positioned to deliver value for our shareholders,” he added, noting that the group’s full-year results would be published February 13 2019.

Unibail-Rodamco-Westfield combined estate now includes 104 shopping centres across 13 different countries, worth an estimated £53 billion, all of which carry the Westfield brand.

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