Please find Klépierre latest press release, with links to the pdf documents in French and English below.
Paris - July 22, 2013
Solid operating performance
- Total gross rents up by 2.8% (+2.1% like-for-like)[1]
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Shopping center gross rents (94.4% of total rents) up by 4.1% (+2.5% like-for-like)
Continuous portfolio enhancement
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Three successful shopping center extensions opened: Rives d'Arcins (Greater Bordeaux Area, France), Vinterbro (Greater Oslo Area, Norway) and Salanca (Perpignan, South of France)
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Two new projects launched: Kristianstad (Sweden) and Romagna Center (Adriatic coast, Northern Italy)
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2012-2013 €1 Bn disposal target well on track with €201.6 M of additional disposals completed since the beginning of 2013
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A €2.3Bn pipeline focused on selected regions and assets with high visibility
Active debt management
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New financing of €750 M raised with attractive conditions
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Cost of debt below 3.5% for H1 2013 (vs. 3.95% for FY 2012)
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Continuous improvement in Interest Coverage Ratio (ICR >3)
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Sound liquidity position: €1.8 Bn
Strong cash flow generation
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Net current cash flow growth: +6.9% (total share)
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Net current cash flow per share: €1.02 (+3.4%)
Stability in asset valuations
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Portfolio value: €16.2 Bn (total share)
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EPRA NAV: €32.4 per share
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EPRA NNNAV: €29.3 per share
2013 guidance
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Total gross rents: +2.0% like-for-like (same order of magnitude on a current basis)
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Net current cash flow per share growth guidance revised upward and now expected to increase by at least 3% (vs. 2 to 2.5%)
Klépierre, a leading shopping center property company in Europe, today announced its 2013 half-year results.
In the first half of 2013, Klépierre pursued the continuous upgrading of its asset portfolio, focusing on shopping centers located in the most dynamic and attractive regions across Europe. Three shopping center extensions were delivered and two new shopping centers projects were launched. Over the same period, Klépierre sold additional assets and is well on track to achieve the €1Bn disposal target it announced for the period 2012-2013, with 900 million euros worth of asset sales completed since the beginning of 2012.
SOLID OPERATING PERFORMANCE: 2.8% INCREASE IN GROSS RENTS
Gross rents from the Shopping Center segment reached 472.0 million euros for the first half of 2013, a 4.1% year-over-year increase on a current basis. This segment contributed 94.4% of Klépierre's total consolidated gross rents for the first half of 2013. This strong performance was due in particular to recently opened new shopping centers or shopping center extensions, such as St.Lazare Paris and Les Sentiers de Claye-Souilly in France and Emporia in Sweden.
On a like-for-like basis, H1 2013 shopping center gross rents were up by 2.5%. This rise was driven by assets located in France, Belgium, Scandinavia, Italy, Poland and the Czech Republic. Altogether, these regions represented close to 90% of H1 2013 shopping centers rents. In Spain, rental adjustment continued in light of the challenging macroeconomic environment.
Gross rents generated by the Retail Property segment (Klémurs) in H1 2013, which represents 4.2% of Klépierre's total consolidated gross rents, came to 21.0 million euros, down by 4.0% year-over-year. This decline is attributable to the renewal of all Buffalo Grill leases signed on December 26, 2012 for a 12-year firm period.
As a result of asset sales completed in 2012, gross rents from the Office Property segment stood at 6.9 million euros for the first half of 2013 (-4.1 M€ compared to the first half of 2012). Gross rents from office properties thus represented just 1.4% of Klépierre's consolidated gross rents, a reflection of the Group's strategic focus on the shopping center business.
Including other rental income, lease income amounted to 504.3 million euros for H1 2013, compared to 490.7 million euros in H1 2012 (+2.8%).
Fee income for H1 2013 reached 41.3 million euros, down by 5.1% compared to H1 2012 due to the seasonality of development projects.
Overall, total revenues for H1 2013 came to 545.6 million euros, an increase of 2.1% compared to H1 2012.
Sustained leasing activity
The high level of leasing activity in the first half of 2013 offers additional evidence of the attractiveness of Klépierre's shopping centers for retailers despite the challenging consumption environment. During the period, 1,059 leases were signed, generating additional revenues of 5.7 million euros on an annual basis. Renewed leases and changes in tenant mix led to strong reversion in key markets, particularly in France (+17.3%).
