Unibail-Rodamco is sticking to its forecast of recurring earnings per share growth of at least 5.5% for 2014 after a strong first quarter.
Unibail-Rodamco is sticking to its forecast of recurring earnings per share growth of at least 5.5% for 2014 after a strong first quarter.
Europe’s largest listed property group said it boosted consolidated turnover to €463 mln in the first three months of 2014, up 7.7% on the year-earlier period.
Gross rental income rose to €417 mln compared with €383.7 mln in the first three months of 2013.
Gross rental income from the shopping centre division amounted to €321.3 mln, an increase of 11.5% compared to Q1 2013. Unibail-Rodamco said the growth was driven primarily by an active leasing strategy and deliveries of new shopping centres as well as extensions/renovations in France. Notable examples were Aéroville in the Paris region, Alma in Rennes and Toison d'Or in Dijon.
In January, the group completed the disposal of the Vier Meren shopping centre in Hoofddorp near Amsterdam for a net initial yield of 5.7%, in line with book value.
Gross rental income from the office division amounted to €45.6 mln, an increase of 7.1% on the first three months of 2013, primarily reflecting strong leasing activity last year, notably in France, which reduced vacancy levels to 10.3% as at 31 December, 2013.
The Franco-Dutch property giant said the improved performance was achieved ‘despite a decreasing inflation and continued high levels of unemployment in the regions in which the group operates’.