The board of Klepierre has proposed a dividend payout of EUR 1.25 per share for 2008, equal to the 2007 level. The French real estate group, which operates in the office and shopping centre sectors, reported consolidated net earnings of EUR 233.9 mln, total share, and a group share of EUR 200.3 mln for 2008. This was an increase of 1.3% on the previous period. Klepierre also reported net earnings per share of EUR 1.39, down 0.8% on 2007.
The board of Klepierre has proposed a dividend payout of EUR 1.25 per share for 2008, equal to the 2007 level. The French real estate group, which operates in the office and shopping centre sectors, reported consolidated net earnings of EUR 233.9 mln, total share, and a group share of EUR 200.3 mln for 2008. This was an increase of 1.3% on the previous period. Klepierre also reported net earnings per share of EUR 1.39, down 0.8% on 2007.
The company said it had not been significantly affected in 2008 by the global economic crisis and it was upbeat about its prospects this year. 'The strength of Klepierre resides in its strategic focus on shopping centres, the balance of its assets - both in geographic terms and in terms of retail format - and the performance of its management teams,' said CEO Laurent Morel.
He said Klepierre ability to offer retail partners a 'unique and widened' network of locations in Europe had been enhanced following the joint acquisition with Dutch pension fund ABP of Nordic shopping centre group Steen & Strøm last year. The total size of Klepierre's portfolio after this acquisition is EUR 14.8 bn.
Klepierre plans to consolidate its position by limiting new developments and pressing ahead with a programme to sell of EUR 1 bn of assets over an 18-month period. Both office and retail properties will be sold, with a preference for partial sales of the latter to institutional investors.
