Ghost mall

11 May 2020 By Aimee Donnellan Follow @aimeedonnellan

Unibail-Rodamco is facing a cash crunch as retail tenants withhold rent. Although the crisis looks temporary, the accelerated advance of online shopping is an existential threat to the 7 bln euro Westfield owner. Disposals may be the only way to shrink its 24 bln euro debt load.

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Europe’s largest property firm Unibail-Rodamco-Westfield said on April 29 that it saw limited effect from the coronavirus pandemic on its first-quarter revenue, but warned its impact will be reflected in the second quarter.

The French shopping mall owner collected just 20% of its retail rents by April 24 despite “having extended payment terms for most of the April and May rent without applying penalties,” the company said.

Unibail has issued bonds worth 2.8 billion euros since March 31.

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