New anchor store lettings to Primark and Inditex launch three
remerchandising projects to drive value creation
Performance and business highlights
• Six new lettings to Primark and Inditex (Zara, Pull&Bear and Stradivarius) launch major
remerchandising projects at Collestrada, I Gigli and Cremona Po, in Italy.
• Like-for-like rental growth of 3.0% supported by rental indexation, higher turnover rent and the lease
renewal and reletting programme.
• Rent uplifts from renewals and relettings were 3.8% on top of indexed passing rent for the 12 months
to 31 March 2025. Out of 283 lease transactions, 108 were relettings achieving an uplift of 9.5%.
• Retail sales increased by 2% over 12 months, remaining flat during Q1 due to calendar effects.
• EPRA vacancy rate at 31 March 2025 was 1.5%.
• Rent collection rate for Q1 was 99%.
• Interest expenses (based on proportional consolidation) were slightly lower than in Q1 2024.
• Direct investment result was €0.62 per share for Q1 2025, the same level as Q1 2024.
• Proposed total dividend of €1.80 per share for the year 2024, an increase of 5.9% compared to €1.70
in 2023. An interim dividend of €0.68 was paid in January 2025. A final cash dividend of €1.12 will
be payable on 3 July, subject to AGM approval. Shareholders will also be offered the opportunity to
opt for a stock dividend instead of the final cash dividend.
• Direct investment result guidance for the full year 2025 confirmed between €2.40 and €2.45 per
share.

Board of Management’s commentary
Retail operations across our four markets and 24 ... see & read more on
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