Klépierre's leasing teams continue to favor attractive and performing retailers, extending its long-term partnerships with international retailers and hosting newcomers expanding across Europe.
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In France, Klépierre strengthened its partnership with Hema, as attested to by the opening of Hema Beauty, the Dutch brand's exclusive new concept. A total of 4 new leases were signed with Kiko, and 4 additional leases are in the process of being signed. The Group also developed the footprints of Calzedonia, with a new lease signed at Grand Portet (Toulouse Greater Area), and of Du Bruit Dans la Cuisine, with 2 new leases signed. Zara took up 500 sq.m. of additional space at Rives d'Arcins (Greater Bordeaux Area), where it will deploy its latest concept. The Group also signed leases with two newcomers to the French market: Moleskine - the famous notebook brand - at St.Lazare Paris and Terranova - the Italian young fashion retailer - at Rives d'Arcins.
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In Sweden, Zara has signed to open its largest store in the country at Emporia in November 2013 (2,400 sq.m.).
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In Italy, several leases were signed with Foot Locker, Stradivarius and Jeckerson.
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In Central Europe a multi-center deal with H&M highlights the successful European partnership the Group has developed with this international retailer. Celio also opened its first store in Poland with Klépierre and two additional ones in the Czech Republic. Nový Smíchov (Prague) welcomed new brands that include Tommy Hilfiger, Armani Jeans and Mac and also opened the first movie theater equipped with 4-DX technology, operated by Cinema City.
The financial occupancy rate remained high (96.0%) and late payment rate low (1.9%).
Resilient retail sales
Despite a sluggish consumption environment and exceptionally unfavorable weather conditions, sales for retailers in Klépierre's shopping malls for the six months ended June 30 2013 were unchanged (-0.2%) compared to the same period in 2012. This outcome was essentially due to the performance of additional new spaces. On a like-for-like basis (excluding the impact of asset disposals and the opening of new spaces), retail sales proved to be resilient (-1.1%) outperforming the industry's national indexes.
CONTINUOUS PORTFOLIO ENHANCEMENT
Three successful shopping center extensions opened in H1 2013
Three extensions were delivered in the first half of 2013. All three of these extensions were almost or fully let when they opened, reflecting good momentum with retailers.
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Salanca (Perpignan, France) was inaugurated on April 2, 2013. The existing shopping center has been extended into a 40,000 sq.m regional retail destination.
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Rives d'Arcins (Greater Bordeaux Area, France) was inaugurated on May 16, 2013. It is the largest shopping center destination in the Bordeaux region, with a total floor area of 87,000 sq.m. Today, the shopping center hosts 150 retail brands, a majority of which are new or have adopted their latest concept, including American Vintage, Calzedonia, Comptoir des Cotonniers, H&M, G-Star, Kiko, Kusmi Tea, Lush and Superdry. New concepts include Aigle, Colombus Café, Esprit, Lacoste, Mango, Swarovski, and Nature & Découvertes. Brands completely new to the region include Adidas Original, Du Bruit dans la Cuisine, Hema, Intimissimi, Mango Touch, and Pepe Jeans.
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Vinterbro (Greater Oslo Area, Norway) was inaugurated on June 13, 2013. It features 85 stores and more than 40,000 sq.m. The extension-refurbishment program was also the opportunity to strengthen the center's retail offer: 25 new stores opened and 35 existing retail names rolled out their new concept.
Well on track to meet 2012-2013 disposal target of €1Bn
A total of 201.6 million euros in asset disposals have been completed since the beginning of the year, mainly shopping centers in France and office buildings located in Paris CBD. All transactions were completed for a price above the most recent appraisal value.
Since the beginning of 2012 - when Klépierre announced its 1.0 billion euro disposal target over 2 years - close to 900 million euros worth of assets have already been disposed of. Additional asset sales are in advanced negotiations, making Klépierre confident that it will reach its disposal target by year end. The Group remains focused on enhancing its portfolio through the ongoing divestment of the office property portfolio and Klémurs assets, combined with further regular asset rotation in the shopping center segment. This rotation entails developing new shopping centers, selling mature ones while keeping an eye on potential accretive opportunistic acquisitions to strengthen its positions in the most dynamic regions of Europe.
