Unibail's stock shines as shops keep on reopening post restrictions easing

Shares in Unibail-Rodamco-Westfield jumped as much as 11% in Tuesday late morning trading, as the France-based commercial real estate company said it was progressively reopening its shopping centers. Unibail's shares were up 10.9% at 0944 GMT, among the top 3 performers of France's blue-chip CAC 40 index. The company, which operates the Parisian Forum des Halles shopping center, reported a "strong progress" on shop re-openings, saying that 65 of its 90 shopping centers have already received its first visitors after the coronavirus-related restrictions were eased. Unibail-Rodamco-Westfield, formed from a Unibail Rodamco merger with Australia's Westfield, added it saw a gradual return of customers to its commercial centers at levels generally exceeding expectations.

"While of course, things are not yet back to normal, it is very encouraging to see so many of the Group's centers able to trade again", Christophe Cuvillier, URW's chief executive, said in a statement. Shares in Unibail's peer Klepierre rose 10.8% at 0944 GMT, following its Monday announcement on the reopening of all its French shopping centers.