Latest news with #URW
The Irish Sun
18-05-2025
- Business
- The Irish Sun
Once-thriving town that's now dubbed a ‘rubbish dump' set for new shopping centre & train station in £5bn revamp
AFTER years of delays, Croydon's centre is finally set to undergo a major transformation. From retail and housing to new public spaces and train station improvements, the London borough is set to see a hefty £5 billion invested into the area. 3 Croydon, London is set to see a major revamp to its town centre, including retail and transport Credit: Getty 3 Croydon Old town has been criticised by residents for the high levels of litter in the streets Credit: BPM Old Town boasts a rich history of -era buildings as well as being the 's summer residence for more than 500 years. However, the bustling area eventually became neglected, falling into disrepair. Some In 2012, Croydon was promised a Westfield location, however plans for the development were eventually scrapped. Read More On Town Upgrades Unibail-Rodamco-Westfield (URW) took control of the project in 2023, giving residents of the area new hope. Tim Hurstwyn, Development Director at URW spoke to the Local Democracy Reporting Service (LDRS) about the He explained that unlike the old Westfield plans, which mainly focused on retail, this new initiative would be "mixed-used" and flexible. 'If the last few things have taught us anything, it is that building for a particular use is short-sighted," he said. Most read in News Travel He confirmed that construction is expected to start in 2028 and would see the Whitgift Centre transformed into a mixed-use space "emphasising community and accessibility". The current centre would be split into two areas: Whitgift North and South. Huddersfield Station Closure: £70 Million Revamp Set to Transform Travel Under the plans, Whitgift North would contain housing and other community-use spaces, depending on the local need. This area would also include a public square, a linear park, flexible workspaces, and retail units. Meanwhile, Whitgift South would remain primarily a retail-focused area with room for car parking, some houses, and a public area called Anchor Square. The south side would also go back to the listed Whitgift Almshouses and Electric House, which are URW's primary heritage concerns. The Whitgift's newer sibling, Centrale, which sits on the other side of North End, is also included in URW's redevelopment site. 'Downtrodden' English ghost town where locals feel 'left behind' being turned into 'vibrant' shopping hub in £9m revamp By Nicole Cherruault A "DOWNTRODDEN" English ghost town is being turned into a "vibrant" shopping hub in a £9million revamp. The town in northern Manchester set to totally transform as the More than 600 people were consulted over renovation plans in Eccles, Salford and work has now started on demolishing the town's shopping centre, which was suffering from falling visitors numbers. Following the demolition stage, a development partner will be appointed to bring new life to what residents described as a "downtrodden" town, reports The objective, the council said, is to create a "vibrant" and a "fit for purpose" centre for people to enjoy. Attracting more independent retailers, and new bars and cafes are among the council's top priorities. And just three miles from Salford Quays and Manchester city centre, the redevelopment project looks set to transform the area into a buzzing place for young professionals and business owners. This comes as locals despaired over the ailing town, saying they felt it had been "left behind" and it was in desperate need of some "drastic" improvements. The council stressed that the demolition work will be a long process, with the initial phase due only to be completed by the end of the year. However, Councillor Mike McCusker reassured locals that despite the renovations, the town centre "remains open for business", stressing that the works only affect a few areas. He said: 'Whilst we work on the town centre of the future, today's town centre remains open for business,' said Coun Mike McCusker, lead member for planning, transport and sustainable development at Salford council. 'I want to stress that this demolition work only affects certain parts of the town centre. 'The shops and businesses on Church Street are still open for business and unaffected by this work.' Meanwhile, Councillor McCusker, who represents the Eccles ward, shared his enthusiasm for the project, in particular for its focus on the local community. In a statement, he spoke of his "excitement" for the times ahead in materialising their vision for a brighter, more dynamic Eccles. He said 'Through our purchase of the shopping centre, we were able to put the future of the town centre in the hands of the council and the community. 'It has enabled us to begin this important and long-overdue programme of work, to deliver the vision we have developed with the community. 'The demolition work will take some time, but there are exciting times ahead for Eccles as we work to bring this vision to life.' A more modern site, Centrale opened in 2004, 34 years after the Whitgift, and therefore has less intensive works planned. While there is currently no indication as to how tall the planned development will be, one URW representative told the LRDS that the plans are not expected to reach the heights of the skyscraper buildings around East Croydon station. And the station is also set to undergo a development of its own as part of the town's ambitious £5.25 billion regeneration project, East Croydon Station, which welcomes 26,000 passengers a day, will see upgrades including a concourse expansion and reconfiguration of tracks to reduce bottle-nosing delays. 3 Work is set to begin on the Whitgift Centre in 2028 Credit: URW While construction is yet to begin on the station work, the transformation of Whitgift into a flagship retail space is anticipated to start in 2028. Completion is not expected until the 2030s. Executive Mayor Jason Perry said he is committed to bringing the transformation project to life. "We will work with residents and partners across Croydon in new ways to make this happen and to bring this transformation plan to life," he said. "My promise is to turnaround Croydon."
