Summary: UNIBAIL HOLDING Apr 04
- ID: 1886437
- April 2004
- Standard & Poors
The ratings on UNIBAIL HOLDING (Unibail) primarily reflect the company's above-average business profile based on its leading positions in the Paris commercial-property market and in large French shopping centers, a countercyclical investment strategy focused on undersupplied segments, and prime assets with longer-than-average lease maturities. These business strengths mitigate the group's substantial exposure to the cyclical office market. Unibail's net debt was €3.2 billion at year-end 2003. The appraised market value of the property portfolio totaled €7.5 billion, including transfer duties. Amid the continued cyclical downturn in the office segment in 2003, the group's office division (54% of total rents) achieved steady 3.6% like-for-like growth in rents and maintained a low 5.6% office vacancy rate at year-end. This more than offset...
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