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UK shopping centres bolster Westfield owner's profits

The owner of Westfield shopping centres, Unibail-Rodamco-Westfield (URM), has reported a 16.3% year-on-year increase in shopping centres turnover to €1.56bn (£1.35bn) for the nine months to 30 September.

Its total revenues increased by 17.7% year on year, up from €1.34bn (£1.16bn) in 2018 to €1.56bn (£1.35bn) this year.

Gross rental income from URM-owned shopping centres grew by 16.3% year on year, and contributed €1.56bn (£1.35bn) to URM’s total gross rental income of €1.79bn (£1.55bn).

UK shopping centres recorded the biggest jump: gross rental income was up 112.2% year on year on €81.7m (£70.54m). This was followed by the US, which recorded a 102.5% increase to €342.8m (£295.96m).

The Nordics and Spain were the only areas to record losses, as gross rental income was down by 10.6% and 5.6% respectively. Germany, meanwhile, remained flat with 0% growth.

URM said tenant sales in its European Union shopping centres were up by 5.2% year on year in the first three quarters of 2019, and by 5.2% in its UK centres. In France and the Nordics, “strong performance” led tenant sales to grow by 16% and 5.2% respectively. 

Footfall in UK centres was up by 3.9% to September 30. Continental Europe benefited from a 3.1% rise in shopper numbers and France from a 5.6% rise.

The group currently owns 92 shopping centres across the UK, EU and the US.

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