Unibail-Rodamco Revenue Rises on Disposals in France and Spainby
Unibail-Rodamco SE, Europe’s largest publicly traded property owner, said revenue rose 2.1 percent in the first nine months after it sold assets in France, the Netherlands and Spain.
Revenue climbed to 1.43 billion euros ($1.6 billion) from 1.40 billion euros a year earlier, the Paris-based company said in a statement today. Gross rental income fell to 1.24 billion euros from 1.25 billion euros, according to the statement.
Unibail, which owns malls and office buildings in France, Germany and other European countries, said last year it plans to focus on owning and operating large shopping centers in densely populated areas and has since been disposing of non-strategic assets as it takes advantage of strong demand for high-quality commercial properties by investors who are seeking to earn steady returns amid low interest rates.
Shopping-mall rental income dropped to 958.5 million euros from 980.1 million euros a year ago. The company owns properties valued at 35.7 billion euros and maintained its full-year forecast of recurring earnings per share of between 10.25 euros per share and 10.45 euros per share, according to the statement.