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 Foncière des Régions targets e500m 2009 disposals to strengthen books
French SIIC Foncière des Régions reported a 3.8% fall in first quarter revenues to e261m, though like-for-like rental income rose by the same percentage due to rent increases in French office, and stock improvements. Revenues fell 4.5% to e163m against 1Q08 due to disposals last year, but were partially offset by a boost in its stake in Italian subsidiary Beni Stabili. The group is continuing disposals aimed at strengthening the balance sheet and to combat a pronounced economic downturn. It targets principal debt ratios in line with historic LTV between 50% and 60%, and an interest cover ratio above two. It set a 2009 disposal target of e500m, and this year has sold e417m so far.