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Wednesday, 7 February 2018

Klépierre : Full-year 2017 Earnings

Klépierre    

Published: 17:45 CET 07-02-2018 /GlobeNewswire /Source: Klépierre / : LI /ISIN: FR0000121964


press release

2017 FULL-YEAR earnings

Paris - February 7, 2018

Klépierre, the owner and operator of the leading shopping center platform in Europe, today reported earnings for the full year 2017.([1]) The main highlights include:

-      Net current cash flow per share +7.4% vs. 2016 to €2.48, outpacing initial guidance of €2.35-€2.40

-      Cash dividend proposal([2]) for fiscal year 2017: €1.96 per share, +7.7% vs. previous year

-      Shopping center net rental income +3.3% on like-for-like basis,([3]) outperforming indexation by 260 bps

-      Retailer sales: +2.1%, with an acceleration in the second half (+3.0%)([4])

-      Cost of debt further reduced by 30 basis points to 1.8%

-      EPRA NAV at €39.60, +7.8% over 12 months

-      Disposals since early 2017 amounted to €568 million; proceeds reinvested in acquisitions (€286 million) and share buyback program (€382 million)([5])

-      Successful openings of Val d'Europe extension and Hoog Catharijne first phase of redevelopment

-      Cash-flow guidance for full-year 2018 at €2.57-€2.62.

Jean-Marc Jestin, Chairman of the Klépierre Executive Board, commented, "In a fast-changing retail environment, the remarkable commitment of our teams produced yet another record year for Klépierre. This strong performance, illustrated by a 7.4% increase in net current cash flow per share after the record level in 2016, is the result of our strategy to constantly enhance the quality of our pan-European mall portfolio, in order to bring the best of retail to our customers. Our exceptional operating indicators, including particularly a dynamic leasing deal flow, combined with our disciplined financial policy, allow us to propose a significant 7.7% dividend increase, further demonstrating our ability to create shareholder value year after year. The successful opening of Val d'Europe's extension and Hoog Catharijne's ongoing redevelopment both pave the way for Prado, a unique mall to open in Marseille this spring, featuring iconic architecture and a sophisticated retail offering. These achievements, like our 2018 guidance, underscore our confidence in the future and our ability to create places that incite people to shop, meet and connect."

KEY FINANCIALS                         

 

FY 2017

FY 2016

Change

LfL Change(3)

In €m, Total Share

 

 

 

 

Total revenues

1,321.6

1,300.5

+1.6%

-

Net Rental Income (NRI), shopping centers

1,078.6

1,054.1

+2.3%

+3.3%

Property portfolio valuation (excl. transfer taxes)

23,770

22,817

+4.2%

+3.9%

Net debt

8,978

8,613

+4.2%

-

Loan-to-Value (LTV)

36.8%

36.8%

0 bp

-

In €, Group Share

 

 

 

 

EPRA Net Asset Value (NAV) per share

39.60

36.70

+7.8%

-

Net current cash flow per share

2.48

2.31

+7.4%

-

OPERATING PERFORMANCE

Retailer sales

On a like-for-like basis,(4) total retailer sales at Klépierre's malls rose by 2.1% for the last 12 months (1.3% excluding extensions). Over the first 11 months of the year, they outperformed aggregated national retailer sales indices by 120 basis points.([6]) In addition to a better economic climate and improved consumer confidence, releasing transactions and marketing initiatives, such as the Black Friday campaign rolled out at 113 malls in 12 countries, contributed to this performance.

On a geographic basis, retailer sales rose by 2.4% in France, with particularly solid results in leading shopping centers such as Val d'Europe (Paris), Créteil Soleil (Paris), and Écully Grand Ouest (Lyon). In Italy, retailer sales were flat for the year as a whole, but improved in the second half (+0.8%) with the dissipation of an adverse competitive impact in the northern part of the country. Spain and Portugal continued to post impressive results, with retailer sales growing by 4.5% and 4.7%, respectively, reflecting Klépierre's strong positioning in these countries. In Central Europe & Turkey (+7.2%), Hungary was the best performer (+10.9%), followed by Turkey (+9.8%), the Czech Republic (+5.2%), and Poland (+4.3%). Lastly, retailer sales in Germany grew at a steady pace (+1.9%), benefiting from recent leasing initiatives in Forum Duisburg (near Düsseldorf) and Centrum Galerie (Dresden).

