Financial information as at March 31, 2021
Paris, Amsterdam, April 28, 2021
Press release
Financial information as at March 31,
2021
- Unibail-Rodamco-Westfield’s (“URW” or “the Group”)
Q1-2021 turnover remained strongly impacted by ongoing COVID-19
restrictions with 42 days(1) of closures vs. 13 days(1) in Q1-2020;
zero days of “normal” unrestricted operations vs. 70 days in
Q1-2020
- Progressive lifting of non-essential retail
restrictions in the UK, Slovakia, Denmark and The Netherlands
during April; however 51% of URW’s shopping
centres are still effectively closed(2)
- March tenant sales(3) reached 87% of 2019 levels in the
US, while Continental European countries where non-essential retail
was allowed to trade reached 76-81%; UK footfall jumped to 75% of
2019 levels during first week of reopening despite major
restrictions still in place
- Successful delivery of Westfield Mall of the
Netherlands: 92% pre-let(4) at opening; 70,000 visits during first
weekend despite closure of F&B and Entertainment and
appointment only access to non-essential retail
- URW also announced today the sale of a 45% stake in
Shopping City Süd (Vienna) and the phased disposal of Aupark
(Bratislava); upon closing URW will have completed €1.35 Bn of its
planned €4 Bn European asset disposal programme
Commenting on the first quarter of 2021,
Jean-Marie Tritant, Chief Executive Officer
said:
“The Group’s centres were effectively closed for
an average of 42 days in the first quarter, with the exception of
essential retail. Combined with the ongoing closure of all
Convention & Exhibition venues, the Group’s performance in the
quarter was strongly impacted, and we anticipate 2021 to remain
very challenging with tougher and longer restrictions impacting the
Group beyond Q1. While we saw encouraging leasing activity as
brands continue to choose our locations in preparation for the post
COVID-19 market rebound, our overall vacancy rate did increase
slightly in Q1 as a result of the lagged impact of the pandemic on
retailers. We continue to partner with our tenants to navigate this
environment together.
We see positive signs of a return to normality
whenever restrictions are eased, thanks to pent-up consumer demand
for our high quality shopping destinations. In March, sales in
Spain, Austria and Sweden, where non-essential retail was allowed
to trade, reached 81%, 79% and 76% of 2019 levels, respectively.
Tenant sales in selected US markets where most restrictions had
been removed, with the exception of capacity limits, also recovered
strongly, with sales in our non-CBD Flagship centres(5) reaching
93% of 2019 levels in March and some centres even exceeding
pre-COVID levels. In addition, the strong return of UK footfall,
reaching 75% of 2019 levels and 1.2 million visits in the first
week after reopening, despite ongoing indoor F&B and
Entertainment closures, is an encouraging sign of the appetite we
expect to see across all markets.
As outlined at the full year results, the varied
pace of vaccination progress and the resulting recovery trajectory
of each of our markets means the Group still lacks sufficient
visibility to provide a full-year outlook at this time.”
- Turnover
The proportionate
turnover of URW for the first three months of 2021 amounted to
€566.7 Mn, down by -40.8% year-on-year, reflecting the impact of
the prolonged COVID-19 restrictions and the impact of the 2020
disposals. The Group’s results in Q1-2020 were only marginally
affected by COVID-19, as major restrictions in URW’s key markets
only came into effect in late March 2020.
Turnover |
|
IFRS |
Proportionate(6) |
YTD
in € Mn, excluding VAT |
3M-2021 |
3M-2020 |
Change |
3M-2021 |
3M-2020 |
Change |
Shopping Centres |
360.6 |
515.6 |
-30.1% |
472.8 |
679.1 |
-30.4% |
Offices & Others |
17.4 |
26.2 |
-33.7% |
19.5 |
28.5 |
-31.7% |
Convention & Exhibition |
11.5 |
69.2 |
-83.3% |
11.7 |
69.7 |
-83.2% |
Rental income |
10.1 |
46.7 |
-78.4% |
10.2 |
47.2 |
-78.3% |
Services |
1.5 |
22.5 |
-93.5% |
1.5 |
22.5 |
-93.5% |
Property services and other activities
revenues |
26.5 |
43.3 |
-38.9% |
26.5 |
43.3 |
-38.9% |
Property
development and project management revenues |
36.2 |
136.0 |
-73.3% |
36.2 |
136.0 |
-73.3% |
Total |
452.2 |
790.3 |
-42.8% |
566.7 |
956.6 |
-40.8% |
Figures may not add up due to rounding.