A €2.3Bn pipeline focused on selected regions and assets with high visibility
Klépierre spent 112.3 million euros on shopping center developments in H1 2013. This outlay includes 55.9 million euros invested in shopping malls recently developed or redeveloped and in H1 2013 openings, as well as 56.4 million euros dedicated to the Group's development pipeline, located for the most part in France and Sweden. In addition, 32.2 million euros were outlaid to buy out Klémurs' minority shareholders.
For the period H2 2013-2017, Klépierre's development pipeline totals 2.3 billion euros worth of shopping center projects, exclusively focused on regions with strong demographic growth prospects and solid income per capita located in France, Belgium, Italy and Scandinavia. It includes 1.4 billion euros worth of committed and controlled projects, of which 54.1% are extension-refurbishment programs and 45.9% greenfield projects.
One extension-refurbishment project is close to completion and will open in November 2013: Jaude (Clermont-Ferrand, France). Two new projects were launched during the first half of the year: Kristianstad (Sweden) and the Romagna Center extension refurbishment (Adriatic coast, Northern Italy).
STRONG FINANCIAL PERFORMANCE
Further cash-flow generation
Operating cash flow amounted to 416.4 million euros, i.e., a 1.1% increase compared with H1 2012.
Thanks to a sharp decrease in interest expenses, total net current cash flow for the period came to 265.8 million euros, an increase of 6.9%. Group share, it reached 200.2 million euros, up by 7.8% compared to H1 2012. On a per share basis, following the creation of 9 822 100 new shares due to the scrip dividend paid on May 21, 2012, net current cash flow reached 1.02 euro, representing a 3.4% increase compared with H1 2012.
Active debt management and strong liquidity position
Consolidated net debt stands at 7,434 million euros at June 30, 2013, compared to 7,353 million euros as of December 31, 2012 (+€81M). This rise mainly comes from the dividend payment made entirely in cash (€293M) in April 2013, and €144M worth of investments during the first half, including the buyout of Klémurs' minority shareholders (€32.2M). These expenditures were partly offset by disposals and free cash flow for the half-year. The rise in net debt largely explains the temporary increase in the Loan-to-Value ratio, which stands at 44.6% at June 30, 2013. Nevertheless, the Group remains committed to further reducing the Loan-to-Value ratio in the next coming months.
Klépierre's financing activity was marked by the signing of a new €750M revolving credit facility with a banking syndicate composed of 16 international banks. This transaction, which was almost 2 times oversubscribed, highlighted Klépierre's solid access to banking resources and led to a 1-year extension of the average maturity of available credit lines, which reached 3.6 years.
The average cost of debt for Klépierre over the first half of 2013 continued to decrease, reaching 3.42%, compared to 3.95% for the 2012 fiscal year as a whole. This performance reflects the low level of short-term interest rates, the adjustment of the hedging ratio, and the impact of the most recent refinancing operations, which were carried out at a significantly lower cost. The low cost of debt during the H1 2013 led to an improvement in the Interest Coverage Ratio to above 3 x.
The Group's level of liquidity (available credit lines and net cash) stood at around €1.8 billion euros at June 30, 2013. This level covers all of Klépierre's refinancing needs until 2015.
STABILITY IN ASSET VALUATIONS
Total share, the value of the property portfolio excluding duties stood at 16.2 billion euros as of June 30, 2013. Shopping centers accounted for 94.6% of the total value. On a constant portfolio and forex basis, the value of the portfolio is unchanged (-0.5% total share) compared with December 31, 2012. The average yield rate of the portfolio stands at 6.3% (+10 bps compared to December 31, 2012).
Group share, the value of the property portfolio excluding duties stands at 12.7 billion euros. The change (-0.6%) compared to December 31, 2012 is attributable to the impact of disposals (-€88M); a slight decrease in valuations on a like-for-like basis (-€77M), more than offset by the contribution of developments (+€177M); and a negative forex impact (-€84M) related to the depreciation of the Norwegian krone. The value of the shopping center property portfolio stands at 11.8 billion euros group share (93.1% of portfolio), unchanged compared to December 31, 2012 (-1.0% on a current basis and -0.7% on a like-for-like basis).
EPRA NAV: 32.4 euros per share
Reconstitution NAV reached 34.2 euros per share, vs. 35.7 euros per share on December 31, 2012.
