Klépierre to offload EUR 1b of assets by end-2013

French listed retail group Klépierre plans to sell EUR 1 bn of assets by end-2013 in a bid to finance its development programme and strengthen its financial position. 'The stepping-up of our disposal programme will allow Klépierre to improve its financial profile and to contribute to the financing of our development pipeline,' CEO Laurent Morel said.

To date, seller's promises or sale agreements have been signed for EUR 140 mln worth of such assets, allowing to obtain at least EUR 500 mln of disposals in 2012.

Klépierre reported higher-than-expected earnings of EUR 1.99 a share in 2011, up 1.8% on the 2010 result of EUR 1.96. For this year, the company is forecasting a slight increase in earnings per share, while revenues are expected to continue to grow another 4%, after a 3.6% increase in 2011.

The group has a major development pipeline (EUR 3.3 bn) composed of 18 projects mostly located in France and Scandinavia. Three developments are scheduled to be completed this year, including a center under Paris' Saint-Lazare railroad station, and a mall in Malmo, Sweden.

Net debt totalled EUR 7.62 bn at year-end 2011, or 45.8% of the value of its properties.