Company News: URW, Viva Energy and Here, There and Everywhere
Unibail-Rodamco-Westfield (positive impact) announced the sale of its SHiFT office property located in Paris. Critically, the sale to French Institutional Investors was at a price above book value – the value the property was carried at on its balance sheet. This is part of the group’s broader Reset plan which involves the disposal of assets to reduce its debt levels. CDIs in the company finished the week (to Thursday) 10% higher.
Australian Equities sub-portfolio
Viva Energy (neutral impact) provided a market update. Petrol sales in the third quarter (to September) excluding Victoria are in line with figures last year and overall volumes sold have improved. Commercial sales have been resilient; however aviation fuel volumes continue to be depressed. The company continues to assess the future of its refining business, which will be aided by the Fuel Security Package recently announced by the government.
Here, There and Everywhere (positive impact) has seen an uplift in revenue and announced it is no longer be eligible for the extended JobKeeper program from October, with total revenue growth has outperformed the broader radio market.