Foncière des Murs, the hospitality property arm of Foncière des Regions, has announced the sale of four hotels in France to a number of family offices for EUR 24 mln. The hotels, which are operated under the Ibis and Etap brands, are located in the cities of Nantes, Lille, Courbevoie and Montpellier.
Foncière des Murs, the hospitality property arm of Foncière des Regions, has announced the sale of four hotels in France to a number of family offices for EUR 24 mln. The hotels, which are operated under the Ibis and Etap brands, are located in the cities of Nantes, Lille, Courbevoie and Montpellier.
According to the company, the sales prices are in line with the appraisal value at the end of June 2009. The operation, which will be finalised before the end of March, reflects a return of 6.85%.
The company saw rental income drop by 1.7% from EUR 200 mln in 2008 to EUR 197 mln last year. The value of its real estate portfolio decreased by 6% to EUR 3 bn at end-December 2009, as a result of sharp devaluations during the first half of the year.
Operating results were 'highly satisfactory in 2009 in view of the economic climate', the company said, with a stable net recurring income of EUR 96 mln. The company is forecasting a stable net recurring income in 2010 as well.
For 2009, the board is proposing a dividend of EUR 1.40 per share.