UNBLF - Deep Value Opportunity In Unibail-Rodamco-Westfield

Here is a brief update of our investment thesis on Unibail-Rodamco-Westfield (UNBLF) (UNRDY) (URMCY), following the publication of 1H20 results on July 29^th.

Undoubtedly, the first half of 2020 has been extremely difficult for Unibail, as well as its peers. The current public health crisis forced the company to close most of its shopping centers starting in March, for an average of 67 days. As a result, footfall and tenant sales plummeted by approx. 40% YoY. A number of these tenants were forced to declare bankruptcy, affecting some 400 stores globally, which pushed