Le mie ricette per la real estate communityKlépierre, the pan-European leader in shopping malls, today reported its business review for the first quarter of 2019. (1) The main highlights include:
- Shopping centers net rental income of €265.2 million, +1.6% and +3.0% on a like-for-like basis([2])
- Retailer sales +0.3% vs. the first 3 months of 2018([3])
- Sustained leasing activity with 403 leases signed in the first quarter, representing €7.7 million in additional minimum guaranteed rents
- Cost of net debt further reduced to 1.5%
- Leasing progressing well at Créteil Soleil extension (91% pre-leasing rate) for an opening end 2019 and at Gran Reno extension (49%) as construction starts
- Very promising results for the first year of Act for Good® implementation
- 2019 outlook confirmed: net current cash flow per share expected between €2.72—€2.75
Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, “In the first quarter, Klépierre delivered robust operational figures in continuity to its record results posted over the last four years. Despite a challenging retail environment, we posted positive retailer sales, dynamic leasing activity and strong rental income growth. This quarter once again illustrated our ability to anticipate and adapt to the transformation of retail with our pan-European presence and best-in-class mall portfolio. I am confident in our capacity to keep outperforming the market, thanks to our ceaseless efforts to adjust the retail offering in our malls and our targeted investments to transform them into veritable lifestyle hubs where people can Shop. Meet. Connect.®”
Source : Company