Unibail-Rodamco has announced a 5% increase in turnover for the first nine months of 2016, as figures for its shopping centre division rose by 9.8% compared to the same period last year.
In a press release, the company noted that despite the terrorist attacks in Paris and Nice in November 2015 and July 2016 which depressed tenant turnover in France, new centre openings and good leasing activity across its European portfolio drove shopping centre growth.
The delivery of Mall of Scandinavia, Polygone Riviera and Minto in 2015, plus the extension of the Forum des Halles in 2016 and the consolidation of Ruhr Park all boosted turnover.
Figures for its office division were down -6.7%, as despite leasing Majunga and So Ouest Plaza, disposals, tenant departures and some relettings at lower rents negatively affected takings.
Development fees were also down, due to the delivery of Minto and Ruhr Park.
Looking forward, Unibail-Rodamco reiterated its commitment to greening its portfolio, with a self-imposed target to halve carbon emissions by 2030. This strategy is being incorporated across the company's entire operations, including indirect emissions resulting from construction works, consumption of energy by tenants and transport taken by users of its sites.
Aside from its European shopping cente portfolio, Unibail-Rodamco develops and owns office towers in the La Defense business district of Paris as well as convention centres in the French capital. The company had a total of €39.6 bn of assets under management at end-June 2016.
