2014 first half revenue
2014 first half revenue up 2% to € 11.7 million
§ Impact of disposals offset by rent from the Levallois building acquired in April
§ Management fees increased thanks to SCPI Novapierre Germany
SIIC PAREF, a property company specialised in property investment and management on behalf of third parties, announces revenues of € 11.7 million for the first six month of the 2014 financial year, a slight increase compared with the first half of 2013 (€ 11.4 million).
|Revenues (€ millions)||HY1 2014||HY1 2013||% change||FY 2013|
|Rent and costs recovered||8.3||8.5||(2.9%)||16.9|
|of which residential||1.0||0.9||2.8%||1.9|
|of which commercial||7.3||7.6||(3.6%)||14.9|
|Consolidated IFRS revenue||11.7||11.4||2.2%||22.1|
Slight decline in rental income
Rent (and costs recovered) in the first half of 2014 totalled € 8.3 million, compared with € 8.5 million in the first half of 2013. This € 0.2 million decline was due to renegotiations of leases and tenants moving in and out. Rent from the Levallois building (5,800 m² of offices located near to the So Ouest shopping centre), acquired in April 2014 and 95% rented out, offset the effects of the sale of the Rueil and La Courneuve buildings, completed in May 2013 and March 2014 respectively.
On a constant group structure basis (excluding the 2013 and 2014 sales), rent and costs recovered dipped by € 0.2 million
The occupancy rate at the end of June, excluding the “Le Gaïa” building in Nanterre, was 91% (compared with 89% at the end of March 2014 and the end of December 2013). Taking the Le Gaïa building into account, the occupancy rate was 83%. The first lease, a 1,400 m² office complex, was signed in April.
Increase in SCPI subscription fees thanks to Novapierre Germany
During the first half of 2014, management fees totalled € 3.4 million compared with € 2.9 million for the same period in 2013, an increase of 17%.
Subscription fees increased thanks to the new SCPI Novapierre Germany whose launch has been highly successful. This SCPI posted a capitalisation of € 28.5 million at 30 June and made its first two acquisitions in June for € 16 million. Subscription fees thus totalled € 1.7 million (including € 1.2 million from Novapierre Germany), compared with € 1.4 million in the first half of 2013.
Management fees on property assets represented € 1.7 million, compared with € 1.5 million over the same period of 2013.
Assets managed on behalf of third parties grew by 4% in comparison with 31 December 2013 to € 712 million. In total, assets held or managed by the Paref Group, after eliminating duplication (Paref investments in vehicles managed by Paref Gestion) thus amounted to € 851 million, compared with € 816 million at the end of 2013.
|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 property in Paris.
§ Management on behalf of third parties: PAREF Gestion, an AMF-certified subsidiary of PAREF manages 5 SCPIs and 2 OPCIs.
At 30 June 2014, PAREF Group owned € 168 million in property assets and managed assets worth € 712 million on behalf of third parties
Euronext Paris - Compartment C
ISIN: FR00110263202 - Ticker: PAR
Chairman of the Management Board
Member of the Management Board
Tel: +33 (1) 40 29 86 86
Tel: +33 (1) 53 32 78 89 / 95
Publication of half-year results: 18 September 2014
|For further information, please visit www.paref.com|
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