Scottish Sun
18-05-2025
- Business
- Scottish Sun
Once-thriving town that's now dubbed a ‘rubbish dump' set for new shopping centre & train station in £5bn revamp
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AFTER years of delays, Croydon's centre is finally set to undergo a major transformation. From retail and housing to new public spaces and train station improvements, the London borough is set to see a hefty £5 billion invested into the area. Sign up for Scottish Sun newsletter Sign up 3 Croydon, London is set to see a major revamp to its town centre, including retail and transport Credit: Getty 3 Croydon Old town has been criticised by residents for the high levels of litter in the streets Credit: BPM Croydon's Old Town boasts a rich history of Saxon-era buildings as well as being the Archbishop of Canterbury's summer residence for more than 500 years. However, the bustling area eventually became neglected, falling into disrepair. Some locals even complained that the town had become an eyesore and an embarrassment, pointing out the vast amounts of rubbish being dumped in public areas. In 2012, Croydon was promised a Westfield location, however plans for the development were eventually scrapped. Unibail-Rodamco-Westfield (URW) took control of the project in 2023, giving residents of the area new hope. Tim Hurstwyn, Development Director at URW spoke to the Local Democracy Reporting Service (LDRS) about the new plans. He explained that unlike the old Westfield plans, which mainly focused on retail, this new initiative would be "mixed-used" and flexible. 'If the last few things have taught us anything, it is that building for a particular use is short-sighted," he said. He confirmed that construction is expected to start in 2028 and would see the Whitgift Centre transformed into a mixed-use space "emphasising community and accessibility". The current centre would be split into two areas: Whitgift North and South. Huddersfield Station Closure: £70 Million Revamp Set to Transform Travel Under the plans, Whitgift North would contain housing and other community-use spaces, depending on the local need. This area would also include a public square, a linear park, flexible workspaces, and retail units. Meanwhile, Whitgift South would remain primarily a retail-focused area with room for car parking, some houses, and a public area called Anchor Square. The south side would also go back to the listed Whitgift Almshouses and Electric House, which are URW's primary heritage concerns. The Whitgift's newer sibling, Centrale, which sits on the other side of North End, is also included in URW's redevelopment site. 'Downtrodden' English ghost town where locals feel 'left behind' being turned into 'vibrant' shopping hub in £9m revamp By Nicole Cherruault A "DOWNTRODDEN" English ghost town is being turned into a "vibrant" shopping hub in a £9million revamp. The town in northern Manchester set to totally transform as the council launches a multi-million pound "vision for change" after locals complained the town felt "left behind". More than 600 people were consulted over renovation plans in Eccles, Salford and work has now started on demolishing the town's shopping centre, which was suffering from falling visitors numbers. Following the demolition stage, a development partner will be appointed to bring new life to what residents described as a "downtrodden" town, reports Manchester Evening News. The objective, the council said, is to create a "vibrant" and a "fit for purpose" centre for people to enjoy. Attracting more independent retailers, and new bars and cafes are among the council's top priorities. And just three miles from Salford Quays and Manchester city centre, the redevelopment project looks set to transform the area into a buzzing place for young professionals and business owners. This comes as locals despaired over the ailing town, saying they felt it had been "left behind" and it was in desperate need of some "drastic" improvements. The council stressed that the demolition work will be a long process, with the initial phase due only to be completed by the end of the year. However, Councillor Mike McCusker reassured locals that despite the renovations, the town centre "remains open for business", stressing that the works only affect a few areas. He said: 'Whilst we work on the town centre of the future, today's town centre remains open for business,' said Coun Mike McCusker, lead member for planning, transport and sustainable development at Salford council. 'I want to stress that this demolition work only affects certain parts of the town centre. 'The shops and businesses on Church Street are still open for business and unaffected by this work.' Meanwhile, Councillor McCusker, who represents the Eccles ward, shared his enthusiasm for the project, in particular for its focus on the local community. In a statement, he spoke of his "excitement" for the times ahead in materialising their vision for a brighter, more dynamic Eccles. He said 'Through our purchase of the shopping centre, we were able to put the future of the town centre in the hands of the council and the community. 