Unibail-Rodamco-Westfield confirms strong liquidity position
19 Marzo 2020 - 7:00AM
Unibail-Rodamco-Westfield confirms strong liquidity position
Paris, Amsterdam, March 19, 2020
Press release
Unibail-Rodamco-Westfield confirms strong
liquidity position
Restrictions imposed to prevent the spread of
the COVID-19 virus currently limit the operations of
Unibail-Rodamco-Westfield (“URW” or the “Group”) in several of its
markets, as announced on March 16, 2020 (available at urw.com).
Since then, further restrictions have been added in France and
Germany and the Group’s US centres will also be substantially
closed for the time being. The duration and extent of the situation
and its impact on the Group’s earnings remain uncertain.
In light of this evolving situation, URW has
taken all precautionary measures needed to ensure its access to
liquidity. The Group now has €10.2 Bn in cash on hand and
undrawn credit lines, which provides it with the liquidity
needed to cover all expected funding needs even under an
extreme “stress test” scenario.
As noted in the release of March 16, 2020, the
Group has also implemented a programme to actively reduce non-staff
expenses, defer non-essential capital expenditure and make use of
any relevant facilities or arrangements provided by the various
national authorities to assist companies through the crisis. The
Group is already prepared to increase the scope of these measures
if the crisis were to persist for an extended period.
For further information, please
contact:
Investor Relations Samuel WarwoodMaarten
Otte +33 1 76 77 58 02 Maarten.otte@urw.com
Media Relations Tiphaine Bannelier-Sudérie +33 1 76
77 57 94 Tiphaine.Bannelier-Suderie@urw.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship destinations, with a portfolio
valued at €65.3 Bn as at December 31, 2019, of which 86% in retail,
6% in offices, 5% in convention & exhibition venues and 3% in
services. Currently, the Group owns and operates 90 shopping
centres, including 55 Flagships in the most dynamic cities in
Europe and the United States. Its centres welcome 1.2 billion
visits per year. Present on 2 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 3,600
professionals and an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects. The Group has a
development pipeline of €8.3 Bn.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 A rating from Standard & Poor’s and
from an A2 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_groupAccess the URW 2018 report at
https://report.urw.com/2018/
- Unibail-Rodamco-Westfield confirms strong liquidity
position
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