- Gross Rental Income
Gross Rental Income
(“GRI”) includes the rent discounts expected to be given, increased
vacancy impact, and lower variable revenues as a result of the
ongoing COVID-19 restrictions, while doubtful debtor provisions are
part of the property operating expenses.
The proportionate GRI
of the Shopping Centre division amounted to €472.8 Mn for Q1-2021,
a decrease of -30.4%. The GRI in the Nordics, Spain and the US,
reached -14.5%, -20.4% and -20.9%, respectively, as shopping
centres in those regions were mostly able to trade through the
first quarter, albeit with capacity and/or F&B and
Entertainment restrictions remaining in place. Spain was positively
impacted by the delivery of the Fashion Pavilion and Dining
Experience in La Maquinista. The US was also impacted by a negative
FX impact, which was partly offset by the opening of the Westfield
Valley Fair extension in March 2020.
GRI in France was
impacted by restrictions as the French government announced the
closure of shopping centres above 20,000 sqm from the end of
January and above 10,000 sqm from the beginning of March, followed
by a lockdown in the Paris region from the end of March. In
addition, the GRI in France was impacted by the disposal of the
five French shopping centres in May 2020 as part of the Group’s
strategic disposal programme, which was partly offset by the
delivery of the Lyon La Part Dieu extension.
The decrease in
Austria and Poland, which where both closed for 1.5 months, is
driven by government regulation suspending rental payments during
the pandemic. In Germany, Denmark, Czech Republic, Slovakia and the
UK shopping centres were closed for the full quarter. While The
Netherlands was also closed for the full quarter, the impact was
partly offset by the opening of Westfield Mall of the
Netherlands.
The GRI of the
Offices & Others division was €19.5 Mn, down by -31.7% compared
to Q1-2020, as expected following the strategic disposal of Novotel
Lyon Confluence in 2020 as well as SHiFT and Les Villages 3, 4 and
6 in 2021.
The GRI of the
Convention & Exhibition division decreased by -78.3% to €10.2
Mn, due to the restrictions for convention and exhibition venues
throughout the first quarter and the lockdown in the Paris region
from March 19.
Gross Rental Income |
|
IFRS |
Proportionate(6) |
YTD in € Mn, excluding VAT |
3M-2021 |
3M-2020 |
Change |
3M-2021 |
3M-2020 |
Change |
Shopping Centres |
360.6 |
515.6 |
-30.1% |
472.8 |
679.1 |
-30.4% |
France |
111.3 |
174.6 |
-36.3% |
112.8 |
176.7 |
-36.1% |
United States |
101.7 |
122.3 |
-16.9% |
193.9 |
245.2 |
-20.9% |
Central Europe |
34.4 |
52.2 |
-34.2% |
36.1 |
54.2 |
-33.4% |
Spain |
33.9 |
42.5 |
-20.3% |
33.9 |
42.6 |
-20.4% |
Nordics |
27.9 |
32.7 |
-14.5% |
27.9 |
32.7 |
-14.5% |
Austria |
13.5 |
22.9 |
-41.1% |
13.5 |
22.9 |
-41.1% |
United Kingdom |
9.5 |
25.8 |
-63.1% |
20.2 |
49.6 |
-59.2% |
Germany |
14.5 |
25.4 |
-43.0% |
20.4 |
38.1 |
-46.4% |
The Netherlands |
13.9 |
17.2 |
-19.1% |
13.9 |
17.2 |
-19.1% |
Offices
& Others |
17.4 |
26.2 |
-33.7% |
19.5 |
28.5 |
-31.7% |
France |
9.3 |
18.2 |
-48.7% |
9.3 |
18.2 |
-48.7% |
Other countries |
8.1 |
8.0 |
+0.4% |
10.2 |
10.3 |
-1.8% |
Convention & Exhibition |
10.1 |
46.7 |
-78.4% |
10.2 |
47.2 |
-78.3% |
Total |
388.0 |
588.6 |
-34.1% |
502.5 |
754.9 |
-33.4% |
Figures may not add up due to rounding.
