January 18th, 2017
Press release - 18 January 2017During the 2016 fiscal year, the total gross rental income of the operating property portfolio amounted to €40.9m, an increase of +18.8% from the same period last year.
in € m - year to date | 2016 | 2015 | Variation | % |
Like-for-like | 31.1 | 31.6 | (0.5) | -1.6% |
Recent acquisitions | 9.4 | 2.4 | +7.0 | N/A |
Sold or on-going refurbished assets | 0.3 | 0.4 | 0.0 | N/A |
Total gross rental income | 40.9 | 34.4 | +6.5 | +18.8% |
This increase is mainly derived from the acquisitions of the year 2016 and the full-year effect of the acquisitions done in 2015.
During the 2016 fiscal year, our retail parks portfolio grew up with the acquisitions and deliveries in Champniers (Charente), Cognac (Charente), Loches (Indre-et-Loire), Provins (Seine-et-Marne) and Salon-de-Provence (Bouches-du-Rhône). Moreover, Patrimoine & Commerce strengthened its position in Clermond-Ferrand Lempdes (Puy-de-Dôme), Limoges-Le-Vigen (Haute- Vienne) and Poitiers (Vienne).
The like-for-like light decrease is mostly due to 5 tenants leaving among several assets of the portfolio. Nevertheless, lease signatures occurred for several cells and their rental income are partially included in the global turnover of the 4th trimester 2016.
Last acquisitionPatrimoine & Commerce continues its development with, at the end of the year, a four-cell acquisition located in Buchelay, next to Mantes-la-Jolie (Yvelines). This last acquisition amounted to €3.0m.
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Press release
Asset DisposalsPatrimoine & Commerce continue its non-strategic asset sales with the disposal of assets located in Melesse (Ille-et-Vilaine) and Quetigny (Côte d'Or) during the last quarter of 2016. Otherwise, in accordance with the lease agreement, the Cultura tenant bought its local in La Rochelle Puilboreau (Charente-Maritime). The global amount of those sales is
€11.4m.
OutlookEric Duval, Founder and Managing Director of Patrimoine & Commerce declared: « The good level of activity of Patrimoine & Commerce during the 2016 fiscal year demonstrates again the validity of Patrimoine & Commerce's development strategy. Its dynamic growth is settled on a proactive management, an identified development pipeline and a solid financial structure. Those advantages get us as a leading player on the French Retail Parks low-cost market. Thus, we are confident in the 2016 annual results, which will be reported on the 8th of March 2017 ».
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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 395,000 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 published this content on 18 January 2017 and is solely responsible for the information contained herein.
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