Skip to main content

Unibail-Rodamco-Westfield provides market update on the impact of COVID-19

Written by Customer Service on . Posted in Public Companies.

Paris, Amsterdam, March 16, 2020
Press release
Unibail-Rodamco-Westfield provides market update on the impact of COVID-19The COVID-19 crisis continues to evolve rapidly and in recent days several governments in the markets in which Unibail-Rodamco-Westfield (“URW”) operates have taken measures to contain the spread of the virus. These measures will impact the Group’s operations.URW’s primary focus is now on protecting the health and safety of its employees, tenants, and visitors, and the Group is carefully monitoring the latest health guidelines issued by the World Health Organization, national, regional, and local governments and adapting its operations accordingly.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 Warwood
Maarten Otte 
+33 1 76 77 58 02 
Maarten.otte@urw.comMedia Relations 
Tiphaine Bannelier-Sudérie
+33 1 76 77 57 94
Tiphaine.Bannelier-Suderie@urw.com
About Unibail-Rodamco-WestfieldUnibail-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.com
Visit our Media Library at https://mediacentre.urw.com
Follow the Group updates on Twitter @urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram @urw_group
Access the URW 2018 report at https://report.urw.com/2018/AttachmentUnibail-Rodamco-Westfield provides market update on the impact of COVID-19

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.