Unibail-Rodamco reported it sold properties worth a total of EUR 1.1 bn in the first half of 2011, generating an average 9.1% premium over the last external appraisals. Despite the disposals, the gross market value of the portfolio at end H1 2011 stood at EUR 24.8 bn, up 2.4% like-for-like compared to year-end 2010.
Unibail-Rodamco reported it sold properties worth a total of EUR 1.1 bn in the first half of 2011, generating an average 9.1% premium over the last external appraisals. Despite the disposals, the gross market value of the portfolio at end H1 2011 stood at EUR 24.8 bn, up 2.4% like-for-like compared to year-end 2010.
Unibail-Rodamco's largest completed deals in H1 were the disposal of two shopping centres in France for EUR 217 mln and non-core retail assets in the Netherlands for EUR 136 mln. The largest single sell-off so far this year was a two-part transaction with a consortium led by Grosvenor Fund Management involving a EUR 416 mln portfolio of retail properties in Sweden
and France.
Europe's largest listed company has sold EUR 5.4 bn of assets since the merger between Paris-based office developer Unibail and Dutch shopping centre specialist Rodamco Europe in 2007. About half the disposals (EUR 2.6 bn) have been completed since the start of 2010. Unibail-Rodamco is seeking to sell smaller retail assets to concentrate on the market for larger, dominant shopping centres in major European cities, and to develop and own large office schemes in Paris.
Last February Unibail-Rodamco said it planned to sell EUR 2.5 bn to EUR 3 bn of non-core retail and office assets up to 2013.
Following the presentation of the first-half earnings on Wednesday evening, Chief Financial Officer Peter van Rossum said that the company is accelerating its Paris office development programme. The overall development portfolio grew with EUR 300 mln to EUR 6.9 bn in the first six months of 2011.
