Acquisitions 2015 - 2016.01.13_17h00 V ENG VDEF



NEW ASSETS WORTH €160 M ACQUIRED BY PATRIMOINE & COMMERCE IN 2015


Press release - 13 January 2016

Boulogne-Billancourt, 13 January 2016


In 2015, Patrimoine & Commerce continued its rapid expansion in the low cost retail park sector. During the year, the real estate company purchased, built or signed agreements to purchase 16 assets entailing an overall investment of €159.7 m. With an annual rent of €11.6 m and surface area of 95,000 m², these assets bring the Group's total retail property surface area to 408,000 m2.


Acquisitions

In early 2015, Patrimoine & Commerce finalised the purchase of a retail parks portfolio in Alençon in western France, as well as a property in Isle Adam just north of Paris.


During the second half of 2015, Patrimoine & Commerce continued to diversify its portfolio by closing acquisitions in Mulhouse Wittenheim (Haut-Rhin) and Perpignan (Pyrénées-Orientales). The two new properties respectively let to retailers Darty and Fly have a total surface area of 5,100 m2 and generate €0.6 m in rent.


Also during the second semester, Predica transferred its 14,000 m² segment of the Ville du Bois (Essonne) shopping centre to Patrimoine & Commerce in exchange for shares in its subsidiary SCI Ville du Bois Invest which now owns 100% of the shopping mall.


The Group has also signed agreement to purchase three other properties in Lempdes (Puy-de-Dôme), Loches (Indre-et-Loire) and Provins (Seine-et-Marne) with a total surface area of over 17,000 m2. Tenants include Fly, Générale d'Optique, Décathlon, Gemo, Intersport and Orchestra. The final deeds of sale should be signed by the end of the month.


These acquisitions entail a combined investment of €83.8 m and will generate annual rent of €6.1 m.


Development of new projects

Patrimoine & Commerce benefits from diverse sources of growth and continues to pursue its own property development strategy.

Accordingly, having opened two new retail parks in Annecy (Haute-Savoie) and La Rochelle (Charente-Maritime) in summer 2015, a third retail park in Ecully, near Lyon, measuring 1,700 m² was delivered on 25 November 2015.


Ecully retail park




Press release

€5.6 m.

Late December 2015, a retail park in Cognac (Charente) and a shopping centre in Salon-de-Provence (Bouches- du-Rhône) were delivered to Patrimoine & Commerce. A retail park under construction in Champniers (Charente) is expected to be delivered during the first quarter of 2016. The surface area of these three properties totals over 25,000 m2.

Projects underway or completed account for a total investment of €75.9 m and will generate annual rent of


Divestment

As part of its strategy of selling its office assets, late 2015 Patrimoine & Commerce sold an office complex in the suburbs of Clermont-Ferrand at its appraisal value.


Outlook

Eric Duval, Patrimoine & Commerce's founder and managing director, explained: "As expected, Patrimoine & Commerce continued its vigorous growth in 2015, acquiring new properties worth €160m with a net yield of over 7,2%. We increased our total retail surface area by over 20% to 408,000 m², thereby enhancing our status as a preferred partner for major retailers and consolidating our position as the leading low cost retail park real estate company in France. We are therefore optimistic about the continued success of our development strategy."


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About Patrimoine & Commerce

Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of 408,000 m². The assets are mainly located in retail parks near mid-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 - Code tag: PAT


For further information, go to: www.patrimoine-commerce.com


Pour information, contact:

PATRIMOINE & COMMERCE KEIMA COMMUNICATION

Eric DUVAL Managing Director

Tel: +33 1 46 99 47 61

Investor Relations Emmanuel DOVERGNE Tel: +33 1 56 43 44 63

emmanuel.dovergne@keima.fr


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Patrimoine et Commerce SCA issued this content on 2016-01-13 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-13 17:23:06 UTC

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