(Reuters) – Shopping center operator Unibail-Rodamco-Westfield (URW) announced on Wednesday the creation of a new division aimed at growing its revenue in advertising, brand experience and data services.
“We are developing the necessary capabilities to market URW’s pan-European platform to advertisers by creating a dedicated commercial division,” said Jean-Marie Tritant, chairman of URW’s management board, quoted in a press release.
According to him, investments in media and data assets should generate 75 million euros in net revenues per year by 2024 against 45 million last year.
On the occasion of an investor day, the group, which suspended all dividend distribution for a period of three years as part of a debt reduction plan, also indicated that it wanted to reintroduce a permanent dividend from the financial year 2023.
The group also hopes to see its activities in Europe return in 2024 to its performance levels before the coronavirus pandemic, when the latter has severely affected the activity of shopping centers for two years.
On the Amsterdam Stock Exchange, the URW title rose by 0.96% at 9:48 a.m. It still shows a drop of more than 50% compared to its level at the start of 2020, before the outbreak of the coronavirus crisis.
(Report Juliette Portala, French version Matthieu Protard, edited by Marc Angrand)
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