Klepierre Q3 revenues up 16%

French retail property giant Klepierre said third-quarter revenues came in at EUR 166 mln, up almost 16% on the year-earlier period. Total revenues for the nine months to end-September rose to EUR 481.1 mln, from a EUR 414 mln a year earlier. The company said it expects business levels to continue their upward growth trend. Shopping centre rental income rose to almost EUR 131 mln in the third quarter and EUR 380 mln for the first nine months of the year.

Rents from retail properties managed by separately-listed subsidiary Klemurs rose by 7.1%, in line with annual targets, while office property rents were up 8.3% on a constant portfolio basis. Klepierre said with the exception of Greece, revenues booked by retailers in its shopping centres grew faster than domestic consumer spending in the countries in question.

Retail properties generated rental income of EUR 6 mln in the third quarter and EUR 17.4 mln in the period through September. Income from office properties came in at EUR 12.3 mln and EUR 36.6 mln in the same periods.