London | Shopping mall giant Unibail-Rodamco-Westfield expects to quit the US entirely by the end of next year, selling off the glittering retail property empire created by Sir Frank Lowy, as the debt-saddled company downsizes into a Europe-only player during a €3.2 billion ($5 billion) asset fire sale.
New CEO Jean-Marie Tritant said the company would not pay a dividend again until 2023 as it hoards cash, both to get the company through the prolonged COVID-19 crisis and to avoid any pressure to sell off US assets too quickly and cheaply.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
