Unibail-Rodamco-Westfield (URW), the largest shopping mall operator and developer in Europe, has maintained its leadership in the region through a series of tangible achievements.
The firm reported a recurring net result of €1.4 billion in 2023, marking a 5.2% increase compared to the previous year, supported by resilience in its net rental income, which reached €2.2 billion following a year-on-year growth of 6.1%.
This performance was supported by tenant sales increasing by 6.4% compared to 2022, with 8% growth in continental Europe and 5.2% in the UK.
A notable aspect of URW’s strategy has been its commitment to ESG. The company has actively engaged its retail tenants in sustainability initiatives which recorded a growth in engagement of 82% over the review period. URW also launched a Sustainable Retail Index aimed at assessing and improving tenant sustainability performance across its portfolio.
The developer has been prudent in its approach to managing liquidity through strategic disposals.