European listed property giant Unibail-Rodamco saw both gross rental income and turnover rise during the first three months of 2013.
European listed property giant Unibail-Rodamco saw both gross rental income and turnover rise during the first three months of 2013.
Unibail-Rodamco said total gross rental income rose to €383.7 mln in Q1 2013 from €375.4 mln in the year-earlier period.
The increase mainly reflects higher income from the group's shopping centre division, which increased 6% to €288.3 mln as a result of a number of new mall openings.
These included the opening of the extension to shopping centre Centrum Cerny Most in Prague. The renovated and extended 81,340 m² GLA mall saw its footfall increase by +63% in the first month following the extension opening, compared to the same period last year.
In the Paris office division, gross rental income fell 5.1% year-on-year to €42.6 mln due to divestments completed in 2012 and the ongoing renovation of a number of assets. Gross rental income from the group's exhibition centre division also fell on a year-on-year basis, down 9.6% to €52.8 mln. Unibail-Rodamco attributed the fall to seasonal factors.
Total turnover for the first three months of 2013 increased 1.6% to €430 mln.
Despite the challenging economic environment, Unibail-Rodamco confirmed its confidence in achieving earnings per share growth of a least 5% across 2013 as a whole.
