But CEO Alain Dinin said the outlook for these businessesremains favorable and the writedowns do not call into questiontheir profit targets. REIT/SIIC Eurosic, in which Nexity has a31.7% stake, also made a negative contribution of $43.5 million togroup accounts. But the group ended 2009 on a positive note. "Withhousing reservations strongly up, sales increasing andprofitability at a satisfactory level, the group has resisted theimpact 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 CreditFoncier de France. Dinin said the company also has extensive creditlines available which will enable it to finance further developmentoperations or acquisitions.
AllanSaundersonis a managing editor of Property FinanceEurope and a contributor to GlobeSt.com.Continue Reading for Free
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