PR Newswire/Les Echos/ Paris, 5 November 2009 Foncière Europe Logistique sales as of September 2009 down 3.3% like-for-like, but sustained upturn in rental business in Q3 Consolidated sales taper slightly In millions of euros 9M 2008 9M 2009 Change (%) Change like-for- like (%) Logistics France 38.0 37.6 -1.1% -5.3% Logistics Germany 8.7 6.2 -28.5% -7.3% Light industrial premises 13.4 13.6 1.6% 1.6% Garonor Aulnay 12.4 12.3 -1.0% -0.4% Total 72.5 69.7 -3.9% -3.3% In a difficult context, consolidated sales as of September 2009 came to EUR69.7 million, down 3.9% compared with the previous year. On a like-for-like basis, the 3.3% drop is mainly attributable to: • Higher vacancy rates (negative impact of EUR1.8 million), rising to 11.7% at 30 September 2009, compared with 11% at the end of June 2009, entirely due to the end of the lease guarantee in Dunkirk; • Lease extensions with rents ranging between the current rents and the market rents (negative impact of 2.1 million euros); • Positive indexation of lease rates (impact of EUR1.9 million). Sustained rental business in the 3rd quarter The strong rental business in the third quarter of 2009 reflects a more active market, but also Foncière Europe Logistique's commitment to securing its future cash flows by extending numerous leases. The average term of Logistics leases (France and Germany combined) has as a result risen from 2.7 years at the end of 2008 to 3.3 years at 30 September 2009. The third quarter also saw Foncière Europe Logistique sign new leases for over 215,000 sqm, of which 143,000 sqm were for renewals. For the year as a whole, these contracts total 434,000 sqm, of which 285,000 sqm for renewals. A considered divestment policy Two sale offers (Tri Postal in Pantin for EUR8.7 million and a warehouse in Vitrolles for EUR8.2 million) were signed in the third quarter for a total of EUR16.9 million. These offers bring the total for divestments and sales agreements signed in 2009 by Foncière Europe Logistique to EUR44 million, a rotation of 3.5% of its portfolio. Outlook In 2009, Foncière Europe Logistique intends to pursue its asset management activity and improve the occupancy rates of its assets, secure its future cash flows by increasing the average lease term, prepare for redevelopment operations and realise considered divestments to ensure the effective turnover of its assets. Next financial event 11 February 2009: Publication of the 2009 annual results. About Foncière Europe Logistique Foncière Europe Logistique, 67.1% owned by Foncière des Régions, is a listed real estate investment company specialising in logistics and light industrial premises. As at 30 June 2009, the assets under Foncière Europe Logistique management totalled EUR1.2 billion, with properties located in France and Germany, and net debt totalling EUR717 million. The Supervisory Board of Foncière Europe Logistique is chaired by Yan Perchet. François de La Rochefoucauld has been General Manager of Foncière Europe Logistique since 1 December 2008. Foncière Europe Logistique is listed on the Euronext Paris, ISIN: FR0000064305 - FEL, Compartment B. Contact: Alexis Guetin, CFO Tel.: +33 (0)1 58 97 54 45 alexis.guetin@fdr.fr This press release can also be fount at: www.fonciere-europe-logistique.fr The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.
End-of-day quote
Other stock markets
|
||
- EUR | - |
- Stock Market
- Equities
- FEL Stock
- News FONC EUR LOGISTIQ
- FONC EUR LOGISTIQ : FEL - Turnover as of September 2009