'It has enabled us to begin this important and long-overdue programme of work, to deliver the vision we have developed with the community. 'The demolition work will take some time, but there are exciting times ahead for Eccles as we work to bring this vision to life.' A more modern site, Centrale opened in 2004, 34 years after the Whitgift, and therefore has less intensive works planned. While there is currently no indication as to how tall the planned development will be, one URW representative told the LRDS that the plans are not expected to reach the heights of the skyscraper buildings around East Croydon station. And the station is also set to undergo a development of its own as part of the town's ambitious £5.25 billion regeneration project, Future Croydon. East Croydon Station, which welcomes 26,000 passengers a day, will see upgrades including a concourse expansion and reconfiguration of tracks to reduce bottle-nosing delays. 3 Work is set to begin on the Whitgift Centre in 2028 Credit: URW While construction is yet to begin on the station work, the transformation of Whitgift into a flagship retail space is anticipated to start in 2028. Completion is not expected until the 2030s. Executive Mayor Jason Perry said he is committed to bringing the transformation project to life. "We will work with residents and partners across Croydon in new ways to make this happen and to bring this transformation plan to life," he said. "My promise is to turnaround Croydon."
Yahoo
14-05-2025
- Business
- Yahoo
Europe's last mall? Hamburg marks the end of an era as Westfield looks to Saudi Arabia for its next retail boom
Paris-based Unibail-Rodamco-Westfield (URW) — the shopping center powerhouse best known for its Westfield-branded malls — threw open the doors to its latest mall development last month. Nothing unusual about that, but as it made its debut, the question is whether it will be the last new ground-up mall in Europe, for URW or any of the other major developers. And hot on the heels of Hamburg, the company also announced a major deal to expand its brand in the Middle East's hottest market, Saudi Arabia. The sands of time certainly feel like they are moving eastwards. Indeed, gone are the days when property investors vied to snap up space for retail-led city center schemes or to construct out-of-town super-regionals because Europe is seemingly done when it comes to new shopping emporiums. Post-pandemic there have been few big developments: URW's own Mall of the Netherlands scheme in The Hague; the St James Quarter in Edinburgh, Scotland and the redevelopment of the iconic Battersea Power Station in London come to mind. But each of those had a rationale specific to its location. Instead, the most interesting deals over the past 12 months have seen Swedish furniture retailer IKEA's property arm acquiring centers in Brighton, Paris and Munich, while Norway's powerful sovereign wealth fund has been busy in the UK and bought out the remaining stake in Sheffield's huge Meadowhall development and upped its holdings in Covent Garden. Another property giant, Landsec, acquired LiverpoolOne, while US investor SVP bought Ireland's biggest mall, Blanchardstown, on the outskirts of Dublin. For its part, the 4.5-million-square-foot Westfield Hamburg-Überseequartier sits at the heart of the huge HafenCity urban redevelopment on the river Elbe in German port city Hamburg. It is the new, shiny centerpiece of a huge residential and office development that has helped redefine the city, and includes dining and leisure, apartment blocks, offices, three hotels and a new cruise terminal, all connected to the city via its own subway station. The shopping center opened at near capacity with a third of the 130 retailers taking space new to the city, plus an additional 40 food and beverage units. Around 85,000 people swarmed to the opening and more than 1 million visitors flocked to the center in its first two weeks. Although the German city authorities were keen for the mall to be open-air, URW argued that the winter climate made a covered center more practical and the two parties compromised on a two-level mall with large windows and skylights, plus an striking roof design and an emphasis on natural light. 'I believe our shopping centers have a very important role attracting people to regenerate surrounding areas,' URW Chief Strategy and Investment Officer Vincent Rouget said as he stressed that the mall has brought a vibrancy to the wider regeneration that was previously missing. 