Major events
- Closing and reopening of the Group’s shopping centres
in 2021
As at March 31, 57% of URW’s shopping centres
were restricted from trading except for “essential” stores(2). In
total the Group suffered from 42 days(1) on average of closure vs.
13 days(1) in Q1-2020, and had zero days of normal operations vs.
70 days in Q1-2020.
Most countries in which the Group is active
continue to have restrictions in place which impact the Group’s
operations. As at April 28, 51% of URW’s shopping centres are
restricted from trading except for “essential” stores(2).
Non-essential retailers can currently trade only in the Group’s
centres in the UK, the US, Sweden, Spain, Slovakia, The Netherlands
and Denmark, while restrictions on capacity and/or F&B and
Entertainment continue to apply in all of these countries. Some
countries have however announced a proposed reopening date, such as
May 3 for Austria. A full list of current restrictions can be
found in Appendix 1.
- Footfall & Sales(3)
During the quarter, footfall in Europe was down
-58% vs. 2019 and -41% in the US. Tenant sales saw a similar trend
and were down -51% vs. 2019, with the US (-23%) outperforming
Europe (-62%). However, considering the closures of many centres
and other on-going restrictions, the aggregate tenant sales and
footfall data is not deemed meaningful.
In the US, centres were open throughout Q1,
while other restrictions such as the stay-at-home order in
California and the closure of F&B were gradually removed in
January, February and March. As a result, the sales performance
improved progressively throughout the quarter and reached 69%, 74%
and 87% of the 2019 levels for January, February and March,
respectively. In March, the Group’s non-CBD Flagship centres(5)
reached 93% of 2019 levels and 11 shopping centres overall even had
tenant sales, pro rata for open stores and number of days in
operation, above 2019 levels, demonstrating the pent-up consumer
demand.
In March, sales for Spain, Austria and Sweden,
where non-essential retail was also allowed to open, came to 81%,
79% and 76%, respectively, of the 2019 levels.
In the first week after reopening on April 12,
footfall in the UK came to an encouraging 75% of 2019 level,
reaching 1.2 million visits in a week, with Westfield London at 85%
despite that restaurants and cinemas are still closed and Westfield
Stratford, a major public transportation hub, at 69%, as the usage
of public transportation remains subdued. This is higher than the
June 2020 reopening, when footfall was tracking between 40–50% of
the 2019 level. With indoor F&B and Entertainment operators
expected to reopen in the UK on May 17, footfall is expected to
further improve over the coming months.
These figures show encouraging signs of expected
consumption rebound once the restrictions related to COVID-19 are
lifted and demonstrate the appeal of URW’s shopping centres.
- Rent collection, rent relief and support
schemes
Rent collection levels continue to be impacted
by COVID-19 restrictions applied in the majority of countries where
the Group operates. As at April 23, 66% of the first quarter rent
invoiced had been collected. Adjusted for the rent relief granted
or expected to be granted and booked, the collection rate came to
89% of the total amount due(7).
The European collection rate stood at 63% for
the quarter, having trended down month-on-month, as new
restrictions were implemented in France, Poland and Austria in
February. In Austria and Poland, laws determine that rents and
service charges are not due during closure periods.
In the US, the collection rate reached 73% and
was still impacted by the stay-at home order in California, which
was lifted on January 25, and restrictions on F&B and
Entertainment operators, which were partially lifted in California,
New Jersey and Montgomery (MD) county in March, with some counties
still having capacity restrictions in place for indoor F&B and
Entertainment.
