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FdR Q1 rental income up 5.5% YOY

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FdR Q1 rental income up 5.5% YOY

booked a 5.5%year-over-year increase in first-quarter rental income to €139.9 million group share.

Rentalincome on a like-for-like basis dropped 0.4%. The occupancy rate stood at 96.6%,compared to 96.3% at the end of 2015.

The companynoted strong growth dynamics in the German residential sector, driven by increasedexposure in Berlin. Revenue also benefited from the first positive impacts of theoccupancy rate improvement on the non Telecom Italia portfolio in Italy.

FdR saidthat the first quarter was marked by the company's efforts to boost its presencein its strategic locations through secured acquisitions totaling €517 million foran average yield of 6.3%.

The companyhas made investments worth €241 million, or €168 million group share, in Berlin'scentral districts, and in April, the company spent €129 million purchasing an office complex in France.The company's European hotel acquisitions totaled €136 million, or €59 million groupshare.

FdR'ssubsidiary, Beni Stabili SpA SIIQ,preleased 16,000 square meters to Fastweb for its headquarters in the new Symbiosisoffice district in Milan, as previously reported.