Valuations
During the first half of 2009 values were under a lot of pressure. The yield outshift, partially compensated by good rental growth, resulted in a total downward revaluation of € 389.7 million. In the third quarter yields started to stabilise and only a small downward adjustment had to be made, resulting in a net profit in that quarter once again. The fourth quarter showed a similar picture and modest upward valuations were booked, even in Spain, where the acquisition of Príncipe Pío led to an overall positive valuation in the fourth quarter.
Source: Annual Report 2009, Chapter Overview & Strategy, page 16 (PDF, 13.679 kB)
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