26/10/2006
Highlights
- On 27 September 2006, we successfully completed the IPO of PEPR
through a secondary offering of €715m of ordinary units
comprising 26.4% of total equity
- Redeemed €153.2m preferred units as part of the IPO and
converted €50.0m preferred units into ordinary units
- Increased banking facility capacity from €500m to
€800m
- In July, we disposed of a portfolio of 6 assets in France for
€66.5m, a 7% premium to June 2006 valuations, generating
€18.0m profit based on historical cost
- Property portfolio valuation remains stable at €4.2 bn
with occupancy at 96.7%
- Rental income for the quarter is €71.0m, up 8.9% on the
same period in 2005 primarily due to growth in the portfolio
- Excluding costs associated with IPO, the result of property
disposals and fair value adjustments, profit for the quarter of
€34.9m is 8.3% up on the same period in 2005 primarily due to
growth in the portfolio
- Based on the 25 October 2006 closing price on Euronext of
€14.75, PEPR has a equity market capitalisation of €2.8
bn and including debt of €2.0 bn has a total market value of
€4.8 bn
- IFRS net asset value per unit declined 0.5% from €11.74 to
€11.68 since June 2006, due to the increased number of
ordinary units and costs incurred in completing the IPO
- EPRA net asset value per unit at the end of the quarter was
€12.65 compared to €12.77 at the end of million in the
same period of June 2006
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Report for the third quarter of 2006 in PDF
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