Leasing

In 2017, leasing activity was intense, with all key performance indicators showing a clear acceleration compared to 2016:

-      1,864 deals signed, representing an 8% increase;([7])

-      €126.5 million in Minimum Guaranteed Rents (MGR) from renewed or re-let spaces (+7%), with a high 12.9% reversion rate;

-      €35 million in additional MGR, up 20% compared to 2016.

This robust performance reflects Klépierre's increased focus on key account management, which translated into steady deal flow with expanding international retailers: 37 leases were signed with the Calzedonia group, 21 with Inditex, 19 with Yves Rocher, 14 with Pandora, 11 with JD Sports, 10 with Kiko, and 8 with Sephora. Many of these retailers collaborated with Klépierre to open "right-sized" stores featuring their latest retail concepts and to expand their reach throughout Europe.

Last but not least, Klépierre remained extremely active in rolling out its Destination Food® concept. With food & beverage retailer sales growing twice as fast as total retailer sales at Klépierre malls since 2013, this approach enriches the retail mix through a more innovative and expanded food offering, which ultimately contributes to increased footfall, dwell time and retailer sales. In 2017, the Destination Food® concept was notably implemented at Val d'Europe in France, Hoog Catharijne (Utrecht) in the Netherlands, Campania (Naples) and Le Gru (Turin) in Italy, Field's (Copenhagen) in Denmark, and Meridiano (Santa Cruz) in Spain. Among the trendy restaurants to be introduced to various malls are Five Guys, burger chain Big Fernand, Wagamama, Exki, Leon, Comptoir Libanais and Johnny Rockets.

Net rental income

Net rental income (NRI) generated by shopping centers amounted to €1,078.6 million in 2017, a 2.3% increase on a current-portfolio, Total-Share basis compared to 2016. (3) This increase reflects the combination of robust, 3.3% like-for-like growth of €32.5 million, partly offset by a negative scope effect of €8.0 million, as disposals outweighed the contribution from acquisitions and development projects

The solid like-for-like performance reflects higher indexation (+70 bps), a strong level of reversion (+12.9%), and a further 30-bp contraction in the EPRA vacancy rate to 3.2%. While growth was sustained across all geographies, the most buoyant regions were Iberia (+6.8%) and Scandinavia (+4.6%).

cash flow and portfolio valuation

Net current cash flow

On a Group-Share basis, net current cash flow for the year 2017 amounted to €760.6 million, a 5.5% increase (or €39.5 million) compared to 2016.

On a per-share basis, net current cash flow rose by 7.4% to €2.48 from €2.31 one year earlier. This excellent performance reflects the solid NRI growth (+€22.2 million; +€0.07 per share), the streamlining of general and administrative expenses (savings of €6.5 million; +€0.02 per share), the further reduction in the cost of debt (savings of €25.9 million; +€0.08 per share), the accretive impact of the share buyback program (+€0.05 per share), and other factors (-€15.1 million; -€0.05 per share; including higher tax and a lower contribution from associates).

Portfolio valuation

On a Total-Share basis, excluding transfer taxes, the total portfolio valuation at December 31, 2017 amounted to €23,770 million, a 3.9% like-for-like increase over 12 months. The EPRA Net Initial Yield of the shopping center portfolio was 4.8% at year-end 2017, reflecting a 10-bp yield compression from one year earlier.

EPRA NAV

EPRA net asset value (NAV) per share amounted to €39.60 at December 31, 2017, versus €36.70 one year earlier. This 7.8% increase mainly reflects net current cash flow generation (+€2.5 per share) and the rise in the value of the like-for-like portfolio (+€2.4), which were partly offset by the dividend payment (-€1.8) and other factors including the forex impact (-€0.2).

DEBT POSITION AND FINANCING

Loan-to-Value ratio

As of December 31, 2017, consolidated net debt stood at €8,978 million, compared to €8,613 million at December 31, 2016. The rise in property values more than compensating for the increase in net debt, the Loan-to-Value ratio remained stable at December 31, 2017, compared to one year earlier at 36.8%, well within Klépierre's targeted 35-40% range.

