Giant French-Dutch REIT Unibail-Rodamco, the largest listed property company in Europe, said its core business is now growing strongly after a return to profit in 2010. The group posted a net profit of €2.19 billion after two years of losses.
Recurring earnings per share rose 0.9% but CEO Guillaume Poitrinal told analysts the real performance is more impressive since these were diluted by a €1.8-billion exceptional distribution, acceleration in disposals and a five-month delay in acquisition of the €715-million Simon Ivanhoe portfolio. He sees signs of recovery in the office market and is particularly positive about the La D
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