Klépierre Earns 18% Less In Spain On The Renting Of Its Shopping Centres In The First Half

08/08/2014 – Europa Press

The group as a whole earns €702 million in the first six months, 18 times more than in the prior period.

Klépierre, a Company dedicated to shopping centres, retail and offices, has earned 24.2 million euros in the first half of 2014 from the rental income of its shopping centres in Spain, 18% less than the 29.5 million euros in the same period in 2013.

According to a company statement, this decrease is a consequence of the sale of a portfolio of 63 shopping centres in Spain to Carrefour, a transaction which was completed last April.

Nevertheless, the company points out that in Spain, the net income per lease increased 3,5% in like for like terms, boosted by the trends in Madrid’s La Gavia shopping centre and the Meridiano centre in Tenerife, which benefitted from the opening of a Primark store in February.

Furthermore, the Company underlines that the economic outlook has become positive in all the countries in which it operates, including Spain and Italy, which are emerging from their respective recessions.

In Spain, it highlights that sales in shopping centres have shown a “consistent” improvement since the beginning of the year, which led to an increase in sales of 3% in the first five months of the year, thanks to the boost of the shopping centres of La Gavia(+4.9%) and Meridiano (+10.3%).

Meanwhile, the total revenue of the group in Spain in the first six months of the year was 28,4 million euros, which represents a decrease of 20,4% compared with the 35,7 million euros of a year ago.

The group earns 18 times more.

As for the group as a whole, it had a net profit of 702,8 million euros in the first six months of the year, which represents 18 times more than the 39 million euros which it earned in the same period of the prior year.

The net income from the group’s leases reached 398,7 million euros, a decrease of 4,8% compared with the 418,7 million euros a year ago.

The president of Klépierre, Laurent Morel, stressed that the company has recorded “solid” results in the first half, thanks to its strong leasing activity and the operating efficiencies in all of its regions. “Klépierre has clearly emerged much stronger from the recent thorough restructuring of its portfolio”, he added.

Original article: Europa Press
Translation: Aura REE

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