Latest news for Unibail-Rodamco (OTC:UNBLF) Stock

Unibail-Rodamco-Westfield owns a portfolio of quality malls, about two thirds in continental Europe. Since acquiring Westfield in 2018 URW also has about 10% in the UK and about a quarter in the US, but it plans to drastically reduce exposure to the latter. More than 90% of rent comes from shopping centers, the remainder from offices, mostly Paris, as well as some offices attached to mixed-use assets around the world, and a similar amount from a conventions and exhibitions business in France.

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Unibail-Rodamco-Westfield SE (OTC: UNBLF), the French commercial real estate company, is looking to sell off most of its U.S.-based malls after purchasing the properties four years ago for roughly $14 billion.

Unibail-Rodamco-Westfield Seeks To Sell Off US Mall Portfolio: Report

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Unibail-Rodamco

Unibail-Rodamco-Westfield SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UNBLF#OTC">UNBLF</a>), the French commercial real estate company, is looking to sell off most of its U.S.-based malls after purchasing the properties four years ago for roughly $14 billion.

What Happened: The <a href="https://www.wsj.com/articles/westfield-malls-european-owner-says-it-is-done-with-the-u-s-11649160000?mod=hp_listb_pos1">Wall Street Journal</a> reported Unibail CEO Jean-Marie Tritant announced the timeline for shedding its U.S. portfolio in an address to the company&rsquo;s investors. At the end of 2021, the company valued its U.S. portfolio at $13.2 billion, at the end of last year, and the Journal reported that Unibal executives were confident they could achieve their deleveraging target even if the portfolio sells at a 30% discount of its internal valuation.

Unibail entered the U.S. market when it acquired Westfield, an Australian-headquartered commercial real estate company with properties, in 2018. The company&rsquo;s U.S. portfolio consists of 27 malls, most operating under the Westfield brand, with 16 of the properties based in California. Tritant told his company&rsquo;s investors that a sale could be achieved &ldquo;thanks to the quality of our U.S. assets&hellip;and the overall strength of the recovery, which is driving occupancy and long-term lease rental growth.&rdquo;

See Also: <a href="https://www.youtube.com/watch?v=3zZlPxOgOMU"> Ruell&#39;s Report: New Metaverse Tokens</a>

Why It Happened: The COVID-19 pandemic had a deleterious impact on shopping malls, with properties remaining closed for months while consumers shifted to e-commerce for their shopping needs.

One casualty of the pandemic was Colin Dyer&rsquo;s position as chairman at Unibail &ndash; he stepped down in November 2020 after activist investor Leon Bressler successfully maneuvered himself into the leadership role by insisting the company jettison its U.S. holdings in order to reduce its debt. Tritant, who became CEO in January 2021, allied himself with Bressler by insisting on a European-centric focus.

The company has been slowly ridding itself of underperforming properties, selling a 34-acre property last month for $150 million that was the former site of Los Angeles&rsquo; Promenade Mall and allowing lenders to take back five regional malls last year.

Photo courtesy Westfield Mall Trumbull in Connecticut

The GameStop Corporation (NYSE:<a class="ticker" href="/stock/GME#NYSE">GME</a>) short squeeze frenzy sweeping the United States markets has extended itself worldwide.

What Happened: Heavily shorted stocks in Europe surged on Wednesday with the likes of German pharmaceutical company Evotec SE (OTC:<a class="ticker" href="/stock/EVTCY#OTC">EVTCY</a>) closing 9.6% higher in Frankfurt and publishing firm Pearson Plc (NYSE:<a class="ticker" href="/stock/PSO#NYSE">PSO</a>) closing higher by 13.97% in London, <a href="https://www.bloomberg.com/news/articles/2021-01-27/europe-s-most-shorted-stocks-surge-anew-led-by-evotec-pearson?sref=TBDibEcD" style="text-decoration-line:none">reported</a> Bloomberg.

Evotec and Pearson surged as much as 30% and 19% on Wednesday, while other heavily shorted stocks such as French property developer Unibail-Rodamco-Westfield SE (OTC:<a class="ticker" href="/stock/UNBLF#OTC">UNBLF</a>) and real estate investment trust&nbsp; Klepierre SA (OTC:<a class="ticker" href="/stock/KLPEF#OTC">KLPEF</a>) rose 17% and 22%, respectively.

Nokia Oyj (NYSE NOK), which soared 38.48% in New York, has gained 15% this week in Europe.

Why It Matters: The upward movement among short stocks in Europe is less extreme than in the U.S. where the Reddit forum r/WallStreetBets has led to a 685% increase in the stock of GameStop this year and 804.54% spike in the shares of AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="/stock/AMC#NYSE">AMC</a>)

Melvin Capital Management &mdash; the short seller who suffered a significant debacle over GameStop &mdash; has a 6.2% short on Evotec, Reuters <a href="https://www.reuters.com/article/melvin-fund-evotec-devarta/gamestop-fever-sweeps-europes-most-shorted-stocks-idUSKBN29W23O" style="text-decoration-line:none">reported</a>.

Other Melvin shorts are said to include Polish video game company CD Projekt S.A. (OTC:<a class="ticker" href="/stock/OTGLY#OTC">OTGLY</a>) and battery firm Varta AG (OTC:<a class="ticker" href="/stock/VARGF#OTC">VARGF</a>).

CD Projekt ended the trading day 7.77% higher and Varta AG shares closed higher by 6.22% at press time in Frankfurt on Wednesday.

The rally in stocks in Europe may be an indication of institutional investors reversing their shorts, according to John Moore of Berkeley Capital Wealth Management, Bloomberg noted.

&ldquo;I think partly it is to do with the Reddit story, but when we see moves like this in some of the bigger names, as in Pearson, that tends to be from an institutional level,&rdquo; said Moore.

Small investors in India have jumped on the action as well, even though they are not allowed to take on leverage while trading non-Indian stocks, Bloomberg <a href="https://www.bloomberg.com/news/articles/2021-01-28/gamestop-s-wild-ride-has-even-indian-retail-traders-joining-in?srnd=premium&amp;sref=TBDibEcD" style="text-decoration-line:none">reported</a> separately. Stockal, a platform for retail investors to invest in U.S. equities from India, said GameStop accounted for 15% of all trades on its platform on Wednesday.

In China, GameStop and AMC have become the most-traded U.S. stocks on the trading app of Futu Holdings, Ltd (NASDAQ:<a class="ticker" href="/stock/FUTU#NASDAQ">FUTU</a>).&nbsp;

Meanwhile&nbsp;in Australia, GME Resources &mdash; a small nickel and cobalt explorer &mdash; saw its shares spike 53% on Thursday thanks to its ticker sharing similarity with GameStop, Reuters&nbsp;<a href="https://www.reuters.com/article/us-gamestop-hot-gme-idUSKBN29X0J8?taid=60125793e8fa030001a3ed8b&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter">reported</a> separately.&nbsp;

&quot;There are people buying the stock for shits and giggles, just because of the ticker symbol,&quot; said Kyle Rodda, a market analyst at IG Markets, Melbourne. 
The shares were up 13.33% at press-time in Sydney.

Photo courtesy: Ardfern via Wikimedia

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