PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
French SIIC Altarea 2008 loss mainly due to development, housing downgrades
French shopping centre and commercial real estate development REIT/SIIC Altarea posted a 26% rise in net recurring earnings to e93.7m for last year and boosted revenues by 29%. However it recorded a net loss of e397m against a profit of e429m in 2007 due to depreciation of assets totalling e503m, and difficulties in mall development and housing. Altarea NAV fell 25% to e124 per share in 2008, which compared to its last stock trading price around e113 last week. Despite this, the group will propose a dividend of e7, up 16.6%. The group has net debt of e1.9bn against total shopping centre assets of e2.3bn, but said it remains in a healthy financial state thanks to an LTV ratio of 53.4%, up only 3% compared to 2007 and against a maximum covenant of 65%.