The new measures taken to prevent the spread of the coronavirus may affect the performance and results of Unibail-Rodamco-Westfield real estate fund (URW) in the fourth quarter. This was warned by the company in a trade report for the third quarter.
URW saw things better in the third quarter, as in many countries the coronary restrictions were eased. The number of visitors in the malls increased and the tenants also sold more. But the resurgence of the virus creates new uncertainty, says the company. In September the recovery started to decline.
URW stresses that the so-called RESET plan, which seeks to raise billions from shareholders, is necessary to reduce the risks to the company. The vote will take place on 10 November, but a group of shareholders is opposed to the plans.
In the last 9 months, URW has seen the return to net results of EUR 945 million. That’s almost 30 percent less than a year earlier. Net rental income was just over EUR 1.5 billion, more than 17% less than a year ago.
For the whole year, URW is currently counting on a recurring net profit of about EUR 1 billion and the adjusted recurring profit per share (AREPS) in a range of EUR 7.20 to EUR 7.80.