EUROPE - Dutch-based real estate group Rodamco Europe has seen a more than 240% boost in shareholder profit after Jones Lang LaSalle revalued around 70% of its portfolio.
The Rotterdam-based firm said JLL's revaluation led to a €719.5m increase in its investment property values.
It said that “the strong increase of the valuation result in the nine-month period under review has led to the 242% growth in net shareholders' profit to €937.3m”.
The strong valuation was “driven by the current strong investor appetite in a low interest rate environment”.
“The outcome explicitly confirms the continuous investor sentiment for the top quality retail investments and cross-border investment activity across Europe,” said chief executive Maarten Hulshoff.
He added: “The total pipeline portfolio of €2.4bn of which €1.1bn is externally committed, provides us with a stable platform for further growth and strong rental growth potential estimated at a total of 22% over the next two years.”
Property assets increased by €1.16bn to €8.68bn.
