Europe's largest property firm Unibail-Rodamco-Westfield posted a 14.2% like-for-like decline in H1 net rental income on Wednesday after malls were forced to close during Covid-19 lockdowns, but shoppers are returning.
City-centre shops and malls lost their lustre during the pandemic, but as lockdowns ease across Europe many stores in and around residential areas stand to benefit as consumers remain reluctant to venture far from home.
Klepierre has re-opened 80% of its European malls and hopes to re-open 90% of them within 10 days, the company said on Tuesday, as global businesses slowly return to work after the coronavirus shutdown.
Just a day after Hammerson and APG said they’re taking full control of Via Outlets, comes news that the UK mall operator may be mulling the sale of its £1.9 billion stake in Value Retail, the Bicester Village owner.
Intu's Hammerson merger may have been called off after Hammerson became a bid target, but now Intu is the subject of a possible bid as a consortium of UK and international investors look at making a play for the company.
The UK shopping center owner’s plan to offload property assets and buy back shares has failed to assuage investor unease over its strategy following its decision to spurn a 5 billion-pound takeover by Klepierre.
Hammerson announced it is trimming its exposure to department stores and high street fashion retailers in a strategy update unveiled on Tuesday, as pre-tax profits plunged by 80% in the first half of the year.
The collapse of its merger deal with Intu may have been a shock to Hammerson’s system but the mall giant is hitting back with a review of its strategy on which consultant McKinsey is working, a newspaper said Monday.