Unibail-Rodamco-Westfield (URW) has hailed a “good start” to its three-year business plan with a strong retail performance, €2.2bn (£1.9bn) of disposals and the launch of new capital-light growth initiatives.
Westfield London
The group’s full-year 2025 results show tenant sales rose 3.9%, supported by 1.9% rise in footfall compared to the prior year. Its overall shopping centre vacancy rate was 4.6%, down 20 basis points from 2024.
URW signed €423m (£368m) of minimum guaranteed rent during the period, with a 6.7% uplift on top of indexed passing rents and an 11.3% rise on long-term deals.
The group reported earnings before interest, tax, depreciation and amortisation of €2.28bn (£1.98bn), up 3.6% on a like-for-like basis. Shopping centres net rental income stood at €2.08bn (£1.81bn), up 3.8% on a like-for-like basis.
URW’s capital-light growth initiatives, part of its ‘A Platform for Growth’ 2025-2028 business plan, set out a streamlined development pipeline with slashed future capital expenditure following a €520m (£448m) overspend at its Westfield Hamburg-Überseequartier scheme in Germany.
In one such initiative, URW signed a franchising partnership with Cenomi Centers to expand the Westfield brand to Saudi Arabia, rebranding up to eight of its assets as Westfield shopping centres.
URW also acquired a 25% stake in St James Quarter shopping centre in Edinburgh from Dutch pension giant APG and is set to rebrand the asset as a Westfield centre.
Chief executive officer Vincent Rouget said 2025 was “another successful year for URW and a good start to our ‘A Platform for Growth’ 2025-28 business plan, with attractive organic growth, disposal targets secured, disciplined capital allocation and increasing shareholder returns”.
He added: “Thanks to our dominant portfolio, unrivalled retail operations and the iconic Westfield brand – which form a powerful ecosystem of performance – tenant sales and footfall grew, leasing activity was strong and vacancy reached its lowest level since 2017.
“We see a clear opportunity to further enhance retail tension and capture market share in 2026, building on Westfield’s unmatched position as a profitable growth platform for flagship retail.”
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