Revenues up 16.4%
Robust increase in commercial property rental income from the Parisian CBD (Central Business District): +37%
Continuation of the strategy aimed at refocusing on Paris real estate
Assets at the end of 2014: €1.6 billion, up 12%
The rental income of TERREÏS was €71.9 million in 2014, up 16.4% compared to 2013, mainly due to net asset growth. Based solely on the 4th quarter, rental income was €18.2 million, up 15.1%.
|Rental income||Year||4th quarter|
|(in € 000s)||2014||2013||% Change||2014||2013||% Change|
|Including Paris CBD||43,817||32,005||+36.9%||11,214||8,457||+32.6%|
For the full year, the financial occupancy rate of the commercial property assets, which includes the technical vacancy of buildings under construction, stands at 95.3%, stable compared to 2013. The building at 6 boulevard Malesherbes (Paris 8) was completely re-rented on 1 November 2014.
Since the end of the 1st half of 2014, the prevailing conditions on the prime Parisian market (declining rate of return, elevated price metrics) make opportunistic acquisitions more difficult. So, as announced last July, in the 4th quarter, TERREÏS concentrated on continuing the sale of its residential and regional assets.
The assets of TERREÏS at the end of December 2014 amount to €1.592 billion compared to €1.424 billion at the end of 2013, i.e. an increase of 12%. This increase of €168 million breaks down as follows:
The goal of TERREÏS is to increase its Parisian commercial property portfolio and to focus on the Paris CBD. In the current prime Parisian market conditions, TERREÏS, while remaining attentive to opportunities that may arise, will concentrate on the disposal of its non-strategic assets under the best conditions (residential, regional and Paris area).
Next publication: results for the 2014 financial year, 10 March 2015.
Contact: Fabrice Paget-Domet, Chief Executive Officer - Tel: +33 (0)1 82 00 95 23
Olivier Froc, Chief Executive Officer, Ovalto Investissement - Tel: +33 (0)1 82 00 95 14
About TERREÏS (www.terreis.fr)
TERREÏS is a real estate company whose assets consist of offices and retail premises that are primarily located in the Paris CBD. TERREÏS has been listed on the NYSE Euronext regulated market in Paris since December 2006 and has been included in Compartment B since January 2012. It has opted for the status of listed property investment company ("SIIC") since 1 January 2007. Its shares have been included in the SBF250 Index (now the CAC-All Tradable Index) since September 2010.
ISIN Code: FR0010407049 - Ticker symbol: TER