Earnings Release • Nov 15, 2018
Earnings Release
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Paris, November 15, 2018 – 8:00 a.m. Quarterly financial information
| In millions of euros | Nine months 2018 |
Nine months 2017 |
Change |
|---|---|---|---|
| IFRS rental income | 39.2 | 38.8 | +1.03% |
| Occupancy rate | 92.9% | 89.6% | +3.3 pts |
Unaudited figures.
Rental income grew 1.03% year on year to €39.2 million for the nine months ended September 30, 2018, illustrating vibrant rental activity.
Having already fully renovated Europlaza's lobby and garden, Cegereal recently refurbished the building's fitness center, auditorium and upper floors to enhance the range of high-end services offered to tenants.
Impressed by these amenities, leading audit and advisory firm KPMG signed a new lease during the period, bringing the surface area it occupies in the tower to nearly 7,400 sq.m.
The European Banking Authority (EBA) also chose La Défense and Europlaza for its relocation to France and will take possession of 5,300 sq.m of office space as from April 1, 2019. The EBA's employees will benefit from the premium services offered by the building, which is located at the heart of Europe's largest business district.
At end-September 2018, the occupancy rate for Cegereal's portfolio as a whole stood at 92.9%, compared with 89.6% at September 30, 2017. Once EBA's lease takes effect, the occupancy rate will stand at 95.5%.
With the support of its shareholders, Cegereal further expanded its portfolio during the period with the acquisition of Passy Kennedy, a 23,615 sq.m office building, for an amount of €218 million. The transaction is scheduled to be completed before the end of the year.
The iconic property, well positioned on the banks of the Seine, has in-place rental income of €10.3 million and is currently 100% occupied. Cegereal intends to undertake further investments to unlock the building's value-creating potential.
Just months after obtaining dual BREEAM In-Use International and NF HQETM Exploitation certification for its entire portfolio, Cegereal has received three international distinctions in recognition of its commitment to CSR. The company once again took second place in the 2018 Global Real Estate
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Sustainability Benchmark (GRESB) in the "listed office property companies in Europe" category and, for the third year running, won two Gold Awards at the annual conference of the European Public Real Estate Association (EPRA).
Media Relations
Aliénor Miens/Alexandre Dechaux +33 7 62 72 71 15 [email protected]
Charlotte de Laroche +33 1 42 25 76 38 [email protected]
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Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The portfolio's appraisal value was estimated at €1,174 million at June 30, 2018.
From an environmental point of view, Cegereal's portfolio is fully certified with NF HQETM Exploitation and BREEAM In-Use International certification, and benefits from the "Green Star" rating in the international GRESB benchmark. Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €555 million at November 14, 2018.
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