Westfield owner URW announces 1.25 billion euro bond placement

The owner of London’s Westfield shopping centre has announced a 1.25 billion euro two-tranche bond placement to help it strength its liquidity position and extend its debt maturity.

It includes a 650 million euro bond with a 7-year and 5-month maturity and a 0.75 percent fixed coupon, and a 600 million euro bond with a 12-year maturity and a 1.375 percent fixed coupon.

Unibail-Rodamco-Westfield (URW) said the net proceeds from the issuance will be used for general corporate purposes, including the refinancing of upcoming bond maturities.

Last month, URW reported a 40.8 percent drop in turnover on a proportionate basis to 566.7 million euros in the first quarter as it remained “strongly impacted” by the ongoing pandemic.

Gross rental income (GRI) from the company’s shopping centres dropped 30.4 percent to 472.8 million euros, down from 679.1 million euros a year earlier.

But the company said it saw “encouraging signs of expected consumption rebounds” in markets where stores had reopened, including the US and UK.