During the year, Klépierre raised €1.4 billion in new financing, including bond issues of €600 million and €500 million, respectively bearing coupons of 1.375% (10 years) and 1.625% (15 years). These were issued to replace debt falling due in 2017. Thanks to these transactions, the average duration of Klépierre's debt was extended to 6.3 years at the end of 2017, an increase by approximately one quarter compared with the year-end 2016 level.

Cost of debt

In the course of the year, Klépierre reduced its average cost of debt to below 2%, reaching 1.8% at December 31, 2017. This figure reflects the low level of short-term interest rates, the benefits of financing cost synergies following Klépierre's acquisition and integration of Corio, and favorable funding conditions. The low cost of debt, along with the robust operating performances, led to a stronger 6.3x coverage of interest expense by EBITDA (ICR).

In 2017 and early 2018, Klépierre conducted several debt management transactions to further enhance its fixed-rate exposure for the next three years and mitigate the impact of any potential interest rate increase. Assuming an unchanged debt structure and market conditions, and given planned refinancing transactions, Klépierre's cost of debt is expected to remain below 2.0% in 2018, 2019, and 2020.

Credit rating

In December 2017, Standard & Poor's confirmed Klépierre's A- rating and stable outlook. In August 2017, Standard & Poor's assigned an A- rating for the first time to Steen & Strøm, the leading shopping mall owner and operator in Scandinavia, in which Klépierre holds a 56.1% stake.

Share buyback program

As of December 31, 2017, Klépierre had allocated a total of €350 million to its share buyback program, out of the maximum €500 million, announced on March 13, 2017. This represents 9,761,424 shares repurchased at an average price of €35.86 per share.

From January 1, 2018 to February 2, 2018, Klépierre purchased an additional 902,414 of its own shares, representing an investment of €32 million (at an average price of €35.74 per share).

DEVELOPMENT PIPELINE AND ASSET ROTATION

Development pipeline

At December 31, 2017, Klépierre's development pipeline represented investments of €3.1 billion, including €0.8 billion in committed projects with an average expected yield of 6.3%,([8]) €1.0 billion in controlled projects, and €1.4 billion in identified projects. Following the successful opening of the 17,000-sq.m. extension at Val d'Europe in April 2017, which generated an 6% increase in footfall and 24% increase in retailer sales, Klépierre's main projects include:

-      Hoog Catharijne: on April 6, 2017, Klépierre officially opened 16,000 sq.m. of new retail space, which resulted in a 10.5% increase in footfall to reach 26.5 million for the year. In March 2018, the new entrance linking the mall to Utrecht's central rail station (88 million passengers per year) will open to public, marking the end of the North Mile redevelopment (which is 98% let or under advanced negotiations). When the entire expansion project is completed, Hoog Catharijne will be the largest mall in the Netherlands and among the top five in Europe in terms of visitor traffic.

-      Prado: with its unique architecture and prime location, this shopping center in downtown Marseille will open at the end of March 2018. The 23,000-sq.m. mall is now 89% pre-let and will be anchored by a Galeries Lafayette flagship store, the largest Zara store in the city, and a unique gourmet food concept developed by Auchan. In addition, Prado will be home to distinctive brands (Repetto, Lush, Kusmi Tea, Izac, Sweet Pants, Comptoir des Cotonniers, Figaret) and trendy food concepts (Wagamama, Grom, Factory & Co., Mavrommatis).

Acquisitions

In May 2017, Klépierre acquired Nueva Condomina, the leading retail hub in the region of Murcia, Spain. Covering approximately 110,000 sq.m. (encompassing a 73,000-sq.m. shopping center and a 37,000-sq.m. retail park), Nueva Condomina boasts an exceptional mix of 178 shops. In 2016, it attracted nearly 11 million visitors and generated €257 million in retailer sales. Based on annualized net rental income (NRI) of €12.5 million at the time of the acquisition, the EPRA Net Initial Yield stood at 5.4%.

