(News Bulletin 247) – Klépierre announced Thursday that its activity had continued to improve in the first quarter of the year, in the wake of the good performance recorded in the 2022 financial year.
The shopping center operator, competitor of Unibail-Rodamco-Westfield, reported this morning a turnover of 371.5 million euros in the first three months of the year, up 3 .3%.
Its gross rental income amounted to €287.1 million, driven by the solid rebound in retailer turnover, which increased by 13.2% in the quarter with a peak of +19% in January
Its growth was also driven by a positive indexation effect of 5.75%.
Given its first quarter performance, Klépierre confirmed its guidance for 2023, saying it expects net current cash flow per share of 2.35 euros this year, up 5% from 2022.
Despite these solid figures, considered better than those of its rivals, the action of the commercial real estate group fell back by 0.9% Thursday morning on the Paris Stock Exchange in a context of concerns around a possible recession in the second semester.
“A recessionary scenario is likely to amplify any weakness in tenant demand for its commercial space in continental Europe,” RBC analysts warn in a reaction note.
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