The total income for First Sponsor Group’s European property portfolio for 3QFY2025 ended Sept 30 stood at EUR14.9 million ($22.49 million), up 1.3% y-o-y.
For the 9MFY2025, total income for its European property portfolio declined 1.1% y-o-y to EUR39.6 million.
The slightly stronger 3QFY2025 performance was driven by a stronger office portfolio, but partially offset by weaker trading at Le Méridien Frankfurt (LMF) as a result of business disruption from the major refurbishment of the 80-room Palais Wing.
As a result of the business interruption at LMF, the hotel portfolio’s 3QFY2025 ebitda saw a decline to EUR7.9 million in 3QFY2025. The impact was partially offset by the strong performance of the Dutch Bilderberg portfolio and the two Utrecht Centraal hotels.
Meanwhile, due to ongoing economic uncertainty in China, the group’s hotels in China continue to see lower demand from the event and meeting segment in 3QFY2025, with ebitda decreasing to RMB2.3 million.
The group’s investment in an associated company published its own trading update for 3QFY2025, which saw like-for-like net property income (NPI) growing 5.2% in 3QFY2025 to EUR44.7 million.
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As at Sept 30, vacancy of the portfolio increased to 9.8% and net asset value (NAV) per share declined 4.8% to EUR33.48.
As at Sept 30, the group’s China loan book decreased to RMB12 million from RMB246.7 million due to full repayment of remaining outstanding principal aggregating RMB191.1 million on the defaulted loan in 3QFY2025.
Units in First Sponsor Group closed flat at $1.02 on Oct 27.
