Unibail-Rodamco has unveiled a EUR 1.8 bn payout to its shareholders. Announcing its results for the first six months of 2010, the largest listed real estate firm in Europe said a general meeting will be held in September to vote on a capital reimbursement of EUR 20 per share, distributable on 12 October.

Unibail-Rodamco has unveiled a EUR 1.8 bn payout to its shareholders. Announcing its results for the first six months of 2010, the largest listed real estate firm in Europe said a general meeting will be held in September to vote on a capital reimbursement of EUR 20 per share, distributable on 12 October.

The total sum is broadly in line with the disposal proceeds achieved, net of acquisitions, since the merger of Paris-based Unibail and Rodamco Europe of the Netherlands four years ago. The merged firm focuses on prime and dominant shopping centres in large European cities and some EUR 4 bn worth of non-core assets have been divested.

Unibail-Rodamco said it is accelerating this divestment policy with EUR 1.2 bn of disposals signed or closed in H1 2010 (including the Capital 8 Messine Building) with an average 9% price premium achieved on appraisal value on these disposals. A further EUR 500 mln disposals are expected for the remainder of 2010.

'The group will still be among the least indebted companies within its peer group and will retain sufficient financial flexibility to deal with its significant development pipeline and any acquisition opportunities which may emerge while maintaining its highly focused strategic approach,' the company said.

After two years of decrease, Unibail-Rodamco's appraised asset values grew by EUR 1 bn, or 4.7% like-for-like to EUR 23.3 bn.

The firm booked a result of EUR 1.1 bn in the first six months of this year, compared with EUR 1.3 bn negative in the same period last year. Net rental income came to EUR 624 mln, -1.6% on the first half of 2009, but + 0.4% growth on a like-for-like basis.