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Westfield scales back development

Shopping centre owner Unibail-Rodamco-Westfield (URW) has scaled back its development pipeline and increased its disposal programme as net retail income fell across its UK centres last year. 

The landlord reported a 4.2% decline in net rental income in the UK for the year to 31 December 2019. However, both the US and continental Europe recorded growth – up  2.4% and 3.1% respectively. 

Footfall across UK centres was up 2.3%. Tenant sales increased by 4.7% and vacancies across the portfolio dropped to 7.7% from 8.7% on June 30. 

Total disposals in 2019 were €1.3bn (£1.09bn), and URW announced a further disposal of a 54.2% stake in five French shopping centres. There are ongoing discussions for further disposals in 2020. 

It plans to scale back its development pipeline to €8.3bn (£6.95bn). 

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