Unibail-Rodamco-Westfield (URW FP)

Hi Leonard,

Unibail-Rodamco-Westfield (URW FP) is one of the world’s largest listed retail property groups, owning and operating 65 premium shopping centres across 11 countries, predominantly in Europe, with 41 carrying the Westfield brand. Shopping centres account for around 88% of its €49.5bn property portfolio, with the balance largely comprising offices and convention facilities in Paris.

Its business model is similar to Australia’s Scentre Group (SCG) and Vicinity Centres (VCX), generating recurring rental income from major retailers while benefiting from strong occupancy, rising rents and improving consumer spending.

• From an investment perspective, URW offers exposure to a recovery in European retail property, however, elevated debt, borrowing costs and weaker consumer spending remain key risks.

As a refresher, URW acquired Westfield’s international operations in 2018, while Scentre continues to operate the Westfield centres across Australia and New Zealand.

Compared to local real estate stocks URW has been a top performer, and its latest trading update reinforced the resilience of its premium shopping-centre portfolio, with revenue reaching €2.23bn and gross rental income €1.73bn for the first nine months of 2026.

• Importantly, management maintained full-year adjusted recurring EPS guidance of €9.15–9.30, broadly in line with consensus expectations of €9.24.

Strong tenant sales, resilient foot traffic and high occupancy continue to underpin rental income, supporting URW’s performance despite a challenging property environment. Its focus on flagship destination shopping centres provides a point of differentiation from more diversified property groups such as Dexus (DXS) and GPT, which face greater exposure to the structurally challenged office market.

We like URW and can see new highs in 2027.

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Unibail-Rodamco-Westfield (URW FP)

LAST UPDATED 28/10/2026 15:14

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Unibail-Rodamco-Westfield (URW FP)

LAST UPDATED 28/10/2026 15:14