23rd April 2008
Develica Deutschland secures further €730,000 of annualised indexed rent increases
Develica Deutschland Limited announces a further €730,000 of indexed rental increases across its €1.07bn portfolio, taking its annualised rent roll to in excess of €70m.
This latest rise in rental income takes total annualised increases announced within the last three months to approximately €1.85m, comprising a mixture of indexation increases, lease renewals and new lettings.
About 85% of Develica's commercial property portfolio is linked to the Consumer Price Index (CPI ) and therefore will continue to deliver considerable indexed rental growth. German year-on-year inflation for March was 3.1%.
Richard Thirkell, Fund Manager of Develica Deutschland Management, said: "We are pleased that our rental income is growing strongly and well ahead of budget. Set against the backdrop of the current turbulent financial markets, we are reassured by the growth and strength of our income and therefore we regard the future with confidence."