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||%|
|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.
« 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 ».