Revenues
CeGeREAL reported a total turnover (rental and related income – IFRS) of €10.8 million in the first quarter of 2012, an increase of 6% compared with the year-earlier period. Rental income rose by €441 thousand or 5% over the period, primarily as a result of rent uplifts supported by the 5% average increase in the benchmark construction cost index (ICC) in 2011.
Mains events in 1st quarter of 2012 – Lettings:
The office rental market in the Paris region contracted by 18%, with 514,000 sq.m. let during the quarter (source: Immostat database). CeGeREAL was very active in this challenging market, signing new leases on 19,000 sq.m. including 10,500 sq.m. let to Canal Plus (a leading TV channel) under a nine year fixed lease and 4,300 sq.m. in the Arcs de Seine complex let to Hewlett Packard under a nine-year lease with a tenant break option after six years. These transactions confirm CeGeREAL’s selective rental strategy designed to secure long-term revenue streams. The occupancy rate for the entire portfolio will stand at 80% including these new leases, and the remaining vacant units in Arcs de Seine are being actively marketed.