Since the acquisition, Klépierre has been implementing asset management and leasing initiatives to reduce vacancy, which stood at 15% in May 2017. The vacancy rate having already been lowered to 7.7% at the end of December 2017, Klépierre is confident in its ability to generate an 18% uplift in annualized NRI by 2019, as announced last May.([9])

Disposals

Since January 1, 2017, Klépierre has completed disposals worth €352.4 million([10]) across Europe (Norway, Sweden, France and Spain). These transactions were made 15% above last book value.

Taking into consideration disposals for which a binding agreement has been reached, and in particular the agreement announced on February 2, 2018,[11] to sell two retail assets to Carmila, total disposals since January 1, 2017, reached €568.1 million (excluding transfer taxes).

Corporate Social Responsibility (CSR)

In September 2017, Klépierre obtained outstanding extra-financial ratings, recognizing the efficiency of the CSR strategy it initiated in 2013 and the effectiveness of the measures implemented in recent years.

For the second year in a row, Klépierre figures in the "A List" of CDP, the non-profit global environmental disclosure platform, recognizing the Group's global leadership in the fight against climate change. Klépierre was ranked 3rd among listed companies in the European retail sector and 11th across all industries in Europe by the Global Real Estate Sustainability Benchmark (GRESB), and once again was awarded a "Green Star" with a score of 89/100. In addition, Klépierre reached the 96th percentile in the World Dow Jones Sustainability Index (DJSI) based on the review by RobecoSAM, which deemed Klépierre the most efficient in the world out of 250 real estate companies for its environmental initiatives.

Overall, Klépierre is considered best-in-class by RobecoSAM for its environmental strategy, the monitoring of its performance, and the disclosure of its results. The quality of the results disclosure was also recognized by the European Public Real Estate Association (EPRA), which granted Klépierre a Sustainability "Gold Award" for the sixth consecutive year.

NEW CORPORATE IDENTITY

On February 1, 2018, Klépierre unveiled its new corporate tag line: Shop. Meet. Connect.(TM) The new tag line expresses Klépierre's commitment to playing a role in the transformation of retail, as well as its vision of shopping malls as lifestyle hubs offering more than just shopping to their surrounding communities.

DIVIDEND

At the Annual General Meeting on April 24, 2018, the Klépierre Executive Board will propose to shareholders a cash dividend of €1.96 per share([12]) for fiscal year 2017, a 7.7% increase from the €1.82 per share paid out for  fiscal year 2016. This amount is consistent with Klépierre's policy of distributing 80% of its net current cash flow on a Group-Share basis. The proposed payment date is April 30, 2018 (ex-date: April 26, 2018).

With a view to providing Klépierre's shareholders with a more frequent revenue stream, the Supervisory Board approved, at its meeting on February 6, 2018, the proposal by the Executive Board to pay the dividend in two equal installments, in March and July. Implementation of this revised dividend payment schedule will start in 2019, for the dividend pertaining to fiscal year 2018.

OUTLOOK

Klépierre's 2018 budget is based on an improving macroeconomic climate in Continental Europe, especially on the unemployment front in France, Spain and Italy. Combined with some inflation, this should help drive retailer sales further up and, consequently, like-for-like rental income growth.

As in previous years, payroll and other overhead costs will be under scrutiny with a view to keeping them at least stable. Recent debt management operations will help further reduce financial expenses. Provided that asset disposals are sustained, the remaining €118 million of the €500-million share buyback program should be invested in 2018.

In this context and assuming stable if not lower debt, Klépierre expects to generate net current cash flow per share of €2.57-€2.62 in 2018.  

 

 


RETAILER SALES like-for-like change
FOR THE FULL YEAR of 2017

 

Countries

Like-for-Like change(a)

Share in Total
Reported Retailer Sales

Like-for-Like change

(excluding extensions)

France

2.4%

31%

0.9%

Belgium

-1.6%

2%

-1.6%

France-Belgium

2.2%

33%

0.7%

Italy

-0.1%

25%

-0.1%

Norway

-1.6%

9%

-1.6%

Sweden

1.5%

7%

1.5%

Denmark

-1.4%

4%

-1.4%

Scandinavia

-0.4%

20%

-0.4%

Spain

4.5%

7%

4.5%

Portugal

4.7%

3%

4.7%

Iberia

4.6%

10%

4.6%

Poland

4.3%

3%

4.3%

Hungary

10.9%

2%

10.9%

Czech Republic

5.2%

2%

5.2%

Turkey

9.8%

2%

9.8%

CEE and Turkey

7.2%

9%

7.2%

The Netherlands(b)

n.s.

n.s.

n.s.

