Brief: QRF Says H&M Profitability Being Under Pressure Has Impact On Its Real Estate Portfolio

Qrf NV

09/05/2018 17:00

May 9 (Reuters) - Qrf Comm Va  QRF.BR :
    * DROP OF IFRS NAV PER SHARE BY 1.6% TO 23.40 EUR ON 31
MARCH 2018
    * STABLE OCCUPANCY RATE OF 97.36% ON 31 MARCH 2018
    * DROP OF EPRA NAV PER SHARE BY 1.7% TO 23.71 EUR ON MARCH
31
    * FAIR VALUE OF REAL ESTATE PORTFOLIO AMOUNTED TO EUR 282.61
MILLION AT END-MARCH
    * SAYS H&M IS ITS MOST IMPORTANT TENANT AS AT 31 MARCH 2018
    * SAYS PROFITABILITY H&M BEING UNDER PRESSURE HAS IMPACT ON
ITS
REAL ESTATE PORTFOLIO
    * SAYS H&M PUT EARLY END TO ITS LEASE FOR SINT-NIKLAAS
(STATIONSSTRAAT 33)
    * SAYS H&M SINT-NIKLAAS LEASE AGREEMENT REPRESENTS 1.3% OF
CONTRACTUAL RENTS AND WILL EXPIRE ON AUG. 31
    * SAYS H&M RENTS FIVE QRF CITY RETAIL PROPERTIES AND
REPRESENTS
16.3% OF CONTRACTUAL RENTS ON ANNUAL BASIS
    * SAYS H&M REQUESTED TO RENEW LEASES FOR PROPERTIES IN
HASSELT
(DEMERSTRAAT 21-25) AND UCCLE (ALSEMBERGSESTEENWEG 767)
    * SAYS CONDITIONS OF H&M RENEWAL REQUEST ARE IN ITS VIEW NOT
MARKET COMPLIANT OR UNCLEAR
    * SEES DEVELOPMENTS IN RETAIL LANDSCAPE IN GENERAL AND AT
H&M AS
SOURCE OF UNCERTAINTY IN SHORT AND MEDIUM TERM
    * SAYS IS CONSEQUENTLY CAUTIOUS ABOUT ITS PROSPECTS
    * IN 2018 WISHES TO FURTHER DIVEST PART OF ITS PORTFOLIO AND
LOOK
ACTIVELY FOR OPPORTUNITIES IN ITS OWN PORTFOLIO AND IN MARKET

Further company coverage:  QRF.BR 

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