Region |
January(8) |
February(8) |
March(8) |
Q1(8) |
Continental Europe |
77% |
60% |
53% |
63% |
UK |
62% |
62% |
62% |
62% |
Total Europe |
75% |
60% |
54% |
63% |
US |
76% |
74% |
70% |
73% |
Total URW |
75% |
65% |
59% |
66% |
The rent relief granted or expected to be
granted and booked in Q1-2021 amounts to a cash impact of €146.9 Mn
for URW on a proportionate basis (€312.6 Mn in 2020), and may be
adjusted for the full year based on effective duration of
lockdowns, as well as on the basis of government support.
The total trade receivables from activity(9) net
of rent relief and provisions as at March 31, 2021, increased by
+€74.7 Mn vs. December 31, 2020. This increase reflects
the impact of shopping centre closures or restrictions on rent
collection in Q1-2021 in most of the regions where the Group
operates.
In several countries the governments have
implemented retailer support schemes, on top of the furlough /
partial activity schemes which retailers can use, notably in Czech
Republic, Denmark, Sweden, The Netherlands and Slovakia. Currently,
there is no direct support for landlords, although landlords can
also make use of furlough / partial activity schemes. The main
retailer support schemes currently in place can be found in
Appendix 2.
France also intends to implement a more
extensive support scheme to compensate retailers for a substantial
part of their fixed costs, which is currently under review by the
European Commission. Subject to final legislation, when in place,
this scheme should improve URW’s ability to collect rent.
Conversely in Poland, the government is considering legislation
which would force landlords to give a certain discount for a
limited period after the reopening.
- Leasing and vacancy
Leasing activity continues to be impacted by the
COVID-19 pandemic. Nevertheless, a number of deals with leading
retailers were completed in Q1, such as:
- Primark in Garbera;
- Nike in Galeria Mokotow, Westfield Arkadia and Westfield Mall
of Scandinavia;
- Huawei in CentrO;
- Lego in Westfield Arkadia;
- YSL Saint Laurent in Westfield Galleria at Roseville;
- Hermès in Westfield Valley Fair; and
- Apple for an upsized store in Westfield London.
EPRA vacancy, reflecting past events, increased
slightly by +50bps in the quarter vs. December 2020 to 8.8% for the
Group. The increase was mainly driven by the UK where vacancy rose
from 9.7% to 12.6%, mainly due to tenants that are not expected to
reopen after the severe Q1 lockdown, bankruptcies and lease
surrenders. In Continental Europe, vacancy stood at 5.4%, up from
4.9%, the increase was mainly driven by Germany and France and
partly offset by The Netherlands, the Nordics, and Austria. In the
US, the vacancy increase was +30bps from 13.1% to 13.4%.
- Recent deliveries
On March 18, the opening of the Westfield Mall
of the Netherlands took place with a pre-letting(4) of 92%,
illustrating retailer demand for Flagship destinations despite the
market context. The 117,000 sqm centre located in The Hague region
is the first of its kind in The Netherlands, positioned to
fundamentally change the shopping experience for Dutch
consumers.
Despite F&B and Entertainment operators
being closed, and other non-essential stores only allowed to
welcome guests who made an appointment four hours in advance, the
centre was able to attract 70,000 visits on the first weekend with
positive sales commentary reported by the tenants.
The Group also delivered on March 11 the Fashion
Pavilion and an upgraded Dining Experience in La Maquinista,
Barcelona. The 10,200 sqm restructuring project was 99% pre-let(4)
at opening, adding local champions in the F&B sector and
upgrading the fashion offer with tenants like Urban Outfitters and
Abercrombie.
