Alguna entrada posible?
Ayer recortó un 4%, a toro pasado vemos que hubiera sido bueno entrar antes de cierre pero...
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URW refers to recent market rumours in relation to a potential rights issue.
As detailed in its H1-2020 results communication, as at June 30, 2020, URW had €12.7 Bn of cash and undrawn credit facilities at its disposal. URW has taken a number of steps in response to the COVID-19 pandemic to strengthen its liquidity and balance sheet, including the cancellation of the second dividend instalment, deferring non-essential capital expenditures, a further reduction of the development pipeline and the completion of the disposal of five French shopping centres.
As previously communicated, deleveraging is a priority for URW, starting with asset disposals as evidenced by its intention to sell €4 Bn of assets in the next couple of years, on top of the €4.8 Bn of disposals the Group completed since June 30, 2018. In addition, the Supervisory Board and Management Board continue to weigh the merits of all potential strategies to strengthen URW’s financial profile in line with their respective fiduciary duties. However, no decision has been made yet on any of the available additional deleveraging options. Announcements on relevant decisions, if any, will be made as appropriate
Unibail-Rodamco-Westfield (“URW”), the premier global developer and operator of Flagship destinations, announces a €9.0+ Bn “RESET” plan to strengthen its balance sheet and increase financial flexibility to execute its
long-term strategy, and provides update on footfall, tenant sales and rent collection
Key highlights of the “RESET” plan and its five strategic priorities are:
• RESTORE financial strength through a €9.0+ Bn deleveraging plan consisting of:
o A fully underwritten €3.5 Bn capital raise to be used to immediately reduce leverage;
o Limiting cash dividends through scrip and/or a lower payout ratio, resulting in €1.0 Bn cash savings over the next two years(1)
o A further €0.8 Bn reduction in development and non-essential operating capex; and
o €4.0 Bn(2) of disposals expected to be completed by year-end 2021.
This plan is designed to enable the Group to preserve the Group’s strong investment grade credit rating, with an expected rating of A- (3) / Baa1(4)
, and maintain a sustainable capital structure with an LTV(5) below 40% and net debt / EBITDA(6) below 9x.
• EXECUTE the €4.0 Bn asset disposal programme (European assets, c.50% retail/50% offices & others) by yearend 2021
o Acceleration of the previously announced disposal plan by outright sales of non-strategic assets across all asset classes, on the back of the Group’s proven track record (€4.8 Bn disposals
completed since June 2018 at a 5% premium to book value, including the disposal of five French retail assets in the middle of the COVID-19 crisis in line with the prior unaffected appraisal);
o A €6.0+ Bn(7) identified pool of assets;
o €1.0 Bn of disposals are well advanced; and
o JV stakes in most liquid and mature assets to reduce capital obligations and leverage.
• STREAMLINE operations and footprint to enhance agility and optimize use of resources
o Further reduce capex by c.€800 Mn, of which c.€600 Mn of development capex and c.€200 Mn of non-essential operating capex. The development pipeline has been reduced by €2.2 Bn compared
to FY-2019, and by a further c.€0.6 Bn compared to H1-2020;
o Downsize the US Regional mall footprint in the near-term; and
o Simplify structure and reduce gross admin expenses further.