Report
Joan Sehim

Unibail-Rodamco-Westfield : Disposals can wait

Unibail-Rodamco-Westfield (URW) is entering 2024 in a much stronger position than a year ago. On the one hand, shopping centres are holding up well in the macroeconomic environment and have several levers for growth (new openings and the 2024 Olympic Games). On the other hand, the improvement in credit ratios and the successful return to the primary market (exchange offer in June, new issue in December) have enabled URW to ease the pressure on planned asset disposals. URW is clea...
Underlying
Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod

Unibail-Rodamco is a commercial property operator, investor and developer. Co. is operationally organized in six geographical regions: France, Spain, Central Europe, Austria, the Nordics and The Netherlands. Its activities are divided into three business lines or segments: Shopping Centres, Offices and Convention & Exhibition. Co.'s Shopping Centres segment focuses primarily on the retail sector; the Offices segment takes care of office assets that are mainly located in the Parisian Central Business District; and the Convention-Exhibitions segment consists of a real estate venues and operations organization, and trade show organization.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Joan Sehim

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