- Post-closing events
DisposalsConsistent with the Group’s key focus
on deleveraging:
On April 28, URW entered into an agreement for
the phased disposal of Aupark Bratislava, a 59,600
sqm Flagship destination in Slovakia, which attracted 11.8 million
visits in 2019. WOOD & Company, as transaction leader, together
with its joint venture partner Tatra Asset Management (“the
Purchasers”), will initially acquire a 60% interest on the basis of
an agreed Total Acquisition Cost (“TAC”) of €450 Mn (at 100%). The
remaining 40% will be acquired through pre-agreed stakes in 2022,
2023 and 2024. The TAC is in line with the appraisal value. The
joint venture formed by URW and the Purchasers has also refinanced
existing debt of Aupark by obtaining non-recourse bank financing of
€229.5 Mn.
In light of the impact of the on-going COVID-19
pandemic, URW has provided:
- a three-year rent guarantee equal to a maximum c. 2% of the
Gross Market Value (“GMV”); and
- a participative loan including an earn-out mechanism, with a
maximum amount at risk equal to c. 2% of the GMV, and a potential
earn-out to URW, which applies should the returns to the Purchasers
be lower than or exceed the agreed levels.
Completion of the transaction is expected during
the first half of the year and is subject to standard conditions
precedent such as competition clearance. URW will continue to
manage the property, together with WOOD & Company, until the
asset has been fully acquired by the Purchasers and the earn-out
mechanism settled, in return for market standard property and asset
management fees.
On April 28, URW also signed an agreement with
Crédit Agricole Assurances to sell a 45% stake in Shopping
City Süd, a 200,000 sqm Flagship destination in Vienna,
Austria, which attracted close to 25 million visits in 2019. The
two parties have also established a joint venture that will see URW
continue asset and property management as part of a long-term
management contract.
The implied offer price for the asset is €1,065
Mn (at 100%), representing a 3% discount to the last unaffected
appraisal value (December 2020). In light of the impact of the
ongoing COVID-19 pandemic, URW has granted the joint venture a
two-year rental guarantee capped at c. 2% of the implied offer
price (at 100%). The transaction is subject to customary closing
conditions, including competition clearance, and is expected to
close in Q3-2021.
Upon closing of the sale of the 60% stake in
Aupark and 45% stake in Shopping City Süd, URW will have completed
€1.35 Bn of its planned €4 Bn European asset disposal
programme.
Credit facilityOn April 28, URW successfully
closed a five-year sustainability linked revolving credit facility
for a total amount of €3.0 Bn. The credit facility has two one-year
extension options and replaces €1.6 Bn of commitments that were
scheduled to mature in 2021 and €800 Mn of commitments due to
mature in 2022, 2023 and 2024. URW’s undrawn credit facilities
amount to around €9.7 Bn, with an average maturity of c. 2.8
years.
The margin of the credit facility is linked to
the Sustainable Target Score of the Group, which is based on KPIs
like energy intensity, carbon emission reductions, the percentage
of assets with BREEAM In-Use certification and the percentage of
URW employees that have participated in CSR training. If the Group
achieves or exceeds the Sustainable Target Score, the margin will
be reduced. In addition, the Group has committed to invest,
independent of its Sustainable Target Score, an amount equivalent
to the potential margin reduction to finance internal
sustainability projects.
The bank syndicate encompasses 19 banks. BNP
Paribas acted as documentation agent, Natixis, SMBC Group, and
Société Générale as sustainability coordinators, Deutsche Bank and
HSBC as syndication agents and Crédit Agricole Corporate and
Investment Bank as facility agent.
- Outlook
In view of the extended duration of the COVID-19
lockdowns and other restrictions, which are longer and tougher than
originally envisaged with effects beyond Q1, the Group anticipates
that the impact on its full year 2021 performance will remain
significant. Given the uncertain timing of reopening in many
markets, the Group still lacks sufficient visibility on the phasing
of the recovery to provide a full-year outlook at this time.
However, the strong return of footfall as well as high turnover of
retailers upon reopening and lifting of restrictions gives us
strong confidence for the latter part of the year and 2022.
