But CEO Alain Dinin said the outlook for these businesses remains favorable and the writedowns do not call into question their profit targets. REIT/SIIC Eurosic, in which Nexity has a 31.7% stake, also made a negative contribution of $43.5 million to group accounts. But the group ended 2009 on a positive note. "With housing reservations strongly up, sales increasing and profitability at a satisfactory level, the group has resisted the impact of the recession of 2008 well," Dinin said.
Nexity's financial structure improved in 2009 as a result of the $738 million sale of its stake in listed mortgage bank Credit Foncier de France. Dinin said the company also has extensive credit lines available which will enable it to finance further development operations or acquisitions.
Allan Saundersonis a managing editor of Property Finance Europe and a contributor to GlobeSt.com.Want to continue reading?
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