1105 GMT - Unibail-Rodamco-Westfield's decision to keep its U.S. assets makes sense from an industrial perspective, but it means the company's balance sheet will remain stretched, AlphaValue's Christian Auzanneau says. The French commercial-real-estate company said it would retain its flagship properties in the U.S., vowing to reduce debt through sales of noncore assets, earnings and disciplined spending. This contradicts the debt-reduction strategy outlined in 2020 and a rapid return to prepandemic dividend levels now seems unlikely, the analyst says. However, keeping the U.S. assets should be beneficial for URW's operations as long as the U.S. economy stays strong, AlphaValue says. Shares fall 3.1%. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 06:05 ET (11:05 GMT)
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