Germany

1.9%

3%

1.9%

TOTAL

2.1%

100%

1.3%

(a) Like-for-like change is on a same-center basis and excludes the impact of asset sales and acquisitions.

(b) Only a few Dutch retailers report their sales to Klépierre.

 


 

TOTAL REVENUES

 

In €m

Total Share

 

Group Share

FY 2017

FY 2016

 

FY 2017

FY 2016

France

420.1

411.3

 

344.5

341.6

Belgium

18.0

17.0

 

18.0

17.0

France-Belgium

438.1

428.4

 

362.6

358.7

Italy

210.3

204.7

 

207.0

201.5

Norway

72.4

75.1

 

40.6

42.1

Sweden

62.4

67.9

 

35.0

38.1

Denmark

57.8

54.6

 

32.4

30.7

Scandinavia

192.5

197.6

 

108.0

110.9

Spain

101.6

92.4

 

98.7

89.4

Portugal

22.0

20.7

 

22.0

20.7

Iberia

123.6

113.1

 

120.6

110.1

Poland

34.0

34.3

 

34.0

34.3

Hungary

22.7

21.1

 

22.7

21.1

Czech Republic

30.8

27.4

 

30.8

27.4

Turkey

33.9

35.5

 

31.3

32.7

Others

3.0

3.0

 

2.8

2.7

CEE and Turkey

124.5

121.3

 

121.5

118.2

The Netherlands

64.6

61.1

 

64.6

61.1

Germany

54.4

57.2

 

51.8

54.4

SHOPPING CENTERS
GROSS RENTAL INCOME

1,208.0

1,183.4

 

1,036.2

1,014.8

Other retail properties

28.0

30.6

 

28.0

30.6

TOTAL
GROSS RENTAL INCOME

1,236.0

1,214.0

 

1,064.1

1,045.4

Management, administrative and related income (fees)

85.6

86.5

 

81.5

82.2

TOTAL REVENUES

1,321.6

1,300.5

 

1,145.6

1,127.6

Equity Accounted Investees*

82.5

95.5

 

78.7

89.4

* Contributions from Equity Accounted Investees include investments in jointly-controlled companies and investments in companies under significant influence.


 

QUARTERLY REVENUES ON A TOTAL-SHARE BASIS

 

 

 

2017

In €m

 

Q4

Q3

Q2

Q1

France

 

104.9

106.6

108.1

100.4

Belgium

 

4.6

4.4

4.7

4.4

France-Belgium

 

109.5

110.9

112.8

104.8

Italy

 

53.2

52.6

52.6

51.8

Norway

 

17.9

18.1

17.9

18.5

Sweden

 

15.2

15.4

15.8

16.0

Denmark

 

14.7

14.5

14.3

14.2

Scandinavia

 

47.8

47.9

47.9

48.8

Spain

 

27.1

27.3

24.4

22.8

Portugal

 

5.5

5.6

5.4

5.5

Iberia

 

32.6

32.9

29.8

28.3

Poland

 

8.5

8.3

8.4

8.8

Hungary

 

6.1

5.7

5.3

5.5

Czech Republic

 

8.0

7.7

7.6

7.5

Turkey

 

8.3

9.0

8.4

8.2

Others

 

1.1

0.5

0.7

0.7

CEE and Turkey

 

32.0

31.3

30.4

30.8

The Netherlands

 

16.4

16.8

16.5

15.0

Germany

 

13.4

13.6

13.7

13.6

SHOPPING CENTERS
GROSS RENTAL INCOME

 

305.0

306.2

303.7

293.2

Other activities

 

6.6

6.6

7.6

7.3

TOTAL
GROSS RENTAL INCOME

 

311.6

312.7

311.3

300.4

Management, administrative and related income (fees)

 

24.1

18.6

22.7

20.2

TOTAL REVENUES

 

335.7

331.3

333.9

320.6

Equity Accounted Investees*

 

17.3

21.0

21.8

22.3


* Contributions from Equity Accounted Investees include investments in jointly-controlled companies and investments in companies under significant influence. Equity Accounted Investees are accounted for a total value of €1,389 million as of December 31, 2017.


