Report
Florent Laroche-Joubert ...
  • Nadine El Ouni
  • Nour El Houda Hammami

Unibail-Rodamco-Westfield : A cautious approach in the face of an unprecedented health crisis!

>Capital increase of € 3.5bn in a refinancing plan of € 9.0bn - URW yesterday announced a refinancing plan of € 9.0bn to address the uncertainties resulting from the health crisis. This plan includes: 1/ a capital increase of € 3.5bn aimed at immediately lowering the LTV ratio to 35.7% (vs 41.5%), 2/ limiting the payment of cash dividends through a scrip dividend or a reduced payout ratio, for a saving of € 1.0bn over two years, and 3/ executing the plan to divest € 4...
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
Florent Laroche-Joubert

Nadine El Ouni

Nour El Houda Hammami

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