Boulogne-Billancourt, January the 25th 2016
During the financial year of 2015, the total gross rental income of the operating property portfolio amounted to €34.4m, an increase of +8.8% compared to the previous financial year.
Gross rental income (in € m - Full Year) | 2015 | 2014 | Variation | % |
Like-for-like | 30.3 | 30.7 | (0.4) | -1.2% |
Recent acquisitions | 4.1 | 0.3 | +3.8 | N/A |
Sold or on-going refurbished assets | 0.0 | 0.6 | (0.6) | N/A |
Total gross rental income | 34.4 | 31.6 | +2.8 | +8.8% |
This important progression can be explained by:
The acquisition of the year:
The assets located in Alençon (Orne) and in Isle Adam (Val-d'Oise) during the 1st semester of 2015
Acquisition from Predica of its area of the Ville du Bois (Essonne) shopping centre, and the asset located in Mulhouse (Haut-Rhin) during the 2nd semester of 2015 ;
The rental income from projects delivered in 2015 : Epagny (Haute-Savoie), La Rochelle Puilboreau (Charente-Maritime) and Ecully (Rhône) ;
The small decrease of rental income, on a like-for-like basis, is due to a negative indexation
The disposal of the assets located in Metz (Moselle) and Montbéliard (Doubs), during the 2nd semester of 2014.
During the course of 2015, Patrimoine & Commerce continued its important development in the low cost retail park sector. Thus, Patrimoine & Commerce has acquired or signed promises and built 16 assets for a global investment of €159.7m and an annual rent of €11.6m.
It notably included the acquisition of an asset of 2 860m² in Perpignan (Pyrénées- Orientales), the delivery of a 4 000m² retail
Press release
park in Cognac (Charente) and a 9 300m² shopping center in Salon-de-Provence (Bouches-du-Rhône).
Furthermore, three other assets located in Clermont-Ferrand Lempdes (Puy-de-Dôme), Loches (Indre-et-Loire) and Provins (Seine- et-Marne), for over 17 000m² are under promises for acquisition. These assets are 100% occupied and rented to Fly, Générale d'Optique, Gemo, Intersport, Orchestra and Décathlon.
Ecully
Finally, a retail park under construction in Champniers (Charente) should be delivered during the 1st quarter of 2016.
These last four assets will generate an additional annual rent of €2.6m.
Eric Duval, founder and managing director of Patrimoine & Commerce declared: "The good level of activity of Patrimoine & Commerce during the year of 2015, in line with what we announced earlier this year, confirms our strategy as leading real estate company in low cost retail parks in France. In an unsettled context, our coverage on the French territory, our proactive management, our development pipeline and financial strength are assets that enhance our confidence in the ability of Patrimoine & Commerce to continue its development. "
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About Patrimoine & CommercePatrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of 408,000 m². The assets are mainly located in retail parks near mid-sized towns throughout France.
Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.
Patrimoine & Commerce is listed on NYSE Euronext Paris. ISIN code: FR0011027135 - Tag Code: PAT
For further information, go to: www.patrimoine-commerce.com
For information, contact:
PATRIMOINE & COMMERCE KEIMA COMMUNICATION
Eric DUVAL Managing Director
Tel: +33 1 46 99 47 61
Investor Relations Emmanuel DOVERGNE Tel: +33 1 56 43 44 63
emmanuel.dovergne@keima.fr
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Patrimoine et Commerce SCA issued this content on 26 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 January 2016 10:09:25 UTC
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