'Ambitious projects inevitably stretch over a very long time, while I think the pace of change is ever increasing. It's a project that started in 2014, more than 10 years ago, and we wouldn't conceive it in the same way today,' Rouget added, as he speculated that the next generation of the company's development program is more likely to focus on using its existing retail centers in Europe and the US as the catalysts for wider regeneration. URW still operates 15 malls in North America — despite at one point plotting to exit the country — including Westfield Century City in Los Angeles and Westfield World Trade Center in New York, and it has been selling off a number of assets in both Europe and the U.S. to fund investment in those malls it has retained. In a surprise move, it also signed a deal on May 5 with Cenomi Centers for a strategic and franchising partnership within Saudi Arabia. Under the terms of the 10-year partnership, which includes an option to extend for an additional 10 years, Cenomi Centers will exclusively license the Westfield brand from URW within the Saudi shopping center market. The deal sounds like a win-win for both parties. Cenomi Centers, listed on the Saudi Exchange as Arabian Centres Company SJSC, is a major regional owner, operator and developer of shopping centers, with an existing portfolio of 21 assets located in 10 major Saudi cities, and an ambitious development pipeline. The partnership will focus initially on flagship destinations in the three largest Saudi cities of Jawharat Jeddah, Jawharat Riyadh, and Nakheel Dammam, and will eventually include up to eight of Cenomi Centers' malls. But the opening of Hamburg and the deal in Saudi Arabia also suggest a wider story. The death of retail in Europe was wildly overstated amid the online hyperbole of the pandemic years, but retail development across the continent might be all but done. Europe's better malls are in good health, but there is little need for new retail space. Look east, however, and Saudi Arabia offers huge potential right now as the country's rulers attempt to shift its economy away from energy domination. URW has built perhaps the only globally recognized mall brand with Westfield—and as new mall development slows, the power of that brand only grows. 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Bloomberg
14-05-2025
- Business
- Bloomberg
URW Plans €3.1 Billion Shareholder Payouts After Retail Recovery
Unibail-Rodamco-Westfield, Europe's largest mall landlord, plans to return at least €3.1 billion ($3.5 billion) to shareholders through 2028 as it lays out a new plan for growth after enduring the twin crises wrought by ecommerce and the pandemic. The Paris-based company will distribute €4.50 a share this year and is targeting a payout ratio of 60% to 70% from 2027, according to a statement Wednesday. Shares of URW gained as much as 1.75% in early Paris trading.
Yahoo
14-05-2025
- Business
- Yahoo
URW presents ‘A Platform for Growth' 2025-28 business plan
Paris, May 14, 2025 Press Release URW presents 'A Platform for Growth' 2025-28 business plan Annual EBITDA growth1 of 5.80-6.60% (2025-28) Organic rental growth from dominant retail assets in best European and US markets, through indexation, rent reversion, higher occupancy and market share gains Higher Westfield Rise retail media revenues with net income to reach €180 Mn in 2028 (up +56% vs. 2024) New licensing business revenues, reaching €25-35 Mn in annualised EBITDA in 2028 Increasing Net Operating Income from performing C&E assets and Offices & Others divisions Positive effect of new deliveries including Westfield Hamburg-Überseequartier, extension and densification projects Disciplined capital allocation Well-invested portfolio and streamlined development pipeline limits future capex requirements Capex of c. €600 Mn per year over 2026-28, including maintenance, leasing, Westfield Rise, enhancement and development, funded through organic cash-flow generation 2028 targets of c. 8.0x Net Debt to EBITDA2 and c. 40% Loan-to-Value2 €2.2 Bn in planned disposals in 2025 and early 2026, €1 Bn already secured No further disposals required with expected positive evolution in valuations over plan horizon Clear Adjusted Recurring Earnings Per Share (AREPS) guidance 2025-28 2025 AREPS of €9.30-9.50 confirmed even with accelerated disposals 2026 AREPS at least €9.15, reflecting mechanical effect of €2.2 Bn disposals 2028 AREPS target of €9.70-10.10 – 3-5% annual growth in 2027 and 2028 driven by organic NRI growth, new revenues and the ramp-up of project deliveries Increasing shareholder returns with at least €3.1 Bn in cumulative shareholder distributions for fiscal years 2025-28 €4.50 per share for fiscal year 2025 Payout ratio of 60% for fiscal year 2026 Normalised payout ratio of 60-70% starting in fiscal year 2027 Jean-Marie Tritant, Chief Executive Officer, said: 'URW has established a platform that will deliver further growth, sustainable value creation and strong shareholder returns. The powerful combination of our dominant flagship retail assets, located in the most attractive, high-income markets in Europe and the US, and our unrivalled operations expertise will drive strong organic growth above indexation over the plan horizon. This growth includes the expansion in retail media through Westfield Rise and