Profits up at PGGM-backed property firm Rodamco

NETHERLANDS - Dutch property group Rodamco Europe, which is 24%-owned by PGGM, has posted a 10% rise in first-half net profit to 155 million euros.

Rodamco said in a statement that it would pay an interim dividend of 1.10 euros. The Rotterdam-based firm is 24%-owned by Dutch health care pension fund PGGM, while civil service pension fund Stichting Pensioenfonds ABP has an 11% stake. Insurer Aegon owns 16%.

Analysts polled by news agency Reuters had expected Rodamco’s earnings in the 144-156 million-euro range.

Rodamco also said it maintained a target of five percent growth in net profit in 2003.

According to statistics from the ROZ/IPD Dutch Property Index, Dutch property returns fell to 8.8% in 2002 from 11.5% in 2001. Property equities in the period returned 10.1%.

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