Unibail-Rodamco-Westfield : un géant mondial des centres commerciaux

Pour compléter, URW ne récupéré "que" 388 * 0,51 = 198 m€ et 160 * 0.55 = 88m USD n’étant pas propriétaire de l’intégralité.

Soit un total de 286M USD/EUR

Discount de -3,9% sur la valeur, c’est très convenable.

URW a écrit :

Unibail-Rodamco-Westfield announces the sale of Gaîté-Montparnasse Office  Unibail-Rodamco-Westfield (“URW”) today announces that it has agreed to sell the office component of the Gaîté-Montparnasse mixed-use complex in Paris, France, to a joint venture between Norges Bank Investment Management and Swiss Life Group for a Total Acquisition Cost of €172.5 Mn.  The transaction reflects a 4% discount to the latest unaffected book value.  The 12,500 sqm office space, which is 100% let to Wojo, an Accor group coworking operator, was completed in 2022 as part of a major redevelopment which includes the URW owned and operated Les Ateliers Gaîté shopping centre, the refurbished Pullman Paris Montparnasse hotel, residential units as well as community-oriented retail and amenities.

URW a annoncé la vente de la partie bureaux de l’ensemble Gaîté Montparnasse pour 172,5 M€, soit une décote de 4%.

URW conserve la partie Hôtel et la galerie commerciale.

La décote semble raisonnable dans la mesure où au 30/06/2024:
*Actif net réévalué de reconstitution (EPRA NRV) est de 142,50€ par part (cf. partie investisseur )
* le cours actuel de l’action est de l’ordre de 70€.
Aussi la décote entre le cours de l’action et l’EPRA NRV est encore de 50%.

ps: ^ corrigés

Dernière modification par Veracruz (02/10/2024 15h34)

Point d’activité du T3 2024 disponibles :

Unibail a écrit :

2024 AREPS expected at upper end of guidance thanks to strong operating performance

• Strong operating performance in 9M-2024
o Tenant sales up +4.3% and footfall up +2.4%
o Like-for-like turnover and GRI up +9.1% and +6.3% respectively in 9M-2024 vs. 9M-2023
o Convention & Exhibition turnover up +48.3% driven by 2024 Paris Games and seasonality
o Robust retail leasing activity with €313.0 Mn MGR signed in 9M-2024 – uplift of +8.0% on top of indexed passing rents
o Westfield Rise revenues up +33.5% – on track to deliver €75 Mn net margin target in 2024

• Development and deleveraging progress
o Successful delivery of Lightwell office building in La Défense
o €0.8 Bn of disposal transactions completed or secured in 2024 to date (vs. €0.3 Bn at H1-2024),
with €0.6 Bn of assets currently under active discussions

• Successful financing activity and ample liquidity
o €1.3 Bn new dual-tranche green bond issued in September at average coupon of 3.688%
o €13.5 Bn of available liquidity with refinancing needs secured for more than 36 months

• Positive outlook for full-year with AREPS expected at upper end of 2024 guidance

Déontologie : je détiens une position acheteuse/vendeuse sur une ou plusieurs société(s) listée(s) dans ce message.