Paris, France, April 17, 2019

Business at March 31, 2019

Rental income up +2.3% like-for-like to €164.1m 
(+10.6% factoring the impact of assets deliveries following redevelopment)

Market still buoyant in Gecina’s key sectors


Rental income reflecting Gecina’s strategy and robust trends for the most central sectors

  • Gross rental income up +2.3% like-for-like in total and +2.5% for offices
  • Factoring in the impact of assets delivered following redevelopment, this performance climbs to +13.2% for offices (+10.6% overall)
  • Rental income down -2.6% on a current basis due to sales
  • Nearly €17m of rent from like-for-like growth and assets delivered in 2018 in Paris, the Western Crescent and Lyon, offsetting the loss of rent linked to sales


€149m of sales already completed or under preliminary agreements in the first quarter, with a +7% premium versus the appraisal values


Office market still buoyant, particularly in Paris

  • Immediate supply down -7% for the Paris Region and -11% for Paris City, its lowest level to date. Vacancy rates continuing to contract as a result, with 5.3% for the Paris Region and 2.2% for Paris
  • Trends for headline rents on letting still positive for the most central sectors (+7.5% for the Paris Region and +9% to +14% for the various sectors in Paris City)


Gecina reconfirms its 2019 guidance with confidence

  • Restated for the impact of sales of non-strategic assets from Eurosic’s scope, recurrent net income per share for 2019 is expected to grow by around +2% despite the significant volume of assets currently being redeveloped or to be launched for redevelopment shortly
  • The projects from the pipeline are expected to generate additional net rental income - net of sales from 2018 - of +€130m to +€140m by 2024


Read the full press release here


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