PATRIMOINE ET COMMERCE RESULTS FOR THE 3RD QUARTER OF 2014
GROSS RENT OF €23.7M, +3.9% PROGRESS
ACQUISITION OF A €90M RETAIL PARK PORTFOLIO
Boulogne-Billancourt, October the 22th 2014
During the third quarter of 2014, the total gross rental income of the operating property portfolio amounted to €23.7m (1), up +3.9% compared to the same period last year.
in € m - year to dat e 2014- Q3 2013- Q3 Variat ion % Gross rent al inc ome on a like- for- like basis 21.1 21.4 (0.3) - 1.4% Gross rent al inc ome on rec ent ac quisitions 2.5 0.5 2.0 N/A Gross rent al inc ome on sold assets 0.2 0.9 (0.8) N/A
T ot al gross rental inc ome (1 ) 23.7 22.8 0.9 +3.9%
This progression can be explained by:
a. The rental income from projects delivered or purchased in 2013 (acquisition of Bourgoin's and Pierrelaye's assets during the second semester of 2013 and delivery of the shopping galery Palais des Congrès in Antibes, the retail parks in Fontaine-le-Comte, Pontarlier, Limoges-le-Vigen and Puymaret) ;
b. The rental income from projects delivered in 2014 (an Hippopotamus restaurant
built in the Istres' retail park and an asset located in Frouard) ;
c. The slight decrease of rental income on a like-for-like basis, notably due to the departure, in January 2014, of Saint-Priest asset's tenant. A refurbishment of the asset has been launched in return for a 9-year firm lease with Habitat. Excluding this asset, the rental income variation on a like-for-like basis would be a -0.7% decrease ;
d. The disposal of the assets located in Bordeaux, Poitiers, Saint-Avold, Saint-Cyr-
sur-Loire and Metz (disposal in July 2014).
For comparison purposes, restated for consolidation under the equity method (1), the gross rental income as at September 30th 2014 would be €24.7m versus €23.7m as at September 30th 2013 (+4.5% progress).
Projects delivered
The 316 m2 Hippopotamus restaurant, built in the Istres' retail park and an asset located in Frouard have been rented during the 1st semester of 2014 for an annual rental income of €0.2m.
At Epagny, northwest of Annecy, an asset has been delivered by SEPRIC Promotion during the 3rd quarter of 2014, for an annual rental income of €0.2m. This asset is located in the center of the commercial area of the Auchan hypermarket, and is also connected to main business areas of Annecy through both north and south exchangers of
the A41 and the RN508 Annecy-Bellegarde. This new concept store of over 2000 m2 will welcome brands of Beaumanoir group (Cache-Cache, Bonobo, Breal, City, Oôra by M. Pokora and Flormar) and will be opened to the public at the end of 2014.
The Epagny concept store is facing the Epagny SNC' retail park developed by SEPRIC Promotion on a surface of over 6000 m2 (and has 300 parking spaces). This asset will welcome brands such as Chaussea and Cultura. The inauguration is scheduled for 2015. In this context, SEPRIC Promotion has signed with Epagny Invest (100% subsidiary of Patrimoine & Commerce) a sale in the future state of completion for a total consideration of €6.2m, covering part of the retail park (2500 m2), Cultura benefiting of a call option on its premises.
Moreover, SEPRIC Promotion acquired on the 17th July of 2014 lands on the Beaulieu Puilboreau commercial area in La Rochelle for the construction of a Retail park already rented to Cultura and Darty.
Acquisition of a €90m retail parks portfolio
On September 29th 2014, Patrimoine & Commerce and Trimax began exclusive negotiations with a view to the acquisition by Patrimoine & Commerce of a portfolio of retail parks located in the west of France. This €90m portfolio, covering a surface area over 65,000 m2 with 45 tenants, generates a group share annual net rental income of
€6.3m.
Patrimoine & Commerce will keep the market informed of developments in the talks with
Trimax. Final agreements and the acquisitions could take place before the end of 2014.
Other events of the quarter
On July 22nd 2014, Patrimoine & Commerce proceeded to the dividend payment of
€7,829k, or €0.80 per share.
Outlook
Both 20% equity stake purchase by PREDICA and acquisition of the €90m retail park portfolio mark the end of the launch phase of the Patrimoine & Commerce plan to create a new type of listed property company specializing in low-cost retail parks, and to obtain market recognition. Between 2009 - the year of its launch - and 2014, Patrimoine & Commerce has seen its total assets value multiplied by a factor of 4, its NAV per share by
5 and its market capitalization by 6.
Commenting on these figures, Eric Duval, Patrimoine & Commerce manager and initiator of the plan stated "In five years, we have shown that there is a very real demand from brand leaders for high quality retail property located on the outskirts of mid-sized towns and combining customer footfall and retail areas, at costs reflecting changing economic circumstances and competition from e-commerce. Patrimoine & Commerce, through its nationwide presence, the quality of its staff and the size of its brand name portfolio, is ideally placed to take advantage of this market consolidation".
Note: (1) Figures restated following adoption by Patrimoine & Commerce of the new IFRS 10 and 11 rules. This change led to the consolidation under the equity method of 3 companies previously consolidated under the proportional method (Studio Prod, Cherbourg Invest and Cherbourg Invest Holding).
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About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a property asset portfolio that primarily consists of commercial assets and totals 318,000 m2. The assets are mainly located in retail parks near medium-sized towns throughout France.
Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.
Patrimoine & Commerce is listed on NYSE Euronext Paris. ISIN Code: FR0011027135 - Ticker Symbol: PAT
For further information, go to:www.patrimoine-commerce.com
If you have any questions, please contact:
PATRIMOINE & COMMERCE KEIMA COMMUNICATION
Manager
Eric Duval
Tél. : 01 46 99 47 79
Investors RelationsEmmanuel DOVERGNE Tél. : 01 56 43 44 63
emmanuel.dovergne@keima.fr
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