Trading Update Q1 2019
Results in line with expectations
- 0.4% rental growth on new contracts
- Occupancy rate of portfolio decreased to 94.2% as at 31 March 2019
- Cluster in Amsterdam expanded with two new properties
- Share buyback programme concluded of € 34.7 million in total in 2018 and 2019
- Forecast for direct result 2019 of € 2.00 - € 2.10 per share confirmed
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Our portfolio performed well in the first quarter in spite of the challenging market conditions. The retail market continues to struggle, which was demonstrated again in the past quarter by a number of bankruptcies. We concluded 23 leases for € 1.4 million in total, with on average 0.4% rental growth. In addition, we further improved the quality of our portfolio by expanding the cluster in Amsterdam.
In line with our strategy, this year we will focus on maintaining a high occupancy rate in the portfolio and especially on attracting a strong long-term tenant for Rue de Rivoli 118-120 in Paris. Our French team is working hard on this, and we are confident that a suitable tenant will be found. We maintain our previously announced forecast for the 2019 direct result of between € 2.00 and € 2.10 per share.
Vastned is a listed European retail property company (Euronext Amsterdam: VASTN) focusing on venues for premium shopping. Vastned invests in selected cities in Europe with a clear focus on the best retail property in the most popular shopping streets in the bigger cities. Vastned's tenants are strong and leading international and national retail brands. The property portfolio has a size of approximately € 1.6 billion as at year-end 2018.