Green Street Advisors

 

 

Wall Street Journal: Unibail's Mall Strategy - Bigger is Better

According to The Wall Street Journal:

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The company owns office buildings and convention centers, but retail property accounts for around four-fifths of its portfolio.

And Unibail’s shopping-mall development pipeline has never been bigger, according to Green Street Advisors. At €8.2 billion ($8.69 billion), the projects under way make up a significant chunk of its overall property portfolio valued at €37.7 billion, Green Street said.

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Other analysts have expressed concern about the company’s current level of debt. According to Green Street, Unibail’s debt is equal to about 42% of the value of its assets, compared with 25% in 2007. If the value of its property portfolio falls, Unibail “could have a much worse experience than they did in the previous downturn,” said Peter Papadakos, managing director at Green Street.

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To view the full article on The Wall Street Journal, click here.