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- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
Upcoming Events
- Property Debt Breakfast
20 June 2012
London
French REIT/SIIC Affine doubles operating profit though NAV slides; starts re-focus
French REIT/SIIC Affine posted a 17.6% increase in net rental income in first half to e34m, nearly doubled operating income, but made a 13% portfolio depreciation compared to end-2008. In 1H09 it started its new strategy of focusing on improving yield, strengthening tenant relationships, and discontinuance of non-core activities, specifically development. "One way or another, we are going to dramatically cut back on the non-core business either by selling companies or winding up firms," Co-CEO Alain Chaussard told PFE. Added Affine founder and co-CEO Maryse Aulagnon: "It is of course a dramatic change compared to what we have been doing for the last 20 years."