French commercial property company Altarea said rental income from its shopping centre portfolio increased by 32% in the first half of 2009, mostly driven by new openings of shopping centres in the country.
French commercial property company Altarea said rental income from its shopping centre portfolio increased by 32% in the first half of 2009, mostly driven by new openings of shopping centres in the country.
The retail portfolio generated EUR 70 mln in the first six months due to the opening of the Wagram and Crèches-sur-Saône malls and the full contribution from six centres which opened last year. On a like-for-like basis, the increase in rental income was 5.8% over the period.
The company's recurring operating profit increased by 29% to EUR 60 mln in the first half of 2009 from EUR 46 mln a year before.
The company expects to carry out new operations in both development and investment over the next few months to ensure growth in operating profits, it said.
The group's residential unit sold assets worth EUR 384 mln over the period. 'Housing sales have come back to the same level as before the crisis, even though the recovery in the office property sector still has to come,' CEO Alan Taravella said in a statement.
