Core Insights - Unibail-Rodamco-Westfield (URW) reported strong H1-2025 earnings, with tenant sales increasing by 3.8% and a positive uplift in Minimum Guaranteed Rent (MGR) of 7.1% [2][4] - The company successfully opened the Westfield Hamburg-Überseequartier, attracting approximately 4 million visits since April [2][5] - The portfolio valuation increased by 1.2%, and the company completed or secured €1.6 billion in disposals [2][6] Financial Performance - Like-for-like EBITDA rose by 4.1%, while Adjusted Recurring EPS was reported at €5.11, a decrease of 0.6% mainly due to disposals and an increase in shares [2][6] - Shopping Centres Net Rental Income (NRI) reached €1,078 million, up 1.2%, with a like-for-like increase of 4.1% [6] - The company achieved an IFRS net result of €698 million, an increase of €72 million compared to H1-2024 [6] Strategic Developments - URW launched a licensing business to enhance revenue and announced a partnership with Cenomi Centers in Saudi Arabia [7] - The company is on track to achieve €2.2 billion in planned disposals by early 2026 [7] - Full-year AREPS is expected to be at the upper end of the guidance range of €9.30 to €9.50, supported by strong H1 performance and successful refinancing activities [8] Market Position - The shopping centre vacancy rate improved to 4.9%, down 60 basis points compared to H1-2024 [6] - Footfall increased by 1.6%, supporting the growth in tenant sales [6] - URW operates 66 shopping centres across 11 countries, with a portfolio valued at €49 billion, predominantly in retail [10]

Financial Performance - Underlying earnings per share increased by 16%[21] - Interim dividend per share increased by 12%[18, 21] - Portfolio valuation increased by 3.1% on a like-for-like basis[18] - EPRA NTA per share increased by 3.3%[18] Portfolio & Valuation - Portfolio valuation grew by 3.1% L-f-L to £5.2 billion[27] - Portfolio ERV (Estimated Rental Value) growth was +2.9%[26, 31] - The market value of the property portfolio under management is £5,183 million[26] - Annualised Gross Income is £208.5 million[24] Debt & Liquidity - Net debt reduced to £0.8 billion[34] - Access to £1 billion of liquidity[35, 110] - EPRA LTV (Loan-to-Value) improved to 17%[34] Leasing Activity - 193 new lettings/renewals were completed, contracting £19.2 million in rent, which is +9.0% vs Dec-24 ERV[44]

Core Insights - Icade has successfully acquired the first 9 sites from Casino Group for a total of €32 million as part of a larger agreement to acquire 11 sites [1] - The acquired sites are located in various cities across France and have significant potential for redevelopment into mixed-use neighborhoods [1][2] - This acquisition aligns with Icade's strategic plan, ReShapE, aimed at building sustainable urban environments for the future [4] Group 1: Acquisition Details - The 9 acquired sites include car parks, undeveloped land, and business premises located in cities such as Marseille, Montpellier, and Angers [1] - The potential redevelopment could accommodate approximately 3,050 new housing units and 29,000 square meters of renovated retail space [2] - The remaining sites from the agreement are expected to be acquired in the second quarter of 2025 [7] Group 2: Strategic Implications - Icade's Ville en Vue solution will facilitate the transformation of these sites, emphasizing collaboration among stakeholders and expertise in spatial planning [4] - The partnership with CDC Habitat Group will enhance the development of the Marseille and Montpellier Sud sites [1] - Casino Group aims to leverage this transaction to reduce its financial debt and enhance its retail solutions as part of its Renouveau 2028 plan [6][7] Group 3: Company Profiles - Icade is a full-service real estate company with a portfolio worth €6.4 billion and an economic revenue of €1.2 billion in 2024 [8] - Casino Group operates the largest network of convenience stores in France, with net sales of €12.5 billion in 2024 [9]