Business at March 31, 2018: Lettings and pre-lettings accelerated, and sales program rolled out
April 18, 2018 at 01:47 pm EDT
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Strong rental income growth reflecting the benefits of Eurosic's integration and the market dynamics
Gross rental income up +40.8%on a current basis
Like-for-like growth of +1.8%, significantly outperforming the indexation effect
Strong lettings performance in a buoyant market for central sectors
Commercial pressures in the central sectors where Gecina's pipeline and portfolio are concentrated
Nearly 75,000 sq.m let, pre-let, relet or renegotiated since the start of the year (including preliminary rental agreements), primarily on properties under development
Rapid progress with the pipeline's pre-letting rate
64% of space in the deliveries expected for 2018 has already been pre-let, including preliminary rental agreements to be covered by leases in the short term. For the entire committed pipeline, this rate is now 55%.
€814m of the sales program already secured
€436m of sales completed or secured since the start of the year, with a premium of around +10% versus the latest appraisal values
With disposals achieved in 2017, 70% of the sales program targeting at least €1.2bn announced in connection with Eurosic's acquisition is already secured
In addition, more than €800m of additional sales currently subject to exclusive talks
Continuing to optimize the balance sheet
€500m bond issuewith a maturity of 12 years and a 1.625% coupon
Almost €700m of new long-term bank credit lines set up in the first quarter
First responsible credit agreementindexed against Gecina's CSR performance for €150m
Gecina reconfirms its 2018 targets with confidence
2018 will be marked by an acceleration in the volume of deliveries, primarily over the second half of the year, as well as the sales announced following Eurosic's acquisition.
Gecina is confident that it will be able to achieve its targets for 2018, with recurrent net income (Group share) per share expected to increase by +3% to +6% depending on the timeline for finalizing the various sales being considered
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Gecina SA published this content on 18 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 April 2018 17:46:03 UTC
Gecina is a leading French real estate company. Gross rental income breaks down by type of asset as follows:
- offices and commercial spaces (80.1%);
- residential buildings (16.5%);
- student facilities (3.4%).
At the end of 2023, the group's real estate holdings amounted, in market value, to EUR 17.1 billion distributed between offices and commercial spaces (78.9%), residential buildings (20.9%) and other (0.2%).
GECINA 
