Klépierre raises its annual cash flow target, recovery confirmed


(with details and context)

October 22 (Reuters) – Shopping center operator Klépierre LOIM.PA revised its annual forecasts upwards on Friday, to take into account a gradual recovery in activity, which is approaching its pre-pandemic level .

The French group now expects a net current cash flow per share of at least 2.00 euros for 2021, against a target of 1.80 euros announced last May, an increase of 11%.

The group, which counts among its tenants major brands such as Inditex ITX.MC (Zara), H&M HMb.ST and Séphora

LVMH.PA is benefiting from a rebound in shopping center attendance after months of closure due to health restrictions.

Since the reopening, attendance and sales have grown rapidly and collection rates are approaching pre-pandemic levels, he said in a statement.

“The dealers have also resumed their expansion programs, as evidenced by the dynamics of the rental activity,” said the press release quoting President Jean-Marc Gustin.

Klépierre posted net rents in the third quarter of 266.0 million euros, up 11.1% over one year.

(Reporting by Juliette Portalla and Lucinda Langlands Berry; editing by Mark Angrand)

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