Unibail published strong H1 results, GRI stood at €833.3, up 0.6% yoy and in line with our expectations, with NRI standing at €725, up 5.3% lfl. Recurring EPS was down 2.7% to €5.37, also expected, due to massive disposals in 2014. Vacancy remained at 2.3%. EPRA triple NAV is up 6.9% to €161.7, vs our previous FY15 expectations at €163. The total portfolio gained 2.7% lfl, now standing at €35.7bn. The financial position remains sound for Unibail with cost of debt
