Soon to be refocused on Europe, the property company is charting new paths to maximize the value of its assets.
With Covid and governance crises now behind it, Unibail-Rodamco-Westfield (URW) is looking to the future. Jean-Marie Tritant, the chairman of the group’s executive board, presented his strategic plan for 2024 on Wednesday. Appointed a little over a year ago in the wake of a putsch orchestrated by businessman Xavier Niel and the former chairman of the management board of Unibail Léon Bressler, the boss is no exception to the guideline then drawn by the two men.
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In 2017, the property set out to conquer America, taking on heavy debt to buy Westfield. It has now begun to refocus its activity on European shopping centers. The American activities will be mainly sold in 2022 and 2023, in order to deleverage the group. Thanks to the improving economic situation in the United States, URW has already managed to sell one of its “dead malls”, as shopping centers plagued by vacancy are called in the United States.
Once…