PATRIMOINE ET COMMERCE H1 2015 RESULTS
GROSS RENT OF €16.5M, +4.2% PROGRESS
Boulogne-Billancourt, July the 23rd 2015
During the first semester of 2015, the total gross rental income of the operating property portfolio amounted to €16.5m, up +4.2% compared to the same period last year.
in € m - year t o dat e H1 2015 H1 2014 Variat ion % Gross rent al inc ome on a like- for- like basis 15.3 15.5 (0.2) - 1.4% Gross rent al inc ome on rec ent ac quisit ions 1.2 0.0 1.2 N/A Gross rent al inc ome on sold asset s - 0.3 (0.3) N/A
T ot al gross rental inc ome 16.5 15.8 0.7 +4.2%
This progression can be explained by:
a. The acquisition in January 2015 of Trimax's retail parks in Alençon and Arçonnay and the purchase, respectively in December 2014 and March 2015, of two assets located in Chambly and L'Isle Adam;
b. the rental income of the Epagny and La Rochelle retail parks delivered during the
first quarter of 2015;
c. The slight decrease of rental income on a like-for-like basis, notably due to an ongoing refurbishment of Saint-Priest and Quetigny assets. Excluding these two assets, the rental income variation on a like-for-like basis would be a -0.8% decrease;
d. The disposal of the assets located in Metz and Montbéliard during the second semester of 2014.
Delivered or ongoing projects
Subsequently to the agreements concluded with Trimax Group, Patrimoine & Commerce finalized respectively on January 27th and April 13th, 2015:
a. the acquisition of a retail parks portfolio located in the West of France in
Alençon Ouest and Arçonnay, generating an annual rental income of
€1.5m; and
b. the acquisition from Trimax Group of its 50 % stake in Dinvest, holding company which owns indirectly a 10 563 m2 retail park rented to 12 tenants among whom Darty, Gémo, Tati and Aubert. This operation allows Patrimoine & Commerce to own 100 % of this retail park.
Patrimoine & Commerce also acquired two assets located in Chambly and L'Isle Adam, representing an investment of €4m for an annual rent of €0.3 m.
In Epagny, northwest of Annecy, Sepric Promotion delivered during the second quarter of 2015 a 6 000 m 2 retail park with 300 parking spaces. This asset, fully rented to tenants
such as Chausséa and Cultura,
generates an annual rental income of
€1 m.
Retail park of Epagny, developed by Sepric promotion. Architect: Barillot
Finally, in La Rochelle, Sepric Promotion delivered during the second quarter of 2015 a retail park of about
6000 m2. This asset which generates
an annual rental income of €0.9 m, is rented to Darty and Cultura.
Outlook
"The acquisition of Trimax Group assets has been finalized and the process of their integration moves forward at a sustained pace. Delivered and ongoing projects also demonstrate the dynamism of the Group" said Eric Duval, Manager and Founder of Patrimoine & Commerce "The brands that join us attest the attractiveness of our assets. We are therefore determined to continue our development strategy and strengthen our land position of specialist in low cost Retail parks in France."
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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.
In 5 years, 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.
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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