Business at September 30, 2019
Rental income of €500.6m
Rental income up +1.1% supported by an acceleration in like-for-like growth to +2.4%
(+10.3% including the impact of the redeveloped buildings delivered)
Rental income reflecting Gecina’s strategy and robust trends for the most central sectors
- Gross rental income up +2.4% like-for-like: +2.4% for offices and traditional residential, and +2.8% for student residences
- Factoring in the impact of assets delivered following redevelopment, this performance climbs to +10.3% overall (and +12.4% for offices)
- Nearly €52m of rent from like-for-like growth and assets delivered in 2018 and 2019 in Paris, the Western Crescent and Lyon, offsetting rent from assets sold and the temporary loss of rent from assets to be transferred to the pipeline
Portfolio's realignment continuing to move forward
- €482m of sales completed or covered by preliminary agreements, with a premium of nearly 6% versus appraisal values
- Strategic sales of mature or non-strategic assets (logistics, hotels and commercial premises located outside of Paris, etc.)
Further progress with lettings for the project pipeline in the third quarter
- Pre-letting continuing to move forward: Friedland and Carré Michelet in the last few weeks have increased the letting rate for operations delivered in 2019 and 2020 to nearly 64%
Office market still buoyant, particularly in Paris, in a more complex macroeconomic environment
- Immediate supply down -6% for the Paris Region and now at an all-time low for Paris City
- Vacancy rates continuing to contract as a result, with close to 2% for Paris
- Headline rents trends positive for the most central sectors and particularly the Paris CBD (+7.3% year-on-year)
Gecina reconfirms its 2019 guidance with confidence
- Restated for the impact of sales of non-strategic assets, recurrent net income per share for 2019 is expected to increase by over +3%, representing €5.80 to €5.85 per share.
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Building the future Total return of 11.4% over 12 months (6.8% over six months) €3.8bn project pipeline, with €3.0bn underway or to be launched in the short term Gecina’s transformation[...]
Paris, France, July 18, 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
Paris, France, April 17, 2019
Chief Executive Officer
Méka Brunel is a business leader in the real estate industry. She is an ETP engineer, an Executive MBA from HEC and FRICS. From 1996, she held a range of management...
Deputy CEO in charge of Finance
A Dauphine and Sorbonne graduate, with a postgraduate DESS in banking and finance, as well as a postgraduate DESCF in accounting and finance, Nicolas Dutreuil began...