What: The shopping mall owner Unibail-Rodamco-Westfield has raised its adjusted recurring earnings per share guidance due to first-half tenant sales in Europe recovering to pre-pandemic levels.

Why it is important: Doubt from renting retailers and mall tenants is improving with results showing in Unibail-Rodamco-Westfield’s first half of 2022 reports.

Retail operation performance, the end of Covid rent relief and higher variable income were some reasons the group believes its first-half year over year was up 53%. Following the group’s de-leveraging plan announced last year, debt has dropped by 1 billion euros. Confident in their assets being in the best catchment areas with affluent customer bases, the group is hopeful to achieve its goals in Europe by the end of the year and in the US by 2023.

The group’s main rival Klepierre has also raised its full-year guidance.

Mall owner Unibail-Rodamco-Westfield raises guidance