Regulatory News:
A slight decline of 1% in rental income,
Group share in the first nine months of 2017 (down 4% on a
consolidated IFRS basis), resulting mainly from asset rotation
and the Marseille real estate market
Rental income of ANF Immobilier, on a consolidated basis and
according to IFRS, reached €36.8 million as of September 30,
2017. This represents a 4% decline compared to the first three
quarters of 2016, mainly due to the asset rotation policy and a
lackluster real estate market in Marseille. On a like-for-like
basis, rental income amounted to €33.5 million (€30.6 million Group
share).
Rental income from the Retained Portfolio (portfolio excluding
the real estate portfolio under binding reciprocal promise of sale
with Primonial REIM, the latter being referred to as the "Sold
Portfolio") now breaks down as 81% offices, 2% retail premises, 16%
hotels and the remainder in other surfaces, mainly parking lots.
Commercial rental income now accounts for 99% of total income.
Rental income from the Sold Portfolio represented €12.9 million
under IFRS (and also in Group share). Restated for the latter, the
pro forma rental income of ANF Immobilier (from the "Retained
Portfolio"), amounted to €23.9 million under IFRS and €17.7 million
Group share.
Changes in rental income at constant scope
for the entire portfolio: 5% decline
1) Sold Portfolio:
a) In Marseille, rental income increased by
+€0.2 million. This trend results from an improvement in the
occupancy rate of residential units in 2017 (+€0.5 million, a
positive balance of 54 unfurnished residential units rented in the
first three quarters and a vacancy rate changing from 29% at the
end of September 2016 to 16% at the end of September 2017 for
furnished housing). This offsets the departure of retail brands
located on Rue de la République due to the current excess supply of
retail spaces.
b) In Lyon, rental income displayed
significant growth with the impact of the Banque de France asset at
+€0.4 million.
2) Retained Portfolio:
a) In Marseille, a decline in rental income
was recorded and resulted mainly from the departure of one tenant
from an office building located in the Euroméditerranée
neighborhood (-€1.2 million).
b) In Lyon, rental income declined by -€1.2
million due to the impact of the move of the Adecco France Group
from their former headquarters to their new Carré de Soie
headquarters, owned and developed by ANF Immobilier. It should be
noted that the building vacated by Adecco France holds a building
permit obtained at the end of April 2017 for a large-scale
restructuring project. In the future, more than 22,000 m² of new
offices, ideally located in immediate proximity to the Tête d’Or
park, will be built.
c) In Bordeaux, rental income from office
buildings situated in the Les Bassins-à-Flot district was
stable.
Changes in rental income related to
changes in scope for the entire portfolio: 1% increase
In Marseille, rental income decreased by -€0.8 million due to
the sale of an office building to the Caisse Primaire d’Assurance
Maladie at the end of 2016.
Likewise, rental income from hotel assets declined by -€1.2
million due mainly to the sale of a MGallery hotel in Lyon and an
Adagio hotel in Marseille during the same period (-€1.6 million),
sales which were partially offset by the delivery of two new
hotels: Allar in Marseille and Bobigny in the Paris region (+€0.4
million).
In Lyon, rental income rose significantly by €1.3 million. This
growth was due to the delivery of the new headquarters of the
Adecco France Group, more than 13,000 m² located in the Carré de
Soie district, which took place in September 2016 (+€1.9 million)
and was attenuated by mixed sales of retail lots and historical
residential assets (-€0.6 million).
In Bordeaux, rental income will be reinforced from the second
half-year of 2018 by the Quai 8.2 transaction, an iconic and mainly
commercial real estate €97 million development that is immediately
adjacent to the high-speed rail terminal.
In Toulouse, in March 2017, the acquisition of the 16,150 m²
Centreda commercial property complex in close proximity to the
Airbus headquarters, contributed to a +€1.0 million increase in
rental income.
Outlook
ANF Immobilier confirms its objective for 2017 of stable EPRA
earnings, adjusted and Group share (after the restatement of
impacts associated with the Sold Portfolio and the change of
control), an objective consistent with its asset rotation program
and the pace of its developments.
For Emmanuelle Baboulin, Chairman of the Executive Board of
ANF Immobilier, "ANF Immobilier continues to grow and is now
reaching a milestone with the sale of nearly its entire historical
portfolio, which is planned for the 4th quarter. It
chose to fully transform into a purely commercial real estate
company specializing in regional city centers. "
IFRS
Rental income Q3 2017 Change Q3
2016 (Published data,
millions of euros millions of
euros IFRS in millions of euros)
Offices 20.9 0%
20.9 Retail premises
5.9 -10%
6.5 Residential 5.3 10%
4.8 Hotels 3.8 -23%
4.9 Other (car
parks) 0.9 -27%
1.2 TOTAL 36.8 -4%
38.3 Group Share 30.6 -1% 31.0
Sold Portfolio Rental
income Q3 2017 Change Q3 2016 (Published
data,
millions of euros millions of euros IFRS in
millions of euros)
Offices 1.5
-3%
1.5 Retail premises 5.4 7%
5.1
Residential 5.2 10%
4.7 Hotels -
N/A
- Other (car parks) 0.8 -16%
1.0
TOTAL 12.9 5%
12.3 Group Share
12.9 5% 12.3 Retained Portfolio
Rental income Q3 2017
Change Q3 2016 (Published data,
millions of
euros millions of euros IFRS in millions of euros)
Offices 19.4 1%
19.3
Retail premises 0.5 -68%
1.5
Residential 0.1 -2%
0.1 Hotels
3.8 -23%
4.9 Other (car parks) 0.1 -69%
0.3 TOTAL 23.9 -8%
26.0 Group
Share 17.7 -6% 18.7
About ANF Immobilier
ANF Immobilier (ISIN FR0000063091) is a listed real estate
investment company that owns a diversified portfolio of French
office, retail, hotel and residential properties worth €1 billion.
It is undergoing a major transformation to concentrate on
commercial real estate, create value and support the development of
large, dynamic regional cities. It currently has assets in
Bordeaux, Lyon, Marseille and Toulouse. Listed on Euronext Paris,
ANF Immobilier is included in the EPRA real estate index.
http://www.anf-immobilier.com
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version on businesswire.com: http://www.businesswire.com/news/home/20171109006833/en/
ANF Immobilier:Laurent Milleron, +33 1 44 15 01
11investorrelations@anf-immobilier.comorMedia:Renaud
Large, +33 1 58 47 96 30renaud.large@havas.com
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