Strong Operating Performance
2024 saw increased footfall and tenant sales in shopping centers, with Group occupancy at its highest since 2017. Convention & Exhibition delivered record results, and Offices' NRI grew by double digits.
Successful Asset Management
URW completed or secured €1.6 billion of disposals at book value and acquired €0.6 billion of JV partners' stakes at attractive terms.
Positive Financial Metrics
Group like-for-like NRI increased by 6.7%. The cost of debt remained low at 2%, and the net debt-to-EBITDA ratio improved to 8.7x, down from 9.3x in 2023.
Retail Media Success
Westfield Rise achieved a 41% increase in Europe, with net margin reaching the €75 million target, and average revenue per visit doubled since 2021.
Loan-to-Value Improvements
Loan-to-value ratio decreased by 100 basis points in 2024, reaching its lowest level since 2019.