|Revenues (¤ thousands)||HY1 2011||HY1 2010||% Change||FY 2010|
|Rent and costs recovered||10,707||11,126||(3.8%)||22,969|
|Total recurring activities||14,315||12,692||12.8%||27,109|
|Consolidated IFRS revenue||14,315||13,592||5.3%||28,055|
Moderate decline in rental incomeRent (and costs recovered) for the first half of 2011 represented ¤ 10.71 million, which was a decrease of 2.9% on a like-for-like basis (compared to 3.8% as reported). Movements related to changes in group structure accounted for a decline of ¤ 94 thousand and were due to: an increase in rent (and costs recovered) of ¤ 443 thousand, related to the change in the consolidation scope resulting from the contribution to SCPI Interpierre (implemented on 1 July 2010), and the sale of buildings, as confirmed in the press release dated 5 May 2011 (building of the Parmentier private hospital and Rivoli and Roule buildings), which resulted in a reduction of ¤ 537 thousand in rent (and costs recovered). After restatement for these two items, the decline in rent (and costs recovered) was ¤ 324 thousand, primarily due to the review of the rent of the Pantin building (with effect from 1 June 2010). The occupancy rate was 89% at 30 June 2011, unchanged compared to 31 March but down one percentage point compared to the end of 2010; this change was primarily due to the effect of arbitrations and tenants vacating smaller premises in Clichy and Vitry.
Management on behalf of third parties: increased momentum for the trend initiated in 2010SCPI
During the first six months of the 2011 financial year, the various SCPIs management by PAREF GESTION collected a total of almost ¤ 35 million (note that excluding the contribution to SCPI Interpierre, for the full 2010 financial year a total of ¤ 31.3 million was collected). The subscription fees of SCPI Novapierre (stores) and Pierre 48 (residential property in Paris and the Paris region) represented ¤ 1.66 million and ¤ 0.45 million, respectively. Furthermore, management fees on current subscriptions grew by 8.3% on a like-for-like basis, owing to strong collections since the second half of 2010.OPCIs
The management of OPCIs (Vivapierre, Naos and Polypierre) also generated recurring fees of ¤ 274 thousand, an increase of 14% compared to the 1st half of 2010.
The environment is favourable for the launch of new investment vehicles, in particular in making use of the SIIC regime.
New development: Acquisition of Watford
Following the announcement made in its quarterly report dated 5 May 2011, on 7 July 2011 PAREF finalised the full acquisition of Watford Eurl from its own resources. The purpose of this transaction is to own a building site located in Nanterre (92), which benefits from an 11,000 m2 planning permission, free and clear of any appeal. This acquisition enables PAREF to give a new impetus to its investment policy, with the planned construction of a HQE/BBC (High Environmental Quality) office building.
Publication of half year results 9 September 2011 before start of trading and presentation meeting at 11.30am.
PAREF Group operates in two major complementary areas:
At 30 June 2011, PAREF Group managed a property portfolio of ¤ 677 million, of which ¤ 525 million managed on behalf of third parties.
PAREF shares have been listed on Eurolist Compartment C of the Euronext Paris Stock Exchange since December 2005
ISIN code: FR00110263202 - Ticker: PAR
|PAREF||CITIGATE DEWE ROGERSON|
Chairman of the Management Board
Member of the Management Board
Tel: +33 (0)1 40 29 86 86
Analyst - Investor Relations
Financial Press Relations
Tel.: +33 (0)1 53 32 78 89 / 95
firstname.lastname@example.org / email@example.com
For further information, please visit the PAREF Group website: www.paref.comInformation réglementée
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-24533-cp-paref-13072011.pdf © Copyright Actusnews Wire
Recevez gratuitement par email les prochains communiqués de la société en vous inscrivant sur www.actusnews.com
Receive by email the next press releases of the company by registering on www.actusnews.com, it's free
|PAREF||Euronext Paris||72.07 (c)||-0.41%||727|