French mall operator Klepierre raises 2014 guidance

PARIS, July 21 Mon Jul 21, 2014 11:55am EDT

PARIS, July 21 (Reuters) - French shopping mall operator Klepierre slightly raised its cash flow forecast for the year on Monday on expectations it will benefit from refocusing its portfolio on prime properties in its key markets and lower interest rates.

The company, 28.9 percent owned by Simon Property Group and 21.3 percent by BNP Paribas, said it expected net current cash flow of 2.03-2.05 euros per share this year. Previously it had expected at least 2 euros.

Total first-half revenue fell to 477.7 million euros ($646 million) from 513.7 million a year earlier with net rental income hit by disposals, Klepierre said.

The company has disposed of 2.4 billion euros in assets so far this year as part of a drive to focus its portfolio on its main markets in France and Scandinavia.

Klepierre said its net asset value per share stood at 28.7 euros at the end of the first half, down from 29.3 euros a year ago. ($1 = 0.7395 Euros) (Reporting by Leigh Thomas; Editing by James Regan)

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