Press release - 18 July 2019
H1 2019 RESULTS
GROSS RENT OF €22.4MILLION, +4.7 %INCREASE
July 18th, 2019
For the first half of 2019, gross rental income of the operating property portfolio reached €22.4m, up +4.7% compared to the same period last year.
in € m - year to date | H1-2019 | H1-2018 | Variation | % | |
Like-for-like | 18.5 | 18.1 | +0.3 | +1.8% | |
Acquisitions | 1.7 | 0.5 | +1.2 | N/A | |
Asset disposal | 0.0 | 0.4 | (0.4) | N/A | |
Restructuring | 2.3 | 2.4 | (0.2) | -6.7% | |
Total gross rental income | 22.4 | 21.4 | +1.0 | +4.7% | |
This increase is due to like-for-like gross rent growth (mostly rent indexation) and end of year 2018 and 2019 acquisitions, partially offset by the disposal and restructuring of assets.
Acquisitions
During the first half of 2019, Patrimoine & Commerce increased its presence in Champagne-au-Mont-d'Or (Rhône) with the delivery of a 4,300 sqm commercial premise scattered over two floors. This building benefits from both an attractive catchment area and a great visibility. It is fully leased to two renowned specialized retail brands: Cultura and Intersport.
Patrimoine & Commerce has acquired a portfolio made of four retail assets in Aisne department representing a surface of 31,000 sqm. The portfolio includes two retail parks, ideally located in major retail areas. The other two assets of this portfolio are considered as non-strategical and intended to be sold.
Those acquisitions accounted for a €54.9m investment, representing an annual yield of 7.0%.
In addition, Patrimoine & Commerce has acquired a commercial building in Salaise-sur- Sanne (Isère) located between Lyon and Valence. The asset is to be restructured in four fully-leased units representing a 3,675 sqm area. Lastly, the Group signed a 12 year-lease with the food chain Courtepaille to build a restaurant on a land in Annemasse - Etrembières (Haute-Savoie).
Those properties under construction, represent an investment of €6.1m and an annual yield of 8.2% and should be delivered by the end of 2019.
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Press Release
Asset disposal
Patrimoine & Commerce sold two units in Saint-Gaudens(Haute-Garonne) for a total consideration of €2.5m in line with appraisal value.
2018 dividend distribution of €1.20 per share
The general assembly, held on the 26thof June 2019, approved a dividend payment of €1.20 per share. Share payment is due July 31st.
Outlook
- The robust 1st semester performance is the result of a dynamic policy of targeted retail parks acquisitions » declared Eric Duval, Founder and Managing Director of Patrimoine & Commerce. « We continued ournon-core asset disposal program and we aim to reinforce our position as a pure low cost retail park player in France to offer our retail partners the best national coverage in the country. »
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About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail properties, covering a total surface area of 494,000 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
Contacts: | |
PATRIMOINE & COMMERCE | KEIMA COMMUNICATION |
Eric DUVAL | Emmanuel DOVERGNE |
Managing Director | +33 1 56 43 44 63 |
+33 1 46 99 47 61 | emmanuel.dovergne@keima.fr |
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Disclaimer
Patrimoine et Commerce SCA published this content on 18 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 July 2019 08:04:03 UTC