Foncière des Régions has already arranged EUR 417 mln of sales or sales agreements since the start of 2009. This leaves the French property group within shouting distance of its disposal target of EUR 500 mln for the full year.
Foncière des Régions has already arranged EUR 417 mln of sales or sales agreements since the start of 2009. This leaves the French property group within shouting distance of its disposal target of EUR 500 mln for the full year.
FdR said on Monday that it is going forward with its strategy to adapt to the current market conditions through the 'ambitious' disposals plan. Under the plan, the company will seek to maintain the principal debt ratios in line with the group’s historic LTV ratio of 50-60%.
The company posted a 3.8% increase in rental income in the first quarter of 2009 to EUR 162 mln from EUR 158 mln last year. The increase was mostly driven by the increase in rents in the France offices portfolio.
Total revenues for the first quarter of 2009 amounted to EUR 260.7 mln, a drop of 3.8% compared to the corresponding period in 2008. FDR said this was mainly attributable to disposals made in 2008 (EUR 1 bn). During Q1, around 50,000 m2 of office space was rented, representing a full year impact of nearly EUR 21 mln.
´Our extremely sound rental flows as well as the proper execution of the FdR 2010 action plan give us confidence in the ability of Foncière des Régions to meet its 2009 objectives´, said Christophe Kullmann, CEO of FdR.
