Aquí el comunicado de ampliación de capital:
https://cdn.urw.com/-/media/Corporate~o~Sites/Unibail-Rodamco-Corporate/Files/Homepage/INVESTORS/Press-Releases/Others/2020/20200916-URW-announces-9Bn-RESET-plan.ashx?revision=Unibail-Rodamco-Westfield (“URW”), the premier global developer and operator of Flagship destinations, announces a €9.0+ Bn “RESET” plan to strengthen its balance sheet and increase financial flexibility to execute its
long-term strategy, and provides update on footfall, tenant sales and rent collection
Key highlights of the “RESET” plan and its five strategic priorities are:
• RESTORE financial strength through a €9.0+ Bn deleveraging plan consisting of:
o A fully underwritten €3.5 Bn capital raise to be used to immediately reduce leverage;
o Limiting cash dividends through scrip and/or a lower payout ratio, resulting in €1.0 Bn cash savings over the next two years(1)
o A further €0.8 Bn reduction in development and non-essential operating capex; and
o €4.0 Bn(2) of disposals expected to be completed by year-end 2021.
This plan is designed to enable the Group to preserve the Group’s strong investment grade credit rating, with an expected rating of A- (3) / Baa1(4)
, and maintain a sustainable capital structure with an LTV(5) below 40% and net debt / EBITDA(6) below 9x.
• EXECUTE the €4.0 Bn asset disposal programme (European assets, c.50% retail/50% offices & others) by yearend 2021
o Acceleration of the previously announced disposal plan by outright sales of non-strategic assets across all asset classes, on the back of the Group’s proven track record (€4.8 Bn disposals
completed since June 2018 at a 5% premium to book value, including the disposal of five French retail assets in the middle of the COVID-19 crisis in line with the prior unaffected appraisal);
o A €6.0+ Bn(7) identified pool of assets;
o €1.0 Bn of disposals are well advanced; and
o JV stakes in most liquid and mature assets to reduce capital obligations and leverage.
• STREAMLINE operations and footprint to enhance agility and optimize use of resources
o Further reduce capex by c.€800 Mn, of which c.€600 Mn of development capex and c.€200 Mn of non-essential operating capex. The development pipeline has been reduced by €2.2 Bn compared
to FY-2019, and by a further c.€0.6 Bn compared to H1-2020;
o Downsize the US Regional mall footprint in the near-term; and
o Simplify structure and reduce gross admin expenses further.
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