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

June 2 (Reuters) – 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 centres. Unibail’s shares were up 10.9% at 0944 GMT, among top 3 performers of France’s blue-chip CAC 40 index. The company, which operates the Parisian Forum des Halles shopping centre, reported a “strong progress” on shop re-openings, saying that 65 of its 90 shopping centres 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 centres 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 centres 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 centres.. (Reporting by Maria Trybus in Gdansk, editing by Louise Heavens)