- Financial schedule
The next financial events in the Group’s
calendar will be:
May 12, 2021: General Meeting
Unibail-Rodamco-Westfield SE (to be held virtually)July 28,
2021: 2021 Half-Year results
Notes:
1. Weighted by shopping centres’ NRI in 2019.2. Including
Germany, and where relevant The Netherlands till April 27, 2021, as
the requirement to make an appointment to shop, significantly
limits the operations of retailers.3. Tenant sales (except The
Netherlands) and footfall performance in URW’s shopping centres in
operation, including extensions of existing assets, but excluding
deliveries of new brownfield projects, newly acquired assets and
assets under heavy refurbishment. For the Q1-2021 reporting period,
shopping centres excluded due to delivery or ongoing works were Les
Ateliers Gaité, La Part Dieu, CNIT, CH Ursynow, Garbera, Westfield
Valley Fair, Westfield Mall of the Netherlands and Gropius
Passagen. Primark sales are based on estimates. Tenant sales and
footfall data includes shopping centres accounted for using the
equity method, but not Zlote Tarasy as it is not managed by URW.
Tenant sales excludes Auto / Tesla and Carrousel du Louvre.
Footfall data excludes US centres with unreliable counting systems
(Westfield Mission Valley, Westfield Palm Desert, Westfield Old
Orchard, Westfield South Shore and Westfield World Trade Center).4.
GLA signed, all agreed to be signed and financials agreed.5.
Excluding Westfield World Trade Center and Westfield San Francisco
Centre.6. Proportionate reflects the impact of proportional
consolidation instead of the equity method required by IFRS 11 of
the URW jointly controlled assets.7. Excluding deferrals and rent
relief granted or under process.8. The rent collection improves
over time, i.e. the January rent collection as at January 31, 2021,
stood at 56% and has since then improved to 75% as at April 23,
2021.9. On a proportionate basis, including Shopping Centres,
Offices & Others and C&E.
For further information, please
contact:
Investor Relations Samuel
Warwood Maarten Otte +33 1 76 77 58
02 Maarten.otte@urw.com
Media Relations Nathalie Feld – Image 7+33
6 30 47 18 37nfeld@image7.fr
Cornelia Schnepf – FinElk+44 7387 108 998
Cornelia.Schnepf@finelk.eu
Appendix 1 : Full list of current
government restrictions
Country |
Non-essential retail closed |
Other restrictions |
Austria |
1/1/2021 to 7/2/20211/4/2021 to 2/5/2021 |
F&B (takeaway allowed) and Entertainment remained closed
throughout Q1. |
Czech Republic |
1/1/2021 to TBC |
Denmark |
1/1/2021 to 20/4/2021 |
F&B (takeaway allowed) and Entertainment remained closed
throughout Q1. F&B reopened on April 21. |
France |
31/1/2021 to TBC(initially for shopping centres over 20,000 sqm,
afterwards shopping centres over 10,000 sqm and from April 3 all
non-essential retail throughout the whole country) |
F&B (takeaway allowed) and Entertainment remained closed
throughout Q1. |
Germany |
1/1/2021 to TBCClick & Collect and Click & Meet generally
allowed. |
The Netherlands |
1/1/2021 to 2/3/2021From 3/3/2021, only shopping on appointment
(need to be made four hours in advance).From 28/4/2021,
appointments are no longer required. |
F&B and Entertainment remained closed throughout Q1 – Terraces
reopened on April 28. |
Poland |
1/1/2021 to 31/1/202115/3/2021 to TBC |
F&B (takeaway allowed) and Entertainment remained closed
throughout Q1. |
Slovakia |
1/1/2021 to 18/4/2021 |
Spain |
7/1/2021 to 28/2/2021 for centres in the Catalonia region. |
F&B closed in malls in the Catalonia region. Capacity
restrictions for F&B in other regions. |
Sweden |
|
Capacity restrictions for stores, F&B and Entertainment.
