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Update on Westfield Hamburg-Überseequartier Project
Unibail-Rodamco-Westfield (URW) has announced an increased Total Investment Cost for the Westfield Hamburg-Überseequartier project. The new estimate is €2.16 billion, up from the previous €1.64 billion.
The €520 million increase is attributed to several factors. €160 million results from the delayed opening and water ingress issues, while €360 million is due to cost overruns from change orders, quantity gaps, and provisions for claims.
This cost hike does not affect the 2024 AREPS guidance. However, it will raise the Group’s H1-2024 Loan-to-Value (LTV) by 50 basis points. URW is currently evaluating measures to mitigate these impacts.
R. P.
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