PIE Events
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14 February 2012
Stockholm
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22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
French REIT Docks Lyonnais in e144m loss, faces breach of SIIC rules by year end
French REIT/SIIC Docks Lyonnais, focused on property in the Lyons region, announced a e144m loss for 2008 against e30m net income in 2007. As most real estate companies, the loss was mainly due to deteriorating conditions which led to a 9.7% depreciation of its portfolio to e1.56bn. NAV nearly halved to e44.8 per share. Although Docks Lyonnais, which manages more than 240,000 sq.m. of property, posted a 6% increase in revenues to e62.4m, depreciation on assets led to breach of some loan-to-value ratios forcing it to partially pay back three loans, while it entered negotiations with other lenders. LTV rose to 84% from 69% in 2007. The company faces another burden as its ownership structure is not in line with SIIC 4 requirements.