ARGAN: Rental income growth of +7% at €82m in the 1st half-year of 2022
04 Juli 2022 - 5:45PM
ARGAN: Rental income growth of +7% at €82m in the 1st
half-year of 2022
Quarterly financial information
– Monday
04 July
2022
– 5:45 pm.
Rental income growth of
+7% at
€82m in
the 1st
half-year of
2022
Rental income
(IFRS) at June
30, 2022
(unaudited
figures)
€m |
Financial year 2022 |
Financial year 2021 |
Change |
1st quarter (Jan.- March) |
40.7 |
38.2 |
+ 7% |
2nd quarter (April - June) |
41.0 |
38.0 |
+ 8% |
Half-year total |
81.7 |
76.2 |
+ 7% |
Rental income up +7%
in the first
half-year of 2022
In the first half of 2022, ARGAN, the French
real estate company specialising in the development and rental of
PREMIUM warehouses, recorded rental income of
€81.7m, up
+7% compared with the
same period last year. This strong growth is mainly due to the
full-year effect of rents generated by 2021 developments and the
rents coming from the 2022 developments.
Significant events of the
first half-year
of 2022
Since the beginning of this year, ARGAN
maintained its growth path with the delivery of
three new developments
projects, for a total area of
27,000 sq.m with an
average yield on cost
exceeding 6.5%:
- Delivery in
January, of the first
Aut0nom®, the warehouse producing its own green
energy for self-consumption. This warehouse of 14,000 sq.m
located in Marne-la-Vallée, in Serris, facing A4 highway, leased to
two internationals tenants, each one occupying a unit for a firm
period of respectively three and nine years.
Aut0nom® is the new
standard of
ARGAN’s warehouse. It
hosts a photovoltaic power plant on the roof,
coupled with a set of storage batteries, the
production of which is intended for self-consumption by tenants. It
replaces gas heating with electric air/air heat pumps and
generalizes smart LED lighting. Aut0nom® produces more
green energy than it consumes for its heating-cooling and
lighting.During the month of June, Aut0nom®
has covered c.90% of the
warehouse electricity
consumption.
- In February, the delivery
of a 7,000 sq.m extension of our
warehouse in Marne-la-Vallée,
in
Chanteloup-en-Brie,
for its current tenant Arvato Services Heathcare, which extend the
total area of the logistics platform to 28,000 sq.m, with a new
lease of 6-year firm period
This extension is equipped with LED lighting
including motion sensor and a photovoltaic power plant which
produces 440 MWh annually, intended for self-consumption.
- In March, the delivery of a
6,000 sq.m extension of
our 12,000 sq.m
warehouse in
Marne-la-Vallée, in
Croissy-Beaubourg leased since 2000 to L’Oréal.
This extension is leased to Intersurgical, with a lease of 9-year
firm period.
This extension is equipped with LED lighting
including motion sensor and a photovoltaic power plant which
produces 120 MWh annually, intended for self-consumption.
These three developments are certified BREEAM “very good”.
For the second half-year of
2022, ARGAN is
expecting the delivery of 3
assets for a total of
50,000
sq.m.
ARGAN sold a
9,000 sq.m asset in
Tours for around €14 million. This transaction is part of
the group's arbitration policy to dispose mature assets. Its
proceeds will contribute to future developments enhancing value
creation.
ARGAN has also
proactively re-let a 22,000 sq.m
warehouse in Gonesse. This
transaction comes within the framework of an end of lease given by
the tenant in place. This space currently occupied until October 14
will be re-let to GL events from October 15, 2022,
demonstrating the attractiveness of the group's warehouses
and its ability to anticipate its rental challenges.
Finally, within the framework of its joint-venture with
Carrefour (Cargan-Log, 60% owned by ARGAN),
ARGAN has
let two warehouses located in Marseille
and Lens, for a total area of 50,000 sq.m. The