French property group Klepierre has announced better-than-expected results for 2007 in spite of the current financial environment. Figures that came in above target included a 15% increase in lease income, a rise in net current cash flow per share of 15.6% and re-valued net assets reaching EUR 41.1 per share, an increase of 26.6%. As a result the dividend proposed at the next shareholder’s meeting will be 17.2% higher than the previous year.
French property group Klepierre has announced better-than-expected results for 2007 in spite of the current financial environment. Figures that came in above target included a 15% increase in lease income, a rise in net current cash flow per share of 15.6% and re-valued net assets reaching EUR 41.1 per share, an increase of 26.6%. As a result the dividend proposed at the next shareholder’s meeting will be 17.2% higher than the previous year.
Rising shopping centre rents of 13.8% brought in EUR 517.9 mln while rents from retail properties contributed EUR 23 mln. The company's real estate holdings were valued at EUR 11.3 bn as of 31 December 2007. Yield compression and rising rents accounted for asset appreciation in 2007 of 12.5% on the shopping centre segment, 14.6% on the retail segment and 14.2% on the office segment. In 2007 Klepierre became increasingly active on Central European markets with shopping centre acquisitions in Poland and Hungary, while continuing to open shopping centres in France.
The coming fiscal year will see further growth with around EUR 800 mln committed to transactions in countries such as the Czech Republic, Hungary and Spain. An additional EUR 200 mln is expected for outlays on projects in France and Portugal. 'While looking very carefully at the economic environment, we reiterate our double-digit growth target in 2008 for net current cash flow per share,' said chairman Michel Clair.