Eurocommercial Properties is lining up further disposals in an effort to reduce its loan-to-value ratio, having offloaded some 8% of its portfolio during the past year.
The company, which owns assets in Belgium, France, Italy and Sweden, said in an annual results statement today that it has sold €300m (£256m) worth of properties over the past 18 months “at or close to book value”.
“We are progressing with other sales with the aim of achieving a loan-to-value ratio of under 40% in due course as part of our commitment to maintain a solid and healthy financing structure,” the company added.
The company’s LTV stood at 43.8% at the end of 2020, down from 44% at the start of the year.
Deals struck over the past 18 months included a sale of a 50% stake in Paris’s Passage du Havre mall, as well as the disposals of retail parks in Sweden and Grenoble’s Les Trois Dauphins shopping centre.
The company posted a profit after tax for 2020 of €50.3m, down from €115m a year earlier. Eurocommercial pinned the drop on a €162.7m revaluation deficit on its portfolio.
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