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31 May 2012
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20 June 2012
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French REIT/SIIC Tour Eiffel sees turnover rise in 1Q09, rents stable
French REIT/SIIC Société Tour Eiffel reported a rise of 18% in consolidated turnover in the first quarter against 1Q08, and a constant occupancy rate of 88.5%. The group gave no earnings or net asset value data; for 2008, STE reported a net consolidated loss of e16.8m. Turnover rose to e24.4m in 1Q09, of which a higher e18.8m was attributable to rents. "Despite deteriorating economic conditions, the company's activity remained satisfactory during the first quarter in the wake of four major lease renewals which secured more than e7.5m of rentals, reflecting active portfolio management focused on stabilising cash flows," the group said in a release.