 

2017 Full-year EARNINGS WEBCAST - PRESENTATION AND CONFERENCE CALL

The Klépierre Executive Board will present the 2017 full-year earnings on Thursday, February 8, 2018 at 8:30am Paris time (7:30am London time). Please visit the Klépierre website www.klepierre.com to listen to the webcast, or click here.

A replay will be also available after the event.

 

International participants dial in: +44 (0)33 3300 0804 / Toll-Free dial in: 080 035 89473
Confirmation Code: 77425874#

 

France Participants dial in: +33 (0)1 70 75 07 11 / Toll-Free dial in: 080 094 6608
Confirmation Code: 52718905#

AGENDA

 

April 24, 2018

Annual general meeting

April 26, 2018

2018 first quarter business review (after market close)

Investor relations contacts

media contacts

Hubert d'AILLIÈRES

 +33 (0)1 40 67 51 37 - hubert.daillieres@klepierre.com

Mengxing ZHANG

 +33 (0)1 40 67 53 05 - mengxing.zhang@klepierre.com

Lorie LICHTLEN, Burson-Marsteller i&e

 +33 (0)1 56 03 13 01 - lorie.lichtlen@bm.com

Camille PETIT, Burson-Marsteller i&e

 +33 (0)1 56 03 12 98 - camille.petit@bm.com

ABOUT KLÉPIERRE

Klépierre, the owner and operator of the leading shopping center platform in Europe, combines development, property and asset management skills. The company's portfolio is valued at €23.8 billion at December 31, 2017 and comprises large shopping centers in 16 countries in Continental Europe which together host 1.1 billion visitors per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia's number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120, and figures in CDP's "A-list". These distinctions underscore the Group's commitment to a proactive sustainable development policy and its global leadership in the fight against climate change.

For more information: www.klepierre.com  

This press release and its appendices together with the earnings presentation slideshow
are available on the Klépierre website:
www.klepierre.com



([1])    The Supervisory Board met at the Klépierre's headquarters on February 6, 2018 to examine the full-year financial statements, as approved by the Executive Board on January 29, 2018. The consolidated financial statements have been subject to audit procedures. The statutory auditors' report is to be issued with the registration document.

([2])    In respect to fiscal year 2017, the Executive Board will propose the payment of a cash dividend of €1.96 per share to the shareholders at their annual general meeting to be convened on April 24, 2018.

([3])    Like-for-like change is on a same-center basis and excludes the contribution from acquisitions, new centers and extensions, spaces under restructuring, disposals completed since January 2017, and foreign exchange impacts.

([4])    Like-for-like change is on a same-center basis and excludes the impact of asset sales and acquisitions.

([5])    As of February 2, 2018, 10,663,838 Klépierre's shares have been repurchased at an average €35.85 per share, representing an investment of €382 million.

([6])    Compound index based on the following national retailer indices weighted by the share of each country in Klépierre's total NRI. France: CNCC, Italy: ISTAT, Spain: INE, Portugal: INE, Norway: Kvarud, Sweden: HUI, Denmark: Danmarks statistik, Poland: PRCH, Hungary: KSH, Czech Republic: CZSO, the Netherlands: CBS; Turkey: AYD.

([7])    In 2017, Klépierre discontinued the separate counting of storage unit leases in Scandinavia for harmonization purposes; 2016 figures have been restated accordingly.

([8])    Targeted yield on cost at December 31, 2017, based on targeted NRI with full occupancy and excluding all lease incentives (when applicable), divided by the estimated cost of the project including fit out (when applicable) and excluding lease step-ups (when applicable), internal development fees and financial costs.

([9])    2019 targeted NRI vs. 2017 annualized NRI at April 30, 2017.

([10]) On a Total-Share basis, excluding transfer taxes.

([12]) As part of the proposed €1.96 dividend amount per share, €0.68 stems from the SIIC-related activity of the Group.



PR_KLEPIERRE_2017_FY_EARNINGS_2017_FINAL



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Klépierre, 26, Boulevard des Capucines, Paris FR-75009 Paris, France
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