Unibail wants to quickly put an end to its American adventure

Investor Day ofURW was highly anticipated by the market. Which was reassured by the continuation of the Restore plan imagined by Léon Bressler to counter the capital increase then proposed by Christophe Cuvillier... And a bit surprised, sometimes even doubtful, about the timing of the announcements. The main one concerns the exit from the American market. Jean-Marie Tritant, the chairman of the board of directors of listed real estate, reaffirmed the desire to “radically” reduce financial exposure across the Atlantic, which currently represents nearly 25% of the value of the group's assets by the end of 2023. In total, some twenty centers worth €12 billion will have to sell in the next 18 months. “The scenario of selling all of Unibail-Rodamco-Westfield's American assets is possible, but far from certain in the announced timetable”, warns Bruno Duclos, analyst at Invest Securities. “Especially since the market for investment in shopping centers has not fully recovered in the United States.” Behind the scenes, financial analysts rely on Léon Bressler's ability not to sell at a bargain price to meet the announced deadline.