EPRA NAV stood at 32.4 euros per share on June 30, 2013 (vs. 34.0 euros at year-end 2012 and 32.6 euros at June 30, 2012).
EPRA NNNAV stands at 29.3 euros per share, versus 30.2 euros per share on December 31, 2012 and 29.6 euros per share on June 30, 2012. The 6-month change in EPRA NNNAV reflects the valuation of the portfolio (-€0.3), the positive impact of cash flow for the first half of 2013 (+€1.0), and the 2012 dividend fully paid in cash to shareholders on April 2013 (-€1.5).
POSITIVE OUTLOOK
Klépierre is working successfully on several fronts:
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Multiplying re-tenanting initiatives by developing the footprint and rollout of the latest concepts of large international retailers and expanding new successful concepts across its malls in Europe
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Upgrading its malls to the highest standards of modern shopping to enhance customer experience with the rollout of digital initiatives, qualitative specialty leasing operations and the launch of marketing roadshows sponsored by well-known brands
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Improvement in mall operations and overhead cost reduction.
The 3 successful extension-refurbishment projects inaugurated in H1 2013 will be followed in November 2013 by the opening of the Jaude extension (Clermont-Ferrand, France).
The Group is close to meeting its 2012-2013 target of 1 billion euros in asset sales and is still committed to a further decrease in its Loan-to-Value ratio.
Laurent Morel, Chairman of the Klépierre Executive Board, noted: "Klépierre continues to demonstrate its capacity to generate sound rental growth through accelerated retenanting and active mall management. We are successfully leveraging our allocation strategy focused on Europe's most dynamic locations. Over the last two years, we have managed to deliver an exceptional series of brand new malls as well as extension and refurbishment projects. Our ability to bring the latest designs and concepts together with the most popular and promising brands drives our leasing and retenanting policy and also supports our rental income performance.
Looking ahead, while focusing on operating excellence and cost efficiency, we will also capitalize on the good job we did deleveraging our balance sheet, which lowered the cost of our debt while maintaining a high degree of flexibility thanks to a strong liquidity position. We remain firmly committed to pursuing every opportunity to upgrade our portfolio through effective asset rotation and thanks to the quality of our controlled pipeline."
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 06/30/2013
| €M, total share | Current portfolio | Change like-for-like 1 | |||
| H1 2013 | H1 2012 | Change | |||
| Shopping centers | 472.0 | 453.3 | +4.1% | +2.5% | |
| Retail assets | 21.0 | 21.9 | -4.0% | -4.0% | |
| RENTS RETAIL REAL ESTATE | 493.0 | 475.2 | +3.8% | +2.1% | |
| Offices | 6.9 | 10.9 | N/A | ||
| TOTAL RENTS | 499.9 | 486.1 | +2.8% | ||
| Other rental income | 4.4 | 4.6 | -4.1% | ||
| LEASE INCOME | 504.3 | 490.7 | +2.8% | ||
| FEES | 41.3 | 43.5 | -5.1% | ||
| TOTAL REVENUES | 545.6 | 534.2 | +2.1% | ||
| Net current cash-flow per share (€) | 1.02 | 0.99 | +3.4% | ||
| 06/30/2013 | 12/31/2012 | 06/30/2012 | |||
| Value of the property portfolio (total share, excl. duties) | 16 244 | 16 445 | 16 422 | ||
| Reconstitution NAV2 per share (€) | 34.2 | 35.7 | 34.3 | ||
| EPRA NAV3 per share (€) | 32.4 | 34.0 | 32.6 | ||
| EPRA NNNAV4 per share (€) | 29.3 | 30.2 | 29.6 | ||
1 Excluding new spaces (new centers and extensions) opened since July 1, 2012, disposals completed since July 1, 2012 and forex impact.
2 Including transfer duties, before taxes on unrealized capital gains and marking to market of financial instruments.
3.Excluding transfer duties, before taxes on unrealized capital gains and marking to market of financial instruments.
4 Excluding transfer duties, after taxes on unrealized capital gains and marking to market of financial instruments.
The Supervisory Board met at the Company's headquarters on July 18, 2013 to examine the half-year financial statements approved by the Executive Board on July 15, 2013.
The half-year consolidated financial statements were subject to a limited examination by the Company's statutory auditors.
