Paris, Amsterdam, April 25, 2024

Press release



  • Turnover up +3.7% in Q1-2024 vs. Q1-2023 and up +10.5% on a like-for-like basis1
  • C&E turnover up +53.6% showing the impact of seasonality and Paris Olympics and Paralympics
  • Like-for-like Gross Rental Income2 up +7.1% driven by strong operating performance and indexation
  • Q1-2024 tenant sales up +5.5% vs. Q1-2023 and footfall up +3.9%, continuing the positive 2023 trend
  • Strong leasing activity in Q1-2024 with 521 deals signed, Minimum Guaranteed Rent (“MGR”) signed of €99.1 Mn and a MGR uplift3 of +10.1% (+9.0%4 in Q1-2023)
  • Trinity office in La Défense fully let with an average rent of €562/sqm/year
  • 56% of Westfield Rise's 2024 budget already secured5, on track to deliver €75 Mn target6 in 2024
  • €13.0 Bn of available liquidity7 with refinancing needs secured for more than 36 months
  • 2024 Adjusted Recurring Earnings per Share (AREPS) guidance of €9.65 to €9.80 confirmed

Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, stated:

“In Q1-2024, we saw continued strong operational performance with a like-for-like improvement in Gross Rental Income across all activities. Tenant sales and footfall in our shopping centres were up on the same period last year, while our Trinity office building in La Défense is now fully let at prime rents. Our Convention & Exhibition business was particularly strong thanks to the early impact of the Paris 2024 Olympic and Paralympic Games, where our Viparis venues will host a number of events and organisational components. Q1 also saw higher Retail Media income thanks to the continued growth of our in-house agency Westfield Rise, which is fully on track to generate the target of €75 Mn in annual net margin in 2024.

Pursuing our deleveraging efforts, we are in active discussions on more than €1.2 Bn of assets. Regarding development, 2024 will see a diverse range of new projects delivered at high pre-letting levels, including the Fisketorvet Dining Experience in Copenhagen, the CNIT Eole redevelopment and Lightwell retrofit in La Défense, as well as our major Westfield Hamburg-Überseequartier project, and we just launched two new retail extensions at Westfield UTC and Centrum Černý Most as part of our continuous focus on maximising the value of our assets.”


For further information, please contact:

Investor Relations
Meriem Delfi
+33 7 63 45 59 77

Gonzague Montigny
+33 6 10 95 85 84

Media Relations 
Cornelia Schnepf – FinElk
+44 7387 108 998

Sonia Fellmann – PLEAD
+33 6 27 84 91 30

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 72 shopping centres in 12 countries, including 38 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 €2.5 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 86% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2023).

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

1 Excluding acquisitions, divestments, transfers to and from pipeline, property development and project management revenues, FX impact, US Regionals and CBD asset.
2 Excluding acquisitions, divestments, transfers to and from pipeline, FX impact, US Regionals and CBD asset.
3 On top of indexed passing rents.
4 Restated from disposals.
5 As at March 31, 2024.
6 Net margin at 100%.
7 Cash on hand and available credit lines.