ANF Immobilier: Income Growth up by 14% in the 1St Quarter of 2016
May 11 2016 - 02:17AM
Business Wire
Regulatory News:
- Office properties accounted for 55% of
rental income in the 1st quarter of 2016
- Rental increase, Group share up by 3%,
and up by 5% like-for-like over the 1st quarter of 2016
- Delivery of a 4-star, 126 room hotel
under the AC by Marriott label in Marseille in January 2016 for €14
million
- Annual growth target of 10% confirmed
for EPRA Recurring Net Income, Group share
ANF Immobilier (Paris:ANF) revenues stood at €12.9 million for
the 1st quarter of 2016, totaling €11.3 million as at March 31,
2015. This 14% rise as per IFRS norms and 3% rise in net income
after minority interests reflects the Group’s dynamic policy of
acquisition and secured, high-yield real-estate development.
Rents up by 9% on account of three major transactions
The 9% growth in rents is due to changes in the consolidation
scope arising from three major transactions:
- Delivery in June 2015 of a 36,000 sq.m.
(387,500 sq.ft) office complex in the Carré de Soie district in
Lyon, rented out to Alstom (+€1.7 million over one quarter);
- Earlier deliveries of 2 hotels in
Marseille, near the new Stade Vélodrome and one hotel in Bègles in
the Bordeaux region (+€0.6 million over one quarter);
- Disposal in November 2015 of a 13,000
sq.m. (140,000 sq.ft) mixed property complex in Presqu’île, Lyon
and mainly occupied by Printemps.
The first two transactions represent 36,000 sq.m. (387,500
sq.ft) in rented offices and almost 400 hotel rooms, totaling €131
million in investments (€81 million, Group share). The third
transaction relates to the disposal of a low-yield 13,000 sq.m.
(140,000 sq.ft.) mixed-use heritage property complex in Lyon.
This asset rotation perfectly illustrates the transformation of
the real estate company, highlighting the partnership mechanism and
a yield spread of around +400 bps between new investments and
mature assets.
Commercial real estate transactions, driving rental growth at
constant scope
Added to this is a net 5% like-for-like increase in rents. This
is mainly due to commercial real estate transactions undertaken
since 2013, acquired or delivered before the 1st quarter of
2015, in particular Areva’s Lyon headquarters (end of
rent-free period) in the Part Dieu district and the Milky Way in
the Confluence district (now fully rented out). Growth has also
been boosted by the diversification into furnished housing units on
rue de la République, Marseille. These healthy figures include a
drop of around 9% in local rental income in Marseille.
A dedicated strategy for the Marseille portfolio
ANF Immobilier’s local strategy for the Marseille portfolio,
initiated in 2015 and presented in 2016, is as follows:
- In residential, work has started on
optimizing rental expenses, the property management function has
been outsourced and we are actively investigating strengthening
infrastructures by setting up quality locations near public
facilities such as schools in collaboration with the City of
Marseille;
- In office properties, the success of
the Euroméditerranée program, which has become a major commercial
hub, has led to significant rental demand, benefiting the real
estate company;
- In retail premises, differentiation is
key, with a new retail premises at place de la Joliette to
complement the new office offering and another new location near
the attractive Vieux-Port.
Group share Revenues have risen 3%, the result of joint
development operations with partners, acknowledged stakeholders in
commercial real estate.
Summary and target
Gross rental income(Published data,IFRS
in millions of euros) Q1 2016million euros Change
Q1 2015million euros Offices
7.1 +42%
5.0 Retail
2.2 -24% 2.9
Residential
1.7 -10% 1.8 Hotels
1.5 +34% 1.1 Other (car parks)
0.4 -2% 0.4 TOTAL
12.9
+14% 11.3 Group share 10.5 +3% 10.2
Rental income now breaks down into 55% from offices, 17% from
retail, 13% residential and 12% from hotels with the remainder
comprising other types of land use, mainly parking lots.
Commercial real estate rents account for 84% of income.
ANF Immobilier has confirmed its 10% growth target for EPRA
Recurring Net Income, Group share for 2016 as a whole.
According to Renaud Haberkorn, Chief Executive Officer of ANF
Immobilier, « ANF Immobilier is now a pivotal player in commercial
real estate in dynamic regional cities. The results show the impact
of this strategy. »
2016 Financial
Agenda
2016 half-year results July 27, 2016 (before the start of trading)
Presentation of 2016 half-year results July 27, 2016 (conference
call and webcast) 2016 3rd quarter revenues November 10, 2016
(before the start of trading)
About ANF Immobilier
ANF Immobilier (ISIN FR0000063091) is a listed real estate
investment company which owns a diversified portfolio of office,
retail, hotel and residential property worth €1,101 million in
France. It is currently undergoing a major transformation to
concentrate on commercial real estate, create value and support the
development of large, dynamic regional cities in France. It
currently has assets in Bordeaux, Lyon and Marseille. ANF
Immobilier is listed on the Eurolist B of Euronext Paris and
included in the EPRA benchmark real estate index. It is a member of
the Eurazeo Group.
http://www.anf-immobilier.com
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version on businesswire.com: http://www.businesswire.com/news/home/20160510007101/en/
For ANF Immobilier:Laurent Milleron, +33 1 44 15
01 11investorrelations@anf-immobilier.comorPress:Renaud
Large, +33 1 58 47 96 30renaud.large@havasww.com
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