Patrimoine et Commerce : Press Release Q3 2019 results
October 22, 2019 at 03:55 am EDT
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Press release - 22ndOctober 2019
Q3 2019 RESULTS
GROSS RENT OF €34.2M, +6.8 %PROGRESS
October 22nd, 2019
Total gross rent of Patrimoine & Commerce's property portfolio reached €34.2m at the end of the third quarter of 2019, up +6.8% compared to the same period last year.
in € m - year to date
Q3 2019
Q3 2018
Variation
%
Like-for-like
27.4
26.8
+0.6
+2.4%
Acquisitions
3.2
0.9
+2.4
N/A
Sold assets
0.2
0.7
(0.5)
N/A
Restructuring
3.4
3.7
(0.3)
-7.6%
Total gross rental income
34.2
32.0
+2.2
+6.8%
The acquisitions in 2019 of retail parks in Soissons (Aisne), Château-Thierry (Aisne), and the delivery of Champagne-au-Mont-d'Or (Rhône) as well as a portfolio of assets acquired in 2018 are the main driver of rent growth. On top of external acquisitions, like-for-like rent grew by +2.4%, mainly due to contractual rent indexation reaching +2,2% over the period and for the whole portfolio.
Having closed significant acquisitions during the first semester of 2019 and in line with its non-strategic asset disposal strategy, Patrimoine & Commerce disposed of an asset in L'Isle-Adam(Val-d'Oise) for €3.2M in line with appraisal value.
In addition, Patrimoine & Commerce restructured a 7,356 m² property in Lempdes (Puy- de-Dôme). The premises are notably leased to Basic Fit and B&M. The grand opening of B&M third store in France on October 9thwas a significant commercial success and a cornerstone of the retail brand expansion. B&M operates over 1,100 locations in Europe.
Outlook
Eric Duval, founder and managing director declared: "We continued our development dynamic with an increase in gross rent of +6,8% for the first nine month of fiscal year 2019. We benefit from our solid regional network and our strategic positioning, as a recognized low-cost retail park specialist in France, that powers our performances. Through a responsible development, we are ideally positioned to respond to retailer needs. Consequently, we are confident in our short-term prospects».
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of 494,000 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 - Tag Code: PAT
For further information, go to: www.patrimoine-commerce.com
For information, contact:
PATRIMOINE & COMMERCE
KEIMA COMMUNICATION
Eric DUVAL
Investor Relations
Managing Director
Emmanuel DOVERGNE
Tel: +33 1 46 99 47 61
Tel: +33 1 56 43 44 63
emmanuel.dovergne@keima.fr
THE LOW-COST RETAIL PARK SPECIALIST
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Patrimoine et Commerce SCA published this content on 22 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2019 07:54:01 UTC
Patrimoine et Commerce is a real estate company that owns a portfolio of assets, mainly consisting of retail space located in commercial parks near medium-sized cities.
At the end of 2023, the property portfolio, consisting of 76 assets with a total leasable area of approximately 528,000 m2, amounted, in market value (excluding transfer taxes), to EUR 842.8 million, broken down by type of assets between retail parks (99.7%), shopping malls, offices and business property (0.3%).