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- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
French SIIC SFL ends year of uncertainty with loss
French REIT Société Foncière Lyonnaise registered recurring net income up 6.5% las year and operating profit up 3.4% at e152m. However it took a 11.5% asset devaluation charge, cutting the portfolio value to e3.7bn. The result was an attributable loss of e393m, turning round a profit of e416m in 2007. NAV dropped 11%, while net debt increased to e1.16bn from e1bn - though its loan to value ratio remains satisfactory at 31.5%. SFL plans to recommend an unchanged dividend of e3.20. SFL thus ends a year of uncertainty which delayed acquisitions and disposals, and came from its ownership structure as Spain's Colonial which had owned 84.6% of capital, cut its participation under 54%.