PATRIMOINE ET COMMERCE Q3 2018 RESULTS
GROSS RENT OF€32.0M, +3.8 %PROGRESS
October 18th, 2018
Pressrelease-18thOctober2018
October
In the first nine month of 2018, total gross rent of Patrimoine & Commerce'sproperty portfolio amountedto €32.0m, up +3.8% compared to the same period last year.
in € m- year to date
Q3 2018 | Q3 2017 | Variation | % |
Like-for-like | 25.3 | 25.2 | +0.1 | +0.2% |
Recent acquisitions | 2.8 | 0.3 | +2.5 | N/A |
Sold assets | 0.3 | 1.1 | (0.8) | N/A |
Restructuring | 3.7 | 4.2 | (0.5) | -12.8% |
Total gross rental income |
32.0 | 30.9 | +1.2 | +3.8% |
This increase is mainly due to the full-year effect of acquisitions, partially offset by the disposal and restructuring of assets.
Third quarter acquisitions
Patrimoine & Commerce continue its development in Bourg-en-Bresse (Ain) with the acquisition of a 2,100 m² commercial property. This acquisition is located in the same commercial area as two commercial units acquired in 2017 and during the first-half of 2018. In addition, Patrimoine & Commerce owns a 5,900 m² retail-park composed of 4 unitsand located in the nearby "Carrefour de l'Europe"area.
Patrimoine & Commerce also acquired during the first half of 2018 a commercial property in Lannion (Côte-d'Amor) leased to Conforama and a commercial unit mentioned above inBourg-en-Bresse (Ain).
Third quarter asset disposal
Patrimoine & Commerce continues its non-strategic asset sales with the disposal of a commercial property in Quetigny (Côte-d'Or), two units in Salon-de-Provence (Bouches-du-Rhône), and a unit in Plérin (Côte-d'Amor). Those salestotaled €3.8m in line with appraisal value.
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Pressrelease
Outlook
« Patrimoine & Commerce continues its strategy of non-core asset disposal to focus on low cost retail parks in France » declared Eric Duval, founder and managing director of Patrimoine & Commerce. « During the first nine months of fiscal year 2018, we acquired 3 commercial units representing 8,160 m² reinforcing our territorial coverage and asset portfolio ».
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About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of 442,000 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 | Investor Relations |
Managing Director | Emmanuel DOVERGNE |
Tel: +33 1 46 99 47 61 | Tel: +33 1 56 43 44 63 |
emmanuel.dovergne@keima.fr |
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Disclaimer
Patrimoine et Commerce SCA published this content on 18 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 October 2018 08:12:01 UTC
