Q4 2019 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Good evening, and welcome to Unibail-Rodamco-Westfield's Full Year 2019 Results Presentation. 2019 was a very intense year in a still-difficult environment for retail real estate. So I'm very happy to announce that we delivered adjusted recurring earnings per share of EUR 12.37 per share, ahead of the EUR 11.80 to EUR 12 announced early 2019, which was then increased to EUR 12.10 to EUR 12.30 at the half year results.
I'm very proud also to announce that we've reached an agreement to dispose of 54.2% stake in 5 French assets for a price at 100% of EUR 2.037 billion, which is in line with book values. This will generate net disposal proceeds for URW of EUR 1.5 billion. Jaap will come back to this transaction in detail in a couple of minutes. This is a clear sign of the quality of URW's portfolio, and of the confidence that the investors, with which we'll be teaming up, have in our ability to generate their targeted returns. It should also be supportive of valuations of our retail portfolio.
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