Westfield continues to recover thanks to ‘strong leasing’

// Westfield owner Unibail reports rise in turnover in the first quarter
// Turnover rose 34.2% reflecting a “strong post-Covid-19 recovery and asset deliveries”

Westfield has revealed a rise in its turnover in the first quarter as it recovered from Covid-19.

The owner of the shopping centre giant, Unibail-Rodamco Westfield said turnover rose 34.2% reflecting a “strong post-Covid-19 recovery and asset deliveries”.

It said its tenant sales recovered and reached 93% of 2019 levels in the first three months of the year as well as 95% in March alone.

READ MORE: The UK’s first clothing brand created by young ex-offenders opens at Westfield

Meanwhile, rent collection also improved to 93% with a “continued increase in the 2021 collection rate”.

The group saw “sustained leasing activity” with 521 deals signed in in the period, which was actually up 4% against 2019.

Unibail chief executive Jean-Marie Tritant said: “Our portfolio of flagship destinations in the wealthiest cities and catchment areas performed well in Q1, demonstrating the continued strength of the recovery. The vital role our centres play in the omnichannel strategy of leading brands was illustrated by strong leasing performance.”

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