Westfield’s UK income hit by retail CVAs and leasing delays
Westfield’s UK rental income over the first half of the year fell amid an increase in vacancies due to the rash of retail CVAs and administrations and delays with leasing due to Brexit.
The shopping centre goliath posted its results for the first half of the year up to July 31, which showed that like-for-like rental income decreased by 3.1%.
The landlord conglomerate, now Unibail-Rodamco-Westfield, put this slide in income across UK schemes to its vacancies number which stood at 8.7% due to “non-renewals, the impact of retailer bankruptcies and the delays in leasing at Westfield London” due to Brexit uncertainty deterring new tenants from entering the market.
Westfield reported a 6.4% increase in footfall across UK shopping centres in the first half of the year, which outperformed the wider sector by 770 bps.
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