Unibail-Rodamco-Westfield (AO) | Buy | An analysis of the UTC potential deal

研报英文原文证据摘录

Unibail-Rodamco-Westfield (AO) | Buy | An analysis of the UTC potential deal

News comment

Release date: 11 June 2026

Frederic Renard, CFA

Head of Belgium Equity Research, Co-head of Real Estate

+32 11 49 14 63

frenard@keplercheuvreux.com

BuyUnibail-Rodamco-Westfield

France | Property Beta Profile: MCap: EUR14.2bn Country Top Picks

Target Price: EUR118.00 Bloomberg: URW FP Reuters: URW.PA

Current Price: EUR99.00 Free float 55%

Up/downside: 19.2% Avg. daily volume (EURm) 47.6

YTD abs performance 6.7% Market data: 10 June 2026

52-week high/low (EUR) 106.55/79.56

An analysis of the UTC potential deal

Key points:

One key element of the transaction yesterday (= conditional agreement to acquire a 50% stake of their JV-partner in the UTC mall

in San Diego) was to make it neutral on both AREPs and LTV.

This has some implications in our view with regard to the share price. We discuss some key assumptions in this note.

On top of that, we provide a graphic representation of URW's shopping malls in the US with respective ownership percentage, a

quick way to understand where there could be opportunities.

Summary of the deal

URW indicated yesterday to have entered a conditional agreement to acquire a 50% stake from its JV partner (JP AM, according to

sources on the internet).

The acquisition consideration of USD705m will comprise a combination of cash and up to 2.6m new shares to be issued by URW

(without lock-up). The completion of the transaction is subject to URW's share price and customary closing conditions.

Subject to the satisfaction or waiver of agreement conditions, the transaction would close no later than 31 December 2026.

The transaction is expected to be LTV and AREPS neutral, and marginally accretive to NAV.

What could be the URW share price for the deal to be achieved?