URW reports tenant sales uptick in Q1 amid expansions and restructuring
Over the period, the company's proportionate turnover came to 943.3 million euros remaining largely flat compared to the same quarter of 2024. Tenant sales levels, meanwhile, saw more change, increasing 2.1 percent, while footfall rose 0.4 percent, despite 'the number of adverse calendar effects'.
Tenant sales were the strongest in the US, where flagships reported a 3.4 percent uptick. This was followed by Northern Europe, at a 2.8 percent increase, and Southern Europe, at a 2.3 percent increase. Eastern Europe, meanwhile, saw sales decrease 0.3 percent.
The quarter was particularly busy for URW, which most recently opened its newest flagship asset, Westfield Hamburg-Überseequartier, and had expanded its Westfield Rise concept to the US, where it looks to generate more revenue through its in-house retail media and experiential division.
In April, the company also revealed a change to its organisational structure. Its Northern European business is to be combined under one umbrella, and led by a new chief operating officer based in London.
This, alongside other developments, has made URW confident to confirm its full year earnings guidance for 2025 of 9.30 to 9.50 euros per share, chief executive officer, Jean-Marie Tritant, said in a filing. The statement continued: 'Thanks to our unrivalled portfolio of the best assets in the best locations and our highly diversified tenant base, we are confident in the resilience, growth potential, and long-term trajectory of our business. We look forward to sharing our plans in more detail at our Investor Day on May 14.'
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