Unibail-Rodamco: shopping mall commercial activity up slightly in 1st quarter

On Monday, French-Dutch real estate group Unibail-Rodamco reported a 1.5% revenue rise in the first quarter, recovering after what was regarded as a "mixed" start to the year thanks to a rebound in retail activity in its shopping malls.

Unibail-Rodamco's revenues are mostly generated by its shopping mall business, and the group has stated in a press release that in the first three months of 2017 they amounted to €528.6 million, compared to €521.1 million a year earlier.

The group's revenues in the same period grew by 3.7% in shopping malls, where the takings of retailers rose by 1.8% between January and March.

"Performance has improved in the first quarter, with a strong rebound in March after a mixed start to the year," noted the group with regards to the level of commercial activity in its shopping malls.

As for Unibail-Rodamco's office real estate business, rental income was down 22%, after four office complexes were sold in 2016.