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Unibail – Rodamco – Westfield

presented by October France



24 months


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Paris, France



Building & public Works

Presentation of the company

Unibail-Rodamco-Westfield is the leading global creator and operator of destination shopping centres. The group, currently headed by Christophe Cuvillier, has 3,700 employees and is based in Paris and Amsterdam.

Unibail-Rodamco-Westfield is present in 13 countries in Europe and the United States and has a portfolio of assets worth €63.7 billion at 30 June 2018.

The group covers the entire real estate value chain as an investor, developer and manager.

Unibail-Rodamco-Westfield specialises in specific market segments such as retail (large shopping centres and airports), offices, congress sites and trade fairs.

The group stands out for its desire to establish the best environmental, architectural and urban planning certifications. It is listed on Euronext Amsterdam and Euronext.

Project Description

The group wishes to borrow €100,000 over 24 months as part of the Grow Together operation. For the Unibail-Rodamco-Westfield group, this is a communication project that will be carried out as part of the transaction.

Thanks to the Grow Together operation, 11 major groups will lead the way in diversifying sources of financing for SMEs by borrowing on a lending platform.

Large groups are used to borrowing outside the banking system and diversifying their sources of funding. They have simple and easy access to credit.

In October 2014, a new regulation opening a breach in the banking monopoly allowed SMEs to borrow directly from individuals and institutions, in addition to their banks. Small and medium-sized companies can now do as big as large ones.

AccorHotels, The Adecco Group, Allianz France, Arkéa, Edenred, ENGIE, Iliad, JC Decaux, SUEZ, Unibail-Rodamco-Westfield and Webhelp are joining the transaction and showing their VSE/SME ecosystem that they can now finance themselves differently, thanks to lending platforms.

These 11 major sponsors, each borrowing €100,000 from October, give their VSE/SME partners the right to borrow up to €1,000,000 each, without any administrative costs.

This project, which is part of the Grow Together operation, is only available to individual investors on the platform. Unlike all the other projects presented on the platform, institutional investors and October’s management cannot lend on the projects of this campaign. 

Analyst’s Opinion

The borrower is a holding company whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on consolidated financial statements, which reflect the Group’s performance.

With a turnover of €1.82 billion in 2017 and an experienced team, the group has a good performance record combined with a double-digit operating margin.

The borrower has an excellent repayment capacity with a provisional Fixed Charge Cover Ratio (FCCR) before dividends of 4.59 and an excellent financial structure, with a provisional net debt / EBITDA ratio of -1.8 and a provisional net debt / equity ratio of -13%. Financial debt has been restated for the corresponding assets.

The analysis of the project leads to a credit rating of A+ and an annual interest rate of 2.50%.

*The multiple of FCCR at 4.59 means that the company has a safety margin of 359% in relation to its ability to repay its credit maturities.

The expert opinion is given for information purposes on the basis of the information provided by the project leader and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strengths :

  • Good historical performance linked to a diversified real estate portfolio
  • Excellent repayment capacity with a expected CCRF before dividends of 4.59
  • Leading designer and global operator of destination shopping centres

Point of vigilance:

  • Highly competitive market