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

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