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Klepierre On Track for $530M Disposal Program

PARIS-The shopping center trust has made $63.6 million of disposals so far this year.

By Allan Saunderson | Updated on April 28, 2010

PARIS-French shopping center REIT/SIIC Klépierre has made $63.6 million of disposals so far this year as part of its overall asset disposal program of $331 million to $530 million. Meanwhile rents rose 4.6% in the first quarter amid initial signs of a recovery in retail sales.

Klépierre completed the sale of an office building in Levallois-Perret on the outskirts of Paris for $47.7 million in early April and has also agreed to sell a storefront retail property complex with a GLA of 30,655 square feet in Rouen for $15.9 million. It also made investments of $117.9 million on projects in France, Norway, Sweden, Hungary and Portugal. It said the leasing of its major projects under development is making good progress, with reservations running at more than 60% at the Corvin Atrium shopping centre in Budapest, more than 50% for the Millénaire project in the Paris suburb of Aubervilliers and 40% at Aqua Portimão in Portugal.

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