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PAREF : First half-year revenue : 14.3 M EUR

  13/07/2011 18:00

  • Growth in recurring operations (excluding property dealings): 12.8%
  • 2.9% decline in rental income on a constant group structure basis
  • Strong growth in management fees: up 130%
Revenues (€ thousands) HY1 2011 HY1 2010 % Change FY 2010
Rent and costs recovered 10,707 11,126 (3.8%) 22,969
residential 1,563 1,538 1.6% 3,159
commercial 9,144 9,588 (4.6%) 19,810
Management fees 3,608 1,566 130.4% 4,140
Total recurring activities 14,315 12,692 12.8% 27,109
Property dealings 0 900 ns 946
Consolidated IFRS revenue 14,315 13,592 5.3% 28,055


Moderate decline in rental income

  • Rent (and costs recovered) for the first half of 2011 represented € 10.71 million, which was a decrease of 2.9% on a like-for-like basis (compared to 3.8% as reported). Movements related to changes in group structure accounted for a decline of € 94 thousand and were due to:
    • an increase in rent (and costs recovered) of € 443 thousand, related to the change in the consolidation scope resulting from the contribution to SCPI Interpierre (implemented on 1 July 2010), and
    • the sale of buildings, as confirmed in the press release dated 5 May 2011 (building of the Parmentier private hospital and Rivoli and Roule buildings), which resulted in a reduction of € 537 thousand in  rent (and costs recovered).
    After restatement for these two items, the decline in rent (and costs recovered) was € 324 thousand, primarily due to the review of the rent of the Pantin building (with effect from 1 June 2010).
  • The occupancy rate was 89% at 30 June 2011, unchanged compared to 31 March but down one percentage point compared to the end of 2010; this change was primarily due to the effect of arbitrations and tenants vacating smaller premises in Clichy and Vitry.


Management on behalf of third parties: increased momentum for the trend initiated in 2010

  • SCPI

During the first six months of the 2011 financial year, the various SCPIs management by PAREF GESTION collected a total of almost € 35 million (note that excluding the contribution to SCPI Interpierre, for the full 2010 financial year a total of € 31.3 million was collected). The subscription fees of SCPI Novapierre (stores) and Pierre 48 (residential property in Paris and the Paris region) represented € 1.66 million and € 0.45 million, respectively. Furthermore, management fees on current subscriptions grew by 8.3% on a like-for-like basis, owing to strong collections since the second half of 2010.


  • OPCIs

The management of OPCIs (Vivapierre, Naos and Polypierre) also generated recurring fees of € 274 thousand, an increase of 14% compared to the 1st half of 2010.
The environment is favourable for the launch of new investment vehicles, in particular in making use of the SIIC regime.


New development: Acquisition of Watford

Following the announcement made in its quarterly report dated 5 May 2011, on 7 July 2011 PAREF finalised the full acquisition of Watford Eurl from its own resources.  The purpose of this transaction is to own a building site located in Nanterre (92), which benefits from an 11,000 m2 planning permission, free and clear of any appeal.  This acquisition enables PAREF to give a new impetus to its investment policy, with the planned construction of a HQE/BBC (High Environmental Quality) office building.


Shareholders' agenda:
Publication of half year results 9 September 2011 before start of trading and presentation meeting at 11.30am.


About Paref
PAREF Group operates in two major complementary areas:

  • Commercial and residential investments: PAREF owns various commercial buildings in and out of the Paris region. The Group also owns the temporary usufruct of residential properties in Paris.
  • Management on behalf of third parties: PAREF Gestion, an AMF-certified subsidiary of PAREF manages 3 SCPIs and 3 OPCIs.

At 30 June 2011, PAREF Group managed a property portfolio of € 677 million, of which € 525 million managed on behalf of third parties.


PAREF shares have been listed on Eurolist Compartment C of the Euronext Paris Stock Exchange since December 2005
ISIN code: FR00110263202 - Ticker: PAR

Chairman of the Management Board

Member of the Management Board

Tel: +33 (0)1 40 29 86 86
Analyst – Investor Relations

Financial Press Relations

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