Slowing Sales Makes it Harder for Unibail to Raise Rents. FVE Declines to EUR 165
The retail sales environment for narrow-moat-rated Unibail-Rodamco-Westfield is deteriorating faster than prior forecasts, impacting the rate Unibail can raise rents going forward. We’d previously forecast a 10-year CAGR in retail rent of 3.3%, but weakening sales figures for the European assets that make up the bulk of the portfolio means the negotiating power is now swinging more in favour of the tenant. Sales across the discretional apparel category appear to have suffered the most with U.K. ...
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