Vastned 2016 half-year report
Vastned results in line with expectation
Highlights HY1 2016:
- Vastned attracts strong and distinctive retailers for several premium city high street shops
- Share of premium city high street shops grew to 70% at 30 June 2016
- Occupancy rate of premium city high street shops remains high at 99.2%
- Like-for-like gross rent growth of premium city high street shops 1.9%
- Financing position optimised further by raising and extending the syndicated credit facility
- Direct result HY1 2016 € 1.21 per share
- Expected 2016 direct result maintained at € 2.30 - € 2.40 per share
- Expected Dividend proposal 2016 of € 2.05 per share equal to 2015 dividend
2 august 2016 – Vastned, the listed European retail property company focusing on ‘venues for premium shopping’, maintains its forecast for the 2016 direct result of € 2.30 - € 2.40 per share. vastned expects to propose to distribute the same dividend as for 2015, being € 2.05 per share.
Over the past half year, we have again succeeded in attracting distinctive new and existing retailers, such as Love Stories, Repeat Cashmere, Birkenstock and Starbucks. This confirms the attractiveness of our premium city high street shops, which continue to show stable results with an occupancy rate of 99.2%, a value increase of 1.0% and like-for-like gross rent growth of 1.9%. Our focus is and will remain on further expanding this portfolio, whereby we will continue to be critical: acquisitions must show clear upside potential. A good example is the acquisition of the two adjacent high street shops in Le Marais, Paris, which we did last September. Adidas Original and Suite.341 were the tenants at the time. We have recently signed a new contract with Adidas Original for both units and we have realised a rent increase of 55% within a year. After the combination of the two high street shops Adidas Original will open its flagship store in Le Marais. A perfect example of seeing and seizing opportunities, and adding value. In addition, divesting non-strategic property, specially in the Netherlands, will remain a key part of our strategy.
We maintain our forecast for the 2016 direct result of between € 2.30 and € 2.40 per share.
Furthermore, we expect to propose to distribute the same dividend as for 2015, being € 2.05 per
Vastned is a listed (Euronext Amsterdam) European retail property company focusing on venues for premium shopping. Vastned invests in selected cities in Europe and Istanbul, 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 € 1.7 billion.