PATRIMOINE ET COMMERCE Q1 2015 RESULTS
GROSS RENT OF €8.2M, +4,6 % PROGRESS
April 15th, 2015
During the first quarter of 2015, the total gross rental income of the operating property portfolio amounted to €8.2m, up +4.6% compared to the same period last year.
in €m - 3 months Q1 2015 Q1 2014 Variation % Gross rental income on a like-for-like basis 7,75 7,74 0,01 +0,2% Gross rental income on recent acquisitions 0,48 - 0,48 N/A Gross rental on sold assets - 0,13 (0,13) N/A
Total gross rental income 8,23 7,87 0,36 +4,6%
This progression can be explained by:
a. the resilient rent performance on a like-for-like basis (+0,2%);
b. the finalisation of the acquisitions of the Trimax group assets located in Arçonnay and Alençon Ouest at the end of January 2015, and two other assets located in Chambly and L'Isle Adam respectively in December 2014 and at the end of March
2015;
c. the rental income of the Epagny Bocquet asset delivered at the end of 2014;
d. the disposal of the assets located in Metz and Montbéliard during H2-2014.
Projet delivered
In accordance with the announcement of September 30th 2014 and December 11th 2014, Patrimoine & Commerce and Trimax Group finalised on January 27th 2015 the two first acquisitions of a retail parks portfolio located in West of France (in Alençon Ouest and Arçonnay). These assets generate an annual rental income of €1.5m.
On April 13th, 2015, Patrimoine & Commerce finalised the acquisition of the 50% Dinvest shares owned by Trimax Group. Dinvest indirectly holds a retail park of 10 563 m2 rented to 12 tenants including Darty, Gémo, Tati and Aubert. This operation enables Patrimoine
& Commerce to fully hold Dinvest.
Besides, Patrimoine & Commerce purchased 2 assets located in Chambly and Isle Adam representing a €4m investment for an annual rental income of €0.3m.
At Epagny, northwest of Annecy, a new concept store of over 2,000 m2 was delivered by Sepric Promotion during the 3rd quarter of 2014 gathering brands of Beaumanoir group (Cache-Cache, Bonobo, Breal, City, Oôra by M. Pokora and Flormar). This asset has been purchased by Patrimoine & Commerce.
Moreover, Sepric Promotion develops a second tranche, on the same area, of over
6,000m2 and 300 parking spaces. This retail park is already 100% pre-let to brands such
as Chaussea and Cultura. Cultura benefits of a call option on its premises. The inauguration of this asset, which will generate a €1.0m annual rental income, is scheduled for the second quarter of 2015.
Finally, in the commercial area of Beaulieu-Puilboreau, close to La Rochelle, Sepric Promotion develops a 6,000m2 retail park, pre-let to Darty and Cultura for an annual rental income of €0.9m. Cultura benefits of a call option on its premises. At the end of
2014, Patrimoine & Commerce acquired the 2,000m2 premises rented to Darty which inauguration is scheduled on July 2015.
Outlook
« In 2014 and 2015, the numerous projects delivered or in progress and the negotiations started in order to grow our retail parks portfolio, illustrate Patrimoine & Commerce dynamism. » said Eric Duval, Manager and Founder of Patrimoine & Commerce. «With our increased financial means, we will continue our development strategy in order to reinforce our position as the low cost retail parks specialist 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.
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. 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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