Amsterdam-listed Wereldhave reported profit rose to EUR 78.6 mln in the first nine months of the year compared to a loss of EUR 106.5 mln in the year-earlier period. The company attributed the strong improvement to acquisitions and appreciation of the portfolio.

Amsterdam-listed Wereldhave reported profit rose to EUR 78.6 mln in the first nine months of the year compared to a loss of EUR 106.5 mln in the year-earlier period. The company attributed the strong improvement to acquisitions and appreciation of the portfolio.

The direct result (rental income excluding costs) over the period came to EUR 87.6 mln, EUR 1.8 mln higher than in the same period a year ago. The indirect result in the first nine months came to minus EUR 9 mln compared to minus EUR 192.3 mln in 2009 reflecting a higher valuation of the portfolio. The value of the portfolio came to EUR 2.6 mln for the first nine months of 2010 compared to minus EUR 22 mln for 2009.

The occupancy rate of the portfolio rose to 91.5% in the third quarter. Gross rental income rose by EUR 12.2 mln primarily due to the acquisition of five shopping centres in the Netherlands from Unibail-Rodamco for EUR 260 mln.

Wereldhave has been active in the bond markets in recent months. In October the company placed a EUR 230 mln convertible bond to refinance the EUR 200 mln convertible bond due March 2011 and for general corporate purposes.

Wereldhave has a diversified portfolio of approximately EUR 2.8 bn spread over four property sectors and across six European countries - the Netherlands, Belgium, Finland, France, Spain and the UK and three regions in the US.