Contact :
45 avenue Georges Mandel
75116 Paris
+33 (0)1 46 99 47 79
Patrimoine & Commerce a property company dedicated to commercial real estate.
Listed on Euronext in Paris, Patrimoine & Commerce owns and operates a portfolio of real estate assets consisting primarily of recent retail areas, located on the outskirts and in the centres of medium-sized towns and cities around the whole of France. Made up of retail parks and city centre shopping malls, Patrimoine & Commerce’s assets are highly attractive, with occupancy rates that have been close to 100% for several years.
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Strong development ambitions within a long term logic
Patrimoine & Commerce’s goal is acquire and develop commercial property assets based on selective investment criteria which combine dynamism with long-term vision:
- High catchment areas
- Visibility and accessibility of the locations
- Quality of tenants
- Local rental management
- Attractive profitability rates
In line with its rapprochement with Foncière Sepric and relying on an already identified deal-flow, Patrimoine & Commerce’s ambition is to reach a value of 1 billion euros. At the same time, Patrimoine & Commerce is carrying out an arbitrage policy in relation to its asset portfolio which is illustrated by a gradual disposal of tertiary assets from the scope and arbitrage, in the medium term, of commercial assets that have reached maturity. This real estate strategy is based on a policy of secured and prudent financing of the assets.
Investing in values
02 Our actions
Discover the highlights since our creation
2008
- Foundation of a listed investment vehicle specialising in commercial real estate: Harnessing the stock market as a growth tool / Control taken of the listed structure, Billon, in 2008 / Its restructuring into a real estate company under the Patrimoine & Commerce name
2009
- Injection of 29 real estate assets to Patrimoine & Commerce of a total value of €163.7m
2010
- Patrimoine & Commerce creates a governance structure with a Supervisory Board composed of many well-known figures, recognised commercial real estate professionals
- €20m fund-raising from Banque Populaire Val de France (Groupe BPCE)
2012
- Rapprochement with Foncière Sepric and the creation of the benchmark real estate company for managing Retail Parks with an asset portfolio of nearly €500m
2014
- August: Stake taken in Predica (Crédit Agricole Assurances), an institutional reference player, of 20% for €47.4m
- December: Issuance of a debenture loan for €30m – Euro PP
2015
- Janurary: Integration of the Trimax portfolio + €28m
- July: Merger-absorption of Foncière Sepric by Patrimoine & Commerce
03 Solid shareholders.
Shareholding structure
28.9%
Duval family
20.5%
Predica (Crédit Agricole)
10.3%
Banque Populaire Val de France (Groupe BPCE)
8.4%
Vergely family
6.7%
Graff family
5.9%
Robbe family
3.7%
Suravenir (Crédit Mutuel)
16.8%
Other shareholders
04 Development strategy
The assets in which the property company invests must respond strategically to the 3 main challenges of the retail real estate of tomorrow:
1
New consumer habits and the search for the best prices.
- Offer a large range of stores (one stop shopping)
- Provide low cost real estate reflected in products at the right price
2
Stores that are increasingly selective in their choice of location.
- Select the catchment areas that provide the best consumption flows
- Reach a critical size for each retail park
- Offer low real estate costs
3
Better control over shopping centre town planning and the preservation of city centre stores
- Regain control over the peripheries of urban areas with well-structured and high-quality retail parks
- Offer store names that complement the city centre stores
Backed by a pipeline of well-defined projects of €270m over the next 4 years, Patrimoine & Commerce is targeting a portfolio of nearly one billion euros.
Patrimoine & Commerce is positioned on a clearly identified resilient class of assets: retail parks.
With its strong territorial base (Paris, Lyon and Rennes) and its proximity to local authorities, Patrimoine & Commerce is implementing a clearly defined development strategy:
- In the short-term: optimise the managed portfolio (i) by reaching a critical investment size in each retail park and (ii) by increasing the density of retail parks to improve their marketability (store mix)
- In the medium term: develop the portfolio by harnessing two complementary channels • Carrying out development work alone or with external partners • The networks of business referrers of the Group with coverage of the national territory
- In the longer term: manage a high-quality portfolio and crystallise unrealised gains through the rotation of mature assets.
