18 Jan 2017

2016 RESULTS – Gross rent increased by +18.8% to € 40.9 million

2016 RESULTS – Gross rent increased by +18.8% to € 40.9 million

January 18th, 2017

During 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 acquisition

Patrimoine & 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.

Asset Disposals

Patrimoine & 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.


Eric 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 ».