In Spending Spree, European Mall Operator Bets on Westfield

In Spending Spree, European Mall Operator Bets on Westfield
Unibail-Rodamco, whose real estate portfolio also includes office and convention space, said
that rental income from its shopping center arm was up 4.1 percent to 781 million euros, or about $920 million, in the first half of the year.
The Westfield World Trade Center has been open for more than a year and in
that short time it has dealt with delays, lawsuits and staunch competition from its next door neighbor, Brookfield Place, which is offering more luxe shopping options like Burberry, Gucci and Hermès
Westfield also owns a number of premier shopping centers in Britain
and is developing a new shopping center adjacent to Linate Airport in Milan that is expected to be completed in 2020.
Westfield, analysts said, has focused its efforts on marquee properties
that can still draw shoppers, rather than regional malls that are more susceptible to online competition.
European shopping center owners have fared relatively well this year, with many of the biggest owners reporting gains in rental income.