Unibail-Rodamco-Westfield group is planning to underwrite £3.2 billion (Euro3.5 billion) capital raise to reduce leverage.
The move follows recovering sales and footfall numbers across its European shopping centres. It has also recently announced the launch of Reset – a plan to strengthen its balance sheet (which is expected to make about Euro2 billion cash savings by the end of 2021).
Across continental Europe, footfall is currently 80 to 90% vs. prior year, while the London and Stratford sites are 60 to 70%. Differently, the US market lays behind Europe mostly due to more restricted measures in the Los Angeles ares and lower mobility in the major US cities.
Rent collection remains just below continental European average (80%) with a rate of 72% in July and 70% in August.
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