French-Dutch property fund Unibail Rodamco said in a statement on Friday that it booked a loss of €1.1bn in 2008, due to €1.7bn in write-offs on its property portfolio.
While the value of the fund’s portfolio fell by 9%, rental income rose 8.5%. CEO Guillaume Poitrinal said there are no signs yet that the economic downturn is affecting tenants.
Nevertheless, the company is investing less, he said. ‘We are limiting our development plans. I am not opening 30 shops a year but 10,’ the Financieele Dagblad quoted Poitrinal as saying.
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