Unibail-Rodamco (Fr: UL) has raised a further €500m of five-year debt through the bond markets at a fixed rate of just 1.625 per cent - a record low even for Europe's largest and arguably best real-estate investment trust. And if further evidence of the group's safe-haven status were required, it is the performance of its shares since our tip. Although we can't recommend buying at current levels, it's definitely worth holding on to the shares, which come with generous dividends.
Unibail's trading is as solid as ever. Sales at its shopping centres increased by 3 per cent in the first nine months of 2012 compared with 2011. Turnover was up 4 per cent to €1.25bn, with the dominant mall division up 5.6 per cent. Most of that growth is organic; although the company does not release full figures every quarter, like-for-like growth in net rental income in the first half was 4.4 per cent. Unibail has also opened two new shopping centres since July, one in Levallois near Paris and one in Badajoz, Spain.
