VastNed Retail, the Amsterdam-listed retail property investor facing a hostile bid from IEF Capital, said its direct result in the third quarter of 2007 fell to EUR 15.4 mln from EUR 16.1 mln in the year-earlier period. On a per share basis, the direct result in the quarter declined to EUR 0.92 from EUR 0.95 in the third quarter of 2006.
VastNed Retail, the Amsterdam-listed retail property investor facing a hostile bid from IEF Capital, said its direct result in the third quarter of 2007 fell to EUR 15.4 mln from EUR 16.1 mln in the year-earlier period. On a per share basis, the direct result in the quarter declined to EUR 0.92 from EUR 0.95 in the third quarter of 2006.
VastNed Retail's direct result (rental income minus costs) for the first nine months of 2007 was unchanged at EUR 2.78 per share and the company predicted a full-year direct result of EUR 3.72 per share, up from EUR 3.70 in 2006. Meanwhile, the company's total investment result in the third quarter jumped to EUR 2.67 per share from EUR 2.50 in the year-earlier period while its total investment result in the first nine months of 2007 jumped to EUR 8.42 a share from EUR 7.14 per share. The total value of investment properties at 30 September 2007 amounted to EUR 1.85 bn, compared to EUR 1.73 bn as of 31 December 2006 and 1.57 bn at 30 September 2006.
IEF Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund, has said that it will push ahead with its EUR 1.15 bn bid, equivalent to a price of EUR 70 per share, even though VastNed Retail argues that the offer is significantly undervalued.
