Report
Florent Laroche-Joubert

Klépierre : The right balance between shopping centre quality, geographical mix and financial discipline

>Faster-than-expected business recovery - Business recovery has been faster than expected following the resumption of business in shopping centres (CC) that had been closed for an average of 1.9 months. After the reopening of the first CCs in early May, by 8 June all of Klépierre CCs were open. June sales reached 85% of the prior-year level. On 24 July, 96% of stores (collection rates) had reopened and management expects the percentage to rise in the coming weeks. Sto...
Underlying
Klepierre SA

Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Florent Laroche-Joubert

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