will be boosted by strategic actions to leverage the iconic Westfield brand through our new licensing business. Our partnership with Cenomi Centers demonstrates this potential, which provides an opportunity to grow the Westfield brand internationally and expand our network of flagship centres to affluent new markets. Project deliveries – including extension and densification projects in the US and Europe – will also fuel our growth. Our well-invested portfolio and streamlined development pipeline significantly limits our capex requirements in the coming years and supports our disciplined capital allocation framework. We have also created significant optionality on a range of exciting future development opportunities that can unlock further value in our portfolio through capital recycling. Today, we reconfirm our 2025 AREPS guidance at €9.30-9.50. After a 2026 that will reflect the mechanical effect of the €2.2 Bn in planned disposals, we will see AREPS growth of between 3% and 5%, reaching between €9.70 and €10.10 per share by 2028. As a result, we intend to propose a shareholder distribution of €4.50 per share for fiscal year 2025, up c. 30% on 2024, a payout ratio of 60% for fiscal year 2026, before reaching a normalised payout ratio of 60-70% starting in fiscal year 2027. In total, we are targeting cumulative shareholder distributions of at least €3.1 Bn for fiscal years 2025-28.' The Management Board of Unibail-Rodamco-Westfield ('URW' or 'the Group') will today present to the market its 2025-28 plan, 'A Platform for Growth', at an investor event held at 1:00 PM CET. Please follow the link to watch the webcast. A full presentation will also be available on the Investor Relations page of the URW website: link KEY HIGHLIGHTS Retail rental growth Between 2025-28, URW is targeting like-for-like Net Rental Income (NRI) growth of 260-330 bps3 above indexation, driven by higher footfall and sales intensity, continued gains in market share and occupancy, higher minimum guaranteed rents (MGR) in both Europe and the US, and the expansion of Westfield Rise. URW's flagship Westfield destinations deliver clear sales intensity outperformance, 26% above peers4, thanks to the combination of best locations in affluent catchment areas, massive customer footfall of over 900 Mn, as well as their world-class content and superior customer journey. Growth over the plan horizon will also be supported by a range of macro retail trends, including the appeal of Westfield destinations to next generation consumers, the central role of the physical store in brand and retailer profitability, and their strategic focus on high quality stores, enhanced by the lack of new supply across our markets. The Group will also benefit from the positive NRI impact of pipeline deliveries and the ramp up of recent deliveries including Westfield Hamburg-Überseequartier. Westfield Rise – Retail media In 2022, URW created Westfield Rise to capture the growing opportunity in retail media across its digital screens, experiential activities and brand partnerships. Flagship destinations represent a highly effective media channel given the massive footfall, audience's strong purchasing mindset and greater efficacy versus online advertising. URW has also established a dedicated data team and developed a GDPR-compliant video analysis system that improves its ability to qualify audiences and increase the value of its offer. The Group is targeting Westfield Rise net revenue of €180 Mn by 2028, up from €115 Mn in 2024 (€77 Mn in Europe and €38 Mn in the US), by upgrading its inventory of screens, increasing screen and brand activation occupancy rates, and securing higher pricing. Westfield licensing Since the end of 2020, URW has more than doubled the number of Westfield branded assets in Continental Europe and capitalised on the disposal of US regional assets to ensure the brand is now only associated with the best flagship destinations. The Group has also worked to optimise and formalise its retail operations expertise. On May 5, URW announced a strategic and franchising agreement with Cenomi Centers, the largest owner of shopping malls in the Kingdom of Saudi Arabia, from which it will receive fixed and variable licensing and service fees. Through its new licensing business, the Group is targeting further revenues like these in new geographies and expects to reach between €25 Mn and €35 Mn in annualised EBITDA by 2028. The Group estimates that these activities will reach a target run rate of between €50 Mn and €70 Mn in the next 5-7 years, with potential to generate additional retail media income through Westfield Rise as the licensing activity expands the global platform of Westfield branded flagship centres. Capital allocation For 2025 and 2026, €2.2 Bn in planned disposals (of which €1 Bn are already secured), combined with the expected adjusted recurring result, will cover the Group's controlled capex requirements and distribution for fiscal years 2024 and 2025, while also delivering