CUMULATIVE REVENUES FOR THE 6-MONTHS ENDED (TOTAL SHARE)
| €M (total share) | H1 2013 | H1 2012 | Change (€M) | Change like-for-like 1 | % of consolidated rents |
| France | 197.7 | 191.7 | +6.0 | +4.8% | 39.5% |
| Belgium | 7.4 | 7.1 | +0.3 | +4.3% | 1.5% |
| France-Belgium | 205.1 | 198.8 | +6.3 | +4.8% | 41.0% |
| Norway | 48.5 | 48.1 | +0.4 | +2.4% | 9.7% |
| Sweden | 47.0 | 34.2 | +12.8 | +1.5% | 9.4% |
| Denmark | 23.3 | 22.0 | +1.2 | +6.0% | 4.7% |
| Scandinavia | 118.8 | 104.3 | +14.5 | +2.9% | 23.8% |
| Italy | 61.9 | 61.7 | +0.2 | +1.8% | 12.4% |
| Spain | 35.7 | 37.6 | -1.8 | -4.4% | 7.1% |
| Portugal | 8.6 | 9.0 | -0.5 | -5.2% | 1.7% |
| Iberia | 44.3 | 46.6 | -2.3 | -4.5% | 8.9% |
| Poland | 17.8 | 17.5 | +0.4 | +0.4% | 3.6% |
| Hungary | 10.8 | 11.0 | -0.3 | -2.4% | 2.2% |
| Czech Republic | 10.9 | 10.4 | +0.5 | +5.2% | 2.2% |
| Central Europe | 39.5 | 38.9 | +0.6 | +0.9% | 7.9% |
| Other countries | 2.6 | 3.0 | -0.4 | - | 0.5% |
| Shopping centers | 472.0 | 453.3 | +18.7 | +2.5% | 94.4% |
| Retail | 21.0 | 21.9 | -0.9 | -4.0% | 4.2% |
| Retail real estate | 493.0 | 475.2 | +17.9 | +2.1% | 98.6% |
| Offices | 6.9 | 10.9 | -4.1 | - | 1.4% |
| TOTAL RENTS | 499.9 | 486.1 | +13.8 | - | 100.0% |
| Other rental income | 4.4 | 4.6 | -0.2 | ||
| LEASE INCOME | 504.3 | 490.7 | +13.6 | ||
| FEES | 41.3 | 43.5 | -2.2 | ||
| TOTAL REVENUES | 545.6 | 534.2 | +11.4 |
1 Excluding new spaces (new centers and extensions) opened since July 1, 2012, disposals completed since July 1, 2012 and forex impact.
CUMULATIVE REVENUES FOR THE 6-MONTHS ENDED (GROUP SHARE)
| €M (group share) | H1 2013 | H1 2012 | Change (€M) | Change like-for-like 1 | % of consolidated rents |
| France | 159.2 | 156.0 | +3.2 | +4.4% | 40.1% |
| Belgium | 7.4 | 7.1 | +0.3 | +4.3% | 1.9% |
| France-Belgium | 166.6 | 163.1 | +3.5 | +4.4% | 42.0% |
| Norway | 27.2 | 27.0 | +0.2 | +2.4% | 6.9% |
| Sweden | 26.3 | 19.2 | +7.2 | +1.5% | 6.6% |
| Denmark | 13.1 | 12.4 | +0.7 | +6.0% | 3.3% |
| Scandinavia | 66.6 | 58.5 | +8.1 | +2.9% | 16.8% |
| Italy | 54.0 | 52.7 | +1.3 | +1.7% | 13.6% |
| Spain | 31.2 | 32.6 | -1.4 | -3.8% | 7.9% |
| Portugal | 8.6 | 9.0 | -0.5 | -5.2% | 2.2% |
| Iberia | 39.8 | 41.7 | -1.9 | -4.1% | 10.0% |
| Poland | 17.8 | 17.5 | +0.4 | +0.4% | 4.5% |
| Hungary | 10.7 | 11.0 | -0.3 | -2.4% | 2.7% |
| Czech Republic | 10.9 | 10.4 | +0.5 | +5.2% | 2.7% |
| Central Europe | 39.4 | 38.8 | +0.6 | +0.9% | 9.9% |
| Other countries | 2.3 | 2.6 | -0.3 | - | 0.6% |
| Shopping centers | 368.6 | 357.4 | +11.2 | +2.2% | 93.0% |
| Retail | 21.0 | 18.4 | +2.6 | -4.0% | 5.3% |
| Retail real estate | 389.7 | 375.9 | +13.8 | +1.8% | 98.3% |
| Offices | 6.9 | 10.9 | -4.1 | - | 1.7% |
| TOTAL RENTS | 396.5 | 386.8 | +9.7 | - | 100.0% |
| Other rental income | 3.4 | 3.5 | -0.1 | ||
| LEASE INCOME | 399.9 | 390.2 | +9.7 | ||
| FEES | 35.2 | 37.1 | -1.9 | ||
| TOTAL REVENUES | 435.1 | 427.3 | +7.8 |
1 Excluding new spaces (new centers and extensions) opened since July 1, 2012, disposals completed since July 1, 2012 and forex impact.