Cinema’s remain closed. |
UK |
1/1/2021 to 11/4/2021 |
F&B and Entertainment remained closed throughout Q1. On April
12 restrictions for outdoor F&B got lifted, with indoor F&B
expected to reopen on May 17. |
US |
|
Operations of F&B, Entertainment, Fitness and Salons have been
restricted in most states and counties in which URW is active,
currently mainly capacity restrictions remain in place for those
activities. |
Appendix 2: Main government support
schemes
Austria |
Turnover subsidies from January until June 2021 up to 30% of
turnover in case of at least 40% turnover drop compared to
comparable months in 2019, capped at €60,000 per month and €800,000
in total. In addition, there is a fixed costs compensation up to
€800,000 cap in case of at least 40% turnover drop compared to
comparable months in 2019, needs to be offset against turnover
subsidies. |
Czech Republic |
60% of uncovered costs to be compensated provided that the
retailer’s turnover decreased by more than 50% compared to the same
period in 2019, capped at €1.5 Mn per applying retailer. |
Denmark |
Compensation for fixed cost of up to 100%, depending on the
percentage turnover drop. |
Germany |
Fixed costs compensation in a certain range possible in case of at
least 30% turnover drop compared to comparable months in 2019, but
with cap of €1.5 Mn per month per applying retailer. |
France |
Turnover compensation granted under turnover loss condition, either
€10,000 or turnover compensation at 15% or 20% depending on monthly
turnover drop, capped at €200,000 per month and per group
retailer.EBITDA compensation granted under monthly turnover level
and loss conditions, EBITDA loss compensation at 70% or 90%
depending on company size, capped at €10 Mn for 2021 per group
retailer. |
The Netherlands |
Compensation for fixed cost up to 85% in Q1 and 100% in Q2 for
retailers with a turnover drop of over 30%, capped at €550,000
(SME) or €600,000 (non-SME) per retailer. Additional compensation
of 21% of the revenue loss to indemnify unused stock, capped at
€300,000 per retailer for Q1 only. |
Slovakia |
Rental discount top-up mechanism: if 50% discount is provided by
the landlord, the government pays the remaining 50%. If a discount
of less than 50% is agreed, the government will pay the same
percentage, with the remaining amount to be paid to the landlord
within 48 months. |
Sweden |
Compensation for fixed costs in relation to turnover drop for
companies with a turnover drop over 30% (limitations and caps
apply) and a rent support scheme for limited time periods
compensating landlords for 50% of rent discount granted to tenants
within specified sectors (capped at €800,000 per retailer including
rent support from 2020). |
UK |
Business rates holiday for the retailers until the end of June
2021. |
US |
The US Small Business Administration (SBA) is offering low interest
loans through their Paycheck Protection Program (PPP) that can be
forgiven if 60% of funds are used on payroll costs and
payroll/compensational levels are maintained. SBA is also offering
direct assistance grants to qualified restaurant and food service
tenants (Restaurant Revitalization Program). In addition, various
other State programs and Federal payroll tax credits are
available. |
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship Destinations, with a portfolio
valued at €56.3 Bn as at December 31, 2020, of which 85% in retail,
8% in offices, 5% in convention & exhibition venues and 2% in
services. Currently, the Group owns and operates 87 shopping
centres, including 53 Flagships in the most dynamic cities in
Europe and the United States. Present on two continents and in 12
countries, Unibail-Rodamco-Westfield provides a unique platform for
retailers and brand events and offers an exceptional and constantly
renewed experience for customers.
With the support of its 3,100 professionals and
an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects.
Unibail-Rodamco-Westfield distinguishes itself
by its Better Places 2030 agenda, that sets its ambition to create
better places that respect the highest environmental standards and
contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are
listed on Euronext Amsterdam and Euronext Paris (Euronext ticker:
URW), with a secondary listing in Australia through Chess
Depositary Interests. The Group benefits from an BBB+ rating from
Standard & Poor’s and from a Baa2 rating from Moody’s.
For more information, please visit
www.urw.comVisit our Media Library at
https://mediacentre.urw.comFollow the Group updates on Twitter
@urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram
@urw_group
- Financial information as at March 31 2021