Press Release Rental success in the shopping center Westfield London

01.04.2024 3 Reading Time

Westfield Shopping Center

Highlights

  • Leasing volume of more than 19,000 square metres in the fourth quarter of 2023
  • Electric vehicle brand BYD will open its second shopping centre outlet in the UK
  • International cinema chain moves into new UK headquarters
     

 

Commerz Real and Unibail-Rodamco-Westfield can look back on a successful fourth quarter in 2023. Europe’s largest shopping centre, Westfield London with a total area of 255,000 square metres, secured numerous new leases and lease extensions together amounting to more than 19,000 square metres. One of the most prominent new leases is the 500 square metre Samsung Experience Store, which opened at the beginning of 2024 on a 10-year lease. 

Among the other highlights will be the opening of the second shopping centre branch of the Chi-nese electric vehicle brand BYD (Build Your Dreams) in the United Kingdom in April 2024, a sub-stantial increase in the space occupied by the Japanese clothing brand Uniqlo and the early ex-tension of the lease with Adidas, together with a re-fit of the store. In addition, the international cinema chain Vue will be opening its new UK headquarters in one of the office buildings in the centre. 
 
In 2023 we were able to secure a large number of leasing successes which will further enhance the shopping experience at Westfield London. We have also begun to index-link many of the lease agreements. While this practice is already customary on continental Europe, it is not common-place in the United Kingdom.
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Russell Banham
Head of UK Commerz Real
Commerz Real and Unibail-Rodamco-Westfield have also renewed 4 leases in the very popular Food Court, e.g. Comptoir Libanais, Pho and Pizza Pilgrims. The area was extensively refurbished in 2018 and 2019 and now provides 13 international restaurants with seating for 1,300 people. 

About Commerz Real

Commerz Real is the asset manager for tangible asset investments of the Commerzbank Group and has 50 years of international experience in the market. More than 800 employees manage assets worth around 34 billion euros at the headquarters in Wiesbaden as well as at 17 other locations and branches in Germany and abroad.
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Media contact

Commerz Real and real estate

Gerd Johannsen