RENTS BY QUARTER (TOTAL SHARE)
| €M (total share) | Q2 2013 | Q1 2013 | Q4 2012 | Q3 2012 | Q2 2012 |
| France | 99.9 | 97.8 | 97.9 | 96.3 | 98.4 |
| Belgium | 3.8 | 3.6 | 3.6 | 3.6 | 3.5 |
| France-Belgium | 103.7 | 101.4 | 101.5 | 100.0 | 101.9 |
| Norway | 23.7 | 24.8 | 26.2 | 23.9 | 23.9 |
| Sweden | 23.3 | 23.7 | 22.6 | 18.8 | 17.3 |
| Denmark | 11.9 | 11.4 | 11.6 | 10.6 | 11.0 |
| Scandinavia | 58.9 | 59.8 | 60.4 | 53.3 | 52.2 |
| Italy | 30.8 | 31.1 | 31.1 | 30.8 | 30.8 |
| Spain | 17.2 | 18.6 | 19.0 | 18.7 | 18.2 |
| Portugal | 4.2 | 4.4 | 4.3 | 4.5 | 4.4 |
| Iberia | 21.3 | 22.9 | 23.3 | 23.2 | 22.6 |
| Poland | 8.8 | 9.0 | 9.1 | 8.7 | 8.5 |
| Hungary | 5.2 | 5.5 | 5.6 | 5.4 | 5.2 |
| Czech Republic | 5.5 | 5.4 | 5.4 | 5.3 | 5.2 |
| Central Europe | 19.5 | 19.9 | 20.1 | 19.5 | 18.9 |
| Other countries | 1.3 | 1.3 | 1.2 | 1.3 | 1.4 |
| Shopping centers | 235.6 | 236.4 | 237.6 | 227.9 | 227.9 |
| Retail | 10.6 | 10.5 | 11.0 | 11.1 | 10.9 |
| Retail real estate | 246.1 | 246.9 | 248.6 | 239.0 | 238.8 |
| Offices | 3.3 | 3.6 | 5.0 | 4.3 | 5.2 |
| TOTAL RENTS | 249.4 | 250.5 | 253.6 | 243.4 | 243.9 |
| AGENDA | |
| 10/23/2013 | 3rd quarter revenues (press release after market close) |
ABOUT KLEPIERRE
A leading shopping center property company in Europe, Klépierre combines development, rental, property and asset management skills.
Its portfolio is valued at 16.2 billion euros on June 30, 2013 and essentially comprises large shopping centers in 13 countries of Continental Europe. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia's number one shopping center owner and manager.
Klépierre's largest shareholders are Simon Property Group (28.9%), world leader in the shopping center industry, and BNP Paribas (21.9%), the number one bank in the Euro zone.
Klépierre is a French REIT (SIIC) listed on Euronext ParisTM and is included into the SBF 80, EPRA Euro Zone and GPR 250 indexes. Klépierre is also included in several ethical indexes - DJSI World, FTSE4Good, ASPI Euro Zone, Euronext Vigeo Eurozone 120 - and is a member of both Ethibel Excellence and Ethibel Pioneer investment registers. These distinctions mark the Group's commitment to a voluntary sustainable development policy.
For more information, visit our website: www.klepierre.com
CONTACTS
Julien ROUCH - +33 1 40 67 53 08 - julien.rouch@klepierre.com
Isabelle LAURENT (Media) - + 33 1 53 32 61 51 / +33 6 42 37 54 17 - isabelle.laurent@ddbfinancial.fr
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This press release and its appendices are available on Klépierre's website: www.klepierre.com
