Unibail-Rodamco-Westfield provides market update on the impact of COVID-19
March 16 2020 - 2:30AM
>At this date, local authorities have required all non-essential
stores to close in France, Spain, Poland, Austria, the Czech
Republic and Slovakia. As such, the Group’s shopping centres in
these markets are substantially closed (supermarkets, food stores,
and pharmacies are typically allowed to open). Some limitations to
trading hours also apply in Denmark. The Group’s other shopping
centres continue to trade as normal for now, albeit with reduced
footfall, although URW expects other governments may adopt similar
measures in due course.
The Group’s Convention & Exhibition business
is also seeing an impact, with the French government currently
restricting any events of more than 100 people. The Group’s offices
division is not affected at this point.
At this stage, it is too early to determine the
situation’s impact on the contractual obligations of the Group’s
retailers and other partners or to estimate the effect of any
case-by-case support measures the Group may decide on. The Group
has started an active dialogue with its tenants on how to address
these unprecedented challenges. In addition, URW is actively
reducing non-staff expenses, deferring non-essential capital
expenditure and will make use of any relevant facilities or
arrangements provided by the various national authorities to assist
companies through the crisis.
However, considering the uncertainty around this
rapidly evolving situation and how long the above preventative
measures will need to remain in place, it is not currently possible
to estimate the extent of the impact on the Group’s earnings. In
weathering these events URW benefits from a geographically
diversified exposure and, if required, has access to undrawn credit
facilities to manage its liquidity needs.
URW will carefully monitor the state of affairs
and provide further updates as the situation warrants.
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 provides market update on the impact
of COVID-19
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