UNIBAIL-RODAMCO-WESTFIELD Q3-2025 TRADING UPDATE
Paris, October 23, 2025
Press release
UNIBAIL-RODAMCO-WESTFIELD Q3-2025 TRADING UPDATE
UPGRADED GUIDANCE AND FLAGSHIP ASSET ACQUISITION
ADVANCING ‘A PLATFORM FOR GROWTH’ 2025–28 PLAN
- Solid operating performance in 9M-2025
- Tenant sales up +3.4%1 and footfall up +1.8%
- MGR uplift of +6.7% on top of indexed passing rents
- +11.0% increase in signed rent per sqm, showing focus on high value leases
- Like-for-like Shopping Centres GRI up +2.4%, consistent with H1-2025
- Complete delivery in September of Coppermaker Square residential scheme in London
- Acquisition of a 25% stake in St James Quarter, a retail flagship asset in Edinburgh, to be Westfield rebranded in 2026
- €1.6 Bn2 of disposal transactions secured year-to-date, of which €1.4 Bn already completed, and €0.7 Bn of active discussions
- Proactive management of capital structure through the successful €685 Mn 4.75% NC2031 hybrid issuance and a buyback exercise on its NC2026 and NC2025 hybrid instruments
- 2025 Adjusted Recurring Earnings per Share (AREPS) to be at least €9.50
Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:
“The strong operating performance in the first nine months of the year was underpinned by rising tenant sales and increased footfall across our portfolio of dominant flagship assets in the best European and US markets. This performance supported strong leasing activity with positive MGR uplift and positions us to unlock further reversionary potential and sustain long-term value creation in the future.
In 2025 to date, we have completed or secured €1.6 Bn of disposals – including a non-core real estate management business in Germany and the Group’s US airports business. With an additional €0.7 Bn of non-core transactions currently under discussion, we are on track to achieve the €2.2 Bn in planned disposals identified in our business plan.
We have also acquired a 25% stake in St James Quarter, a high-quality, fully redeveloped asset in Edinburgh that perfectly fits our strategy to operate and grow dominant flagship destinations in key urban markets. This accretive transaction is also aligned with the Group’s ‘A Platform for Growth’ 2025-28 business plan and offers an opportunity to expand the globally-recognised Westfield brand to a new market.
Our strong operating performance to date, our successful refinancings as well as our disposal progress give us the confidence to increase our 2025 AREPS guidance at least €9.50.”
For more information, please contact:
Investor Relations
Meriem Delfi
77
Juliette Aulagnon
43
Imane Rafiky
88
Media Relations
UK/Global:
Cornelia Schnepf – FinElk
8
France:
Etienne Dubanchet – PLEAD
43
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.
The Group operates 66 shopping centres in 11 countries, including 40 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €1.9 Bn development pipeline of mainly mixed-use assets. Its €49 Bn portfolio is 88% in retail, 5% in offices, 6% in convention and exhibition venues, and 2% in services (as at June 30, 2025).
URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.
URW’s stapled shares are listed on Euronext Paris (Ticker: URW). The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.
For more information, please visit
1 Excluding Tesla, tenant sales were up +3.6%.
2 In terms of contribution to proportionate net debt reduction.
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