(Boursier.com) — The turnover ofURW was up +3.7% in Q1 compared to Q1-2023 and up 10.5% at constant scope. Gross Rental Income at constant scope is up +7.1%, driven by good operational performances and tenant turnover indexation up +5.5% compared to Q1-2023, as well as occupancy of +3.9%, continuing the positive trend of 2023.
The group highlights the strong rental activity in T1 with 521 transactions signed and a Guaranteed Minimum Rent signed of €99.1 million. 56% of Westfield Rise’s 2024 budget is already secured, on track to reach the target of €75 million in 2024. €13 billion of liquidity is available with refinancing needs secured for more than 36 months.
The group confirms the 2024 adjusted recurring earnings per share (AREPS) target of 9.65 to 9.80 euros.
Commenting on these results, Jean-Marie Tritant, Managing Director, said: “In the first quarter of 2024, we saw continued strong operational performance with a like-for-like improvement in gross rental income across all activities. our shopping centers are up compared to the same period last year, while our Trinity office building in La Défense is now fully let at prime rents. Our Congress and Exhibitions business was particularly strong thanks to the. early impact of the Paris 2024 Olympic and Paralympic Games, where our Viparis sites will host a number of events and organizational elements.
The first quarter also saw an increase in Retail Media revenues thanks to the continued growth of our in-house agency Westfield Rise, which is on track to generate the target of €75 million annual net margin in 2024.
Continuing our debt reduction efforts, we are in discussions over more than €1.2 billion in assets. On the development front, 2024 will see a diverse range of new projects delivered at high pre-leasing levels, including the Fisketorvet Dining Experience in Copenhagen, the CNIT Eole redevelopment and the Lightwell renovation in La Défense, as well as our major project Westfield Hamburg-Überseequartier, and we have just launched two new commercial extensions at Westfield UTC and Centrum ?erný Most as part of our continued focus on maximizing the value of our assets.”
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