French real estate company Klépierre, which recently acquired Dutch Corio, has managed a higher turnover in the first six months of 2015 compared to the first six months of 2014, leading to a higher profit per share forecast.
Higher rental income
In the first half of 2015, Klépierre's turnover grew from 477.7 million euro to 654.4 million euro, mainly thanks to higher rental income which grew from 398.7 million euro to 525.2 million euro. Its recent Corio acquisition was a major contributor to this increase.
The group's proposed profit per share was increased a bit in light of these positive results. Previously, it had forecast a 2.10 to 2.15 euro profit per share, but it now expects it to be near the upper part of that range. The total value of its real estate portfolio is estimated to be 21.9 billion euro.
Near the end of the first quarter, the French company acquired Dutch Corio and it is said that its integration is going smoothly, with several synergy advantages already in place. Thanks to the acquisition, Klépierre is now Europe's largest retail real estate company.