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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Executive Director Communications, Public Affairs and Brand