Unibail-Rodamco plans to sell EUR 2.5 bn to EUR 3 bn of non-core retail and office assets between now and 2013. European's largest listed real estate company divested more than EUR 1.5 bn of assets at an average yield of 5.5% during 2010.

Unibail-Rodamco booked a recurring net profit, or earnings excluding items such as property valuation changes, of EUR 848 mln in 2010, up from EUR 836 mln the year before. The full group net profit came to EUR 2.2 bn compared to a loss of EUR 1.5 bn in 2009 following major devaluations in that year.

The company has a EUR 24.5 bn portfolio and focuses on developing and owning dominant shopping centres around Europe as well as large office complexes and convention centres in and around Paris. Small-to-mid-sized retail and office assets that don't fit this profile are being sold off.

During a conference call on the results, chief financial officer Peter van Rossum said that Unibail-Rodamco realised a divestment profit of 10.5% compared to the last externally appraised values. At year-end, EUR 245 mln of assets were under a preliminary sales contract, while negotiations were ongoing for another EUR 734 mln. The funds raised from the disposals will help finance the group's EUR 6.6 bn development pipeline.

Van Rossum said that Unibail-Rodamco booked a 0.9% growth in recurring earnings per share (EPS) to EUR 9.27 in 2010. But EPS will decline by 3-5% in 2011 due to the impact of the divestment programme and the special dividend of EUR 1.8 bn (EUR 20 per share) paid out in October. The company proposes a EUR 8 per share dividend for 2010, and intends to maintain this as a minimum level within the stated 85%-95% distribution policy for the following years.