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
Finland's Citycon posts 1Q09 loss, rental income seen up
Helsinki-listed retail mall developer Citycon posted a first-quarter pre-tax loss of e18m against profit of e11.3m in 1Q08, driven by portfolio depreciation. But the direct result improved and net rents of like-for-like properties rose. It expects rental income to rise moderately in 2009, driven by redevelopment projects and active mall management. A large share of its lease portfolio stems from grocery sales, cushioning the crisis's impact. Citycon, which also has a strong position in Sweden and a firm foothold in the Baltics, plans to focus on increasing cash flow and operating profit this year.