Unibail-Rodamco, Europe's largest listed property group, has reported a higher than expected increase in revenues to EUR 1.2 bn so far in 2011, up 1.9% on the previous year.
Unibail-Rodamco, Europe's largest listed property group, has reported a higher than expected increase in revenues to EUR 1.2 bn so far in 2011, up 1.9% on the previous year.
The positive performance, which was driven by a 2.4% rise in the shopping centre division, was achieved despite the asset disposals completed in the last 12 months, the Paris-based company said. The disposals are part of the company's plans to raise as much as EUR 3 bn by 2013 to fund its development projects.
The firm has divested some 20 shopping centres over the past year including Bonneveine, Shopping Etrembières (50%), Croix Dampierre, and Boisseuil in France, Haninge, Väsby, Tyresö, Bålsta, and Eurostop Jönköping in Sweden. In the Netherlands, the company has sold Piazza Center, Buitenmere, Wagenhoek, Bossche Boulevard, Walburg, Boven't IJ, Overvecht, Oude Marktpassage, Woonmall Alexandrium.
'We were positively surprised by the uplift in tenants' sales by 2.9%, which indicates greater resilience than expected,' commented Kai Klose, an analyst with Berenberg Bank in London. The increase indicates Unibail-Rodamco has again outperformed the sector, Klose added, pointing to rival French firm Klépierre, which reported an increase of only 1.5% in the same period.
