Cegereal, the French Core Office REIT - Rental income up 9.5%
Paris, October 26, 2016 - 8:00 a.m.
Rental income up 9.5%
Significant events of the quarter
Solid operating performance, with IFRS gross rental income up 9.5%
to €36.1 million over the first nine months. The anticipated departure of Boursorama will have a limited impact on 2016, as this tenant has been paying a 50% mark-up on its rent since January 1, 2016.
A €525 million credit agreement
at the very competitive interest rate of 1.35% allowed the Group to refinance a €405 million loan on very favorable conditions. With a debt ratio of 55% and finance costs down by 45%, Cegereal now has more headroom to carry out growth projects. The loan has a maturity of five years, with the possibility to extend it for a further two years.
Cegereal signed an agreement to acquire the Hanami campus
in Rueil-Malmaison, the green city in the Western Crescent of Paris. This 30,000 sq.m office complex, which is leased to first-class tenants and has an occupancy rate of 91%, comprises eight office buildings spread over 3 hectares on an exceptional, landscaped site in the city center, on the banks of the Seine. Closing is expected for the end of the year.
Commitments and awards
Cegereal obtained ISO 14001:2004 certification
for its environmental management system. This certification recognizes Cegereal's commitment to corporate social responsibility and its ambition to limit the environmental impact of its activities.
Cegereal is now ranked among Europe's leaders in financial and extra-financial reporting
. It won two awards at the annual European Public Real Estate Association (EPRA) conference and achieved the top position in the 2016 Global Real Estate Sustainability Benchmark (GRESB) ranking in the "listed office property companies in Europe" category.
In millions of euros
Nine months 2016
Nine months 2015
IFRS gross rental income
Portfolio occupancy rate
In euros per share
The above figures have not been reviewed by the Statutory Auditors.
Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The portfolio's appraisal value is estimated at €1,040 million as of June 30, 2016 (replacement value).
To date, Cegereal is the first French property company with a fully certified portfolio from an environmental point of view (HQE and BREEAM "Very Good") and ranks as "Sector Leader" in the international benchmark GRESB.
Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €501 million on October 24, 2016.