Unibail-Rodamco-Westfield unveiled on Wednesday the objectives of its new three-year strategic plan, which includes the distribution of a cumulative amount of more than €3.1bn to shareholders.

The commercial real estate group intends to present its roadmap for the period 2025-2028, called "A Platform for Growth," at its CMD today.

As part of the program, URW says it is targeting annual growth of between 5.8% and 6.6% in its gross operating surplus (GOS) by 2028.

In addition to increasing rents, improving occupancy rates and gaining market share, the developer says it wants to grow its retail media revenues and generate new revenues through its brand licensing business.

It is also aiming for "rigorous capital allocation" with capital expenditure of around €600m p.a. from 2026 onwards.

Its debt ratio (LTV) is expected to be around 40% by 2028, with a net debt/EBITDA ratio of around 8x.

The group confirms its forecast of adjusted recurring net income per share for 2025 of between €9.30 and €9.50, which is expected to fall to €9.15 in 2026 as a result of its recent disposals.

It then forecasts annual growth of 3% to 5%, which should bring its adjusted recurring net income per share to between €9.70 and €10.10 in 2028.

Based on these forecasts, Unibail plans to propose a distribution of €4.50 per share for FY 2025, up approximately 30% compared to 2024, followed by a distribution rate of 60% for 2026 before returning to a normalized rate of 60% to 70% starting in 2027.

In total, URW expects to distribute a cumulative amount of at least €3.1bn for FY 2025 to 2028.

Clearly satisfied with the visibility provided by these prospects, investors pushed the stock up 0.5% on Wednesday morning on the Paris Stock Exchange, after opening up over 2%.


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