Paris, France, April 18, 2018

Business at March 31, 2018: lettings and pre-lettings accelerated, and sales program rolled out


Strong rental income growth reflecting the benefits of Eurosic's integration and the market dynamics

  • Gross rental income up +40.8% on a current basis
  • Like-for-like growth of +1.8%, significantly outperforming the indexation effect

Strong lettings performance in a buoyant market for central sectors

  • Commercial pressures in the central sectors where Gecina’s pipeline and portfolio are concentrated
  • Nearly 75,000 sq.m let, pre-let, relet or renegotiated since the start of the year (including preliminary rental agreements), primarily on properties under development

Rapid progress with the pipeline's pre-letting rate

  • 64% of space in the deliveries expected for 2018 has already been pre-let, including preliminary rental agreements to be covered by leases in the short term. For the entire committed pipeline, this rate is now 55%.

€814m of the sales program already secured

  • €436m of sales completed or secured since the start of the year, with a premium of around +10% versus the latest appraisal values
  • With disposals achieved in 2017, 70% of the sales program targeting at least €1.2bn announced in connection with Eurosic's acquisition is already secured
  • In addition, more than €800m of additional sales currently subject to exclusive talks

Continuing to optimize the balance sheet

  • €500m bond issue with a maturity of 12 years and a 1.625% coupon
  • Almost €700m of new long-term bank credit lines set up in the first quarter
  • First responsible credit agreement indexed against Gecina's CSR performance for €150m


Gecina reconfirms its 2018 targets with confidence

  • 2018 will be marked by an acceleration in the volume of deliveries, primarily over the second half of the year, as well as the sales announced following Eurosic’s acquisition.
  • Gecina is confident that it will be able to achieve its targets for 2018, with recurrent net income (Group share) per share expected to increase by +3% to +6% depending on the timeline for finalizing the various sales being considered

In order to safeguard its communication, Gecina certify its contents on Wiztrust. You can check the authenticity on the website