Eurocommercial Prop. - Sound H1, witnessing strong rental growth but offsetting impact of higher interest rates
Direct result increased 2.9% YoY to EUR 64.5m supported by stronger rental performance and the absence of Covid-related concessions but offset by higher interest payments. LfL rental growth stood at 8.2%.LfL retail sales were up 9.2% YoY and 11.7% above the H1 2019 figures.Portfolio value saw a -0.2% decline YTD to EUR 3.79bn. EPRA NIY increased 20bps to 5.7% vs December end.Woluwe extension – planning permit suspended following an appeal by the municipality, a step anticipated by the management. LTV stood at 41.8%, up 140bps YoY. 2023 refinancings have been completed, Cost of debt up 50bps to 2.9%.Direct result guidanceEurocommercial Properties NV is a closed end property investment company based in the Netherlands. The Company invests, owns and manages retail real estate properties, primarily shopping centers, but also warehouses and office space. Its activities are focused on France, Sweden and Northern Italy, with property portfolio comprising more than 30 shopping centers. Eurocommercial Properties NV operates through a number of subsidiaries, such as Aktiebolaget Laholm Mellby 2:129, Aktiebolaget Norrkoping Silvret 1, Aktiebolaget Skovde K-mannen 2, Bergvik Kopet 3 Kommanditbolag, Betulla Srl, ECP Hogsbo AB, ECP Karlskrona AB, ECP Moraberg Holding AB, Eurocommercial Management Italia Srl, Eurocommercial Properties Ltd, Holgura BV and SAR Degeln AB, among others.
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