a €1.8 Bn reduction in IFRS net debt. For 2027 onwards, annual capex requirements and the Group's shareholder distributions will be fully covered by recurring results. Capex will reach a normalised level of c. €600 Mn a year from 2026 onwards, made up of c. €300 Mn for maintenance, leasing, and Westfield Rise capex, including the continued delivery of the Group's Better Places sustainability plan, for the Group's well-invested asset portfolio and c. €300 Mn for enhancement and development capex, as the majority of the Group's committed pipeline will have been delivered. Any additional capital requirements, including investment and development activities, would be funded through capital recycling, for which the Group has identified up to €2 Bn of non-core assets, including c. €500 Mn of non-yielding landbank. Development Following the successful opening of the Westfield Hamburg-Überseequartier retail component, the remaining pipeline will be delivered over the course of the 2025-28 plan with c. €1 Bn remaining beyond 2025. Active projects include the offices and hotels components of the Westfield Hamburg-Überseequartier project, two retail extension projects5 held with JV partners launched with strong pre-letting and the Garden State Plaza Mixed Use project (25% owned) planned for completion in 2027. Project deliveries over the plan horizon will contribute 1.25-1.30% to 2025-28 EBITDA annual growth. Looking ahead, the Group continues to prepare for the future beyond the plan, through the entitlement and zoning of existing land plots for potential future mixed-use co-developments. This strategy requires limited pre-development costs and offers full optionality on timeline and execution strategy. Opportunities include the Group's site in Milan, a market with strong fundamentals. URW has worked to right-size the project's core retail components with full flexibility to deliver future phases through an asset-light model, while public funding has been secured for a new transportation hub that further enhances the site's appeal. Deleveraging In 2028, the Group targets a Net Debt/EBITDA ratio2 of c. 8.0x, down from 9.5x in 2024, and an LTV2 ratio of c. 40%, down from 45.5% at the end of 2024. The LTV improvement will be achieved mainly thanks to €2.2 Bn of disposals in 2025 and early 2026 (with over €1 Bn already secured) and disciplined capital allocation, being supported by an expected positive evolution of asset values. The Group will reach 40% LTV2 without the need for further disposals should valuations increase by 1% per year over the plan horizon. The Group's financial trajectory was reviewed by rating agencies Standard & Poor's and Moody's, with no change to rating or outlook (BBB+/Baa2 stable outlooks). 2025-28 AREPS guidance Thanks to the disposals achieved, the Group's operating performance in Q1, its effective FX hedging programme and its successful hybrid re-couponing, URW confirms its 2025 AREPS guidance of €9.30-9.50. As a result of the mechanical effect of the disposals to be secured in 2025, as well as the impact of FX, AREPS is expected to reach at least €9.15 in 2026, before growing by 3-5% a year in 2027 and 2028. The Group then expects AREPS of between €9.70 and €10.10 in 2028. Shareholder distributions URW is committed to increasing shareholder distribution across the 2025-28 plan period. The Group intends to propose a distribution of €4.50 per share for fiscal year 2025, representing a c. 30% increase from the €3.50 paid for fiscal year 2024. The Group then intends to continue increasing distributions to reach a payout ratio of 60% for fiscal year 2026 and expects a normalised payout ratio of 60-70% starting in fiscal year 2027. For more information, please contact: Investor Relations Meriem Delfi +33 7 63 45 59 77 Juliette Aulagnon+33 6 15 74 20 Imane Rafiky+33 6 10 95 86 Media Relations UK/Global:Cornelia Schnepf – FinElk+44 7387 108 Dubanchet – PLEAD +33 6 62 70 09 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 67 shopping centres in 11 countries, including 39 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 €3.5 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2024). 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), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's. For more information, please visit NB: Unless otherwise indicated, all data are on a proportionate basis. Proportionate reflects the impact of proportional consolidation instead of the equity method required by IFRS 11 of the URW jointly controlled assets.1 2025-28 growth restated for 2025 disposals and FX impact, including deliveries. Assuming an indexation of 1.2% on average on the Group's retail portfolio. 2 On an IFRS basis, including hybrid.3 Including retail rental organic growth and Westfield Rise rental revenue component. Excluding deliveries.4 Source: Green Street Advisors.5 Centrum Černý Most, 75% owned, and UTC Luxury project, 50% owned. Attachment URW presents 'A Platform for Growth' 2025-28 business plan
