18 Oct 2018

Gross rent of 32 €M, +3.8% progress

Q3 2018 RESULTS

GROSS RENT OF €32.0M, +3.8 % PROGRESS

In the first nine month of 2018, total gross rent of Patrimoine & Commerce’s property portfolio amounted to €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 units and 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 in Bourg-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 sales totaled €3.8m in line with appraisal value.

 

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 ».