PAREF : 2014 first half revenue


2014 first half revenue up 2% to ¤ 11.7 million

§ Impact of disposals offset by rent from the Levallois building acquired in April
§ Management fees increased thanks to SCPI Novapierre Germany

SIIC PAREF, a property company specialised in property investment and management on behalf of third parties, announces revenues of ¤ 11.7 million for the first six month of the 2014 financial year, a slight increase compared with the first half of 2013 (¤ 11.4 million).

Revenues (¤ millions) HY1 2014 HY1 2013 % change FY 2013
Rent and costs recovered 8.3 8.5 (2.9%) 16.9
of which residential 1.0 0.9 2.8% 1.9
of which commercial 7.3 7.6 (3.6%) 14.9
Management fees 3.4 2.9 17.4% 5.2
Consolidated IFRS revenue 11.7 11.4 2.2% 22.1

Slight decline in rental income

Rent (and costs recovered) in the first half of 2014 totalled ¤ 8.3 million, compared with ¤ 8.5 million in the first half of 2013. This ¤ 0.2 million decline was due to renegotiations of leases and tenants moving in and out. Rent from the Levallois building (5,800 m² of offices located near to the So Ouest shopping centre), acquired in April 2014 and 95% rented out, offset the effects of the sale of the Rueil and La Courneuve buildings, completed in May 2013 and March 2014 respectively.

On a constant group structure basis (excluding the 2013 and 2014 sales), rent and costs recovered dipped by ¤ 0.2 million

The occupancy rate at the end of June, excluding the "Le Gaïa" building in Nanterre, was 91% (compared with 89% at the end of March 2014 and the end of December 2013). Taking the Le Gaïa building into account, the occupancy rate was 83%. The first lease, a 1,400 m² office complex, was signed in April.

Increase in SCPI subscription fees thanks to Novapierre Germany

During the first half of 2014, management fees totalled ¤ 3.4 million compared with ¤ 2.9 million for the same period in 2013, an increase of 17%.

Subscription fees increased thanks to the new SCPI Novapierre Germany whose launch has been highly successful. This SCPI posted a capitalisation of ¤ 28.5 million at 30 June and made its first two acquisitions in June for ¤ 16 million. Subscription fees thus totalled ¤ 1.7 million (including ¤ 1.2 million from Novapierre Germany), compared with ¤ 1.4 million in the first half of 2013.

Management fees on property assets represented ¤ 1.7 million, compared with ¤ 1.5 million over the same period of 2013.

Assets managed on behalf of third parties grew by 4% in comparison with 31 December 2013 to ¤ 712 million. In total, assets held or managed by the Paref Group, after eliminating duplication (Paref investments in vehicles managed by Paref Gestion) thus amounted to ¤ 851 million, compared with ¤ 816 million at the end of 2013.


PAREF Group operates in two major complementary areas:
§ Commercial and residential investments: PAREF owns various commercial buildings in and out of the Paris region. The Group also owns the temporary usufruct of residential property in Paris.
§ Management on behalf of third parties: PAREF Gestion, an AMF-certified subsidiary of PAREF manages 5 SCPIs and 2 OPCIs.
At 30 June 2014, PAREF Group owned ¤ 168 million in property assets and managed assets worth ¤ 712 million on behalf of third parties
Euronext Paris - Compartment C
ISIN: FR00110263202 - Ticker: PAR

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Shareholders' agenda
Publication of half-year results: 18 September 2014
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