Rental income up +54% for the first half of 2020 to €69m
July 01 2020 - 10:45AM
Rental income up +54% for the first half of 2020 to €69m
Quarterly financial information - Wednesday 1st July
2020 – 5:45 p.m.
Rental income up +54%
for the first half of 2020 to €69m
Rental income (IFRS) as at 30 June 2020
(unaudited figures)
€M |
Financial year 2020 |
Financial year 2019 |
Change |
1st quarter (Jan.- March) |
34.8 |
21.7 |
+60% |
2nd quarter (April - June) |
34.7 |
23.4 |
+48% |
Half-year total |
69.5 |
45.1 |
+54% |
Rental income for the first half of 2020 up
+54%
In the 2nd quarter of 2020, ARGAN, the French
real estate company specialising in the development and rental of
PREMIUM warehouses, recorded rental income of €34.7m, up
+48% compared to the 2nd quarter 2019. This exceptional
growth is the result of the full-year effect of the acquisition of
the « Cargo » portfolio consisting of 22 warehouses
leased to the Carrefour group along with the rents generated by the
developments of the year 2019.
In the first half of 2020, rental income
reached €69.5m, up +54% year-on-year and on track with
guidance of €140m for the full year, which would imply an annual
increase of around +40%.
Significant events of the first half of
2020
The first semester of 2020 was marked by the
Covid-19 pandemic, an unprecedented global health crisis which led
to the temporary halt of ongoing building projects in the 2nd
quarter of 2020.
Construction works resumed gradually in May and
are now all in operation. In this context, ARGAN announced, at the
end of May 2020, the launch of a new project in the Nancy region
with the development of a logistics hub in
Gondreville. This 14,200 sqm logistics hub
(of which 1,500 sqm refrigerated) will be fully leased for
a fixed term of 9 years to Colruyt, the
leading retail operator in Belgium.
ARGAN has also delivered two extensions to the
logistics hubs of SYSCO located in Nantes and Tours for an
aggregate additional area of more than 5,000 sqm. Furthermore,
regarding the ongoing restructuration project of a 24,000 sqm
logistics hub located at Croissy-Beaubourg and which will be
completed by the end of the year, ARGAN has already announced the
rental of the first two units (for a total area of 9,000 sqm) to
POLYFLAME EUROPE, lighter specialist and European market leader for
smoking accessories.
As at 30 June 2020, our property
portfolio adds up to 2,865,000 sqm and the occupancy rate is 98%
due to rental vacancy of two sites located in the Paris region, in
Ferrières (vacant since April 1st) and in Wissous (lease currently
being finalised).
Financial calendar 2020 (Publication of the
press release after closing of the stock exchange)
- 10 July: Half-year results 2020
- 01 October: 3rd quarter sales 2020
About Argan
ARGAN is the only French real estate company
specialising in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES
listed on Euronext.As at 31 December 2019, ARGAN’s portfolio
amounted to 2.9 million sq. meters, comprising 85 warehouses
located exclusively in France, valued at €2.7 billion and
generating annual rental income of €140 million.ARGAN is listed on
Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is
included in the CAC All-Share and IEIF SIIC France indices. The
company opted for the listed real estate investment companies
(SIICs) tax regime on 01 July 2007.www.argan.fr
Francis Albertinelli - Chief Financial and Administrative
OfficerMarie-Caroline Schwartz – General CounselTel: +33 1 47 47 05
46 E-mail: contact@argan.frwww.argan.fr |
Aude Vayre – Media relationsTel: +33 6 14 64
15 65Philippe Ronceau – Investor relationsTel: +33 6 64 12 53 61
E-mail: argan@citigatedewerogerson.com |
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