Europe’s largest listed property company Unibail-Rodamco said it boosted gross rental income from its shopping centre business by 9.2% to €980 mln in the first three quarters of 2014 compared with the year-earlier period.
Europe’s largest listed property company Unibail-Rodamco said it boosted gross rental income from its shopping centre business by 9.2% to €980 mln in the first three quarters of 2014 compared with the year-earlier period.
The growth was mainly driven by deliveries of new shopping centres and extensions/renovations in 2013 as well as by the acquisition of the Centro mall in Oberhausen in May this year. The increase also reflected the full consolidation of Mfi results since July 26 2014.
The company said that since announcing plans in February to sell between €1.5 bn and €2 bn of shopping centres over the next five years, it has sold one small asset in Spain and agreed two transactions involving 12 non-core shopping centres in France, representing a gross market value of almost €1.8 bn.
In September, the group announced it had entered into a definitive agreement with Carmila to sell a €931 mln portfolio of six French shopping centres anchored by supermarket giant Carrefour for a net initial yield of 5.5%.
A month later, it announced it had reached a deal with Dutch property firm Wereldhave to sell a €850 mln portfolio of six shopping centres located in France for a net initial yield of 5.5%.
Gross rental income from the office division amounted to €138 mln over the first nine months, an increase of 6.8% compared with the same period in 2013, reflecting strong leasing activity in France which reduced the vacancy rate to 4.7%. Gross rental income from the convention/exhibition and hotels sector increased by 4.6% to €133.7 mln.
Unibail-Rodamco boosted its total consolidated turnover by 9.9% to €1.4 bn over the nine-month period.