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Next Issue Monday
13 September 2010
Featured Events
- CoreNet Global Summit
27-29 September 2010
London, UK
- Commercial Real Estate Finance Council Europe
25-26 October
London, UK
- MAPIC 2010
17-18-19 November 2010
Cannes, France
Unibail-Rodamco posts wider E1.5bn net loss, sees better 2010
French-Dutch REIT Unibail-Rodamco, the largest listed property company in Europe, posted a 7% rise in recurring earnings per share in 2009 but a wider net loss of E1.47bn, against E1.12bn in 2008. It marked the portfolio down another 2.7% from June to E22.3bn, having taken E2.3bn in valuation movements and disposals over the year. Fully diluted net asset value ended 2009 15% lower at E128.20. "The group ends 2009 with solid earnings growth in line with expectations, despite a very adverse economic environment," said CEO Guillaume Poitrinal. But the group will maintain its distribution of 87% of recurring net earnings, will propose a E8.00 per share dividend to be paid in full on 10 May 2010, and sees a better 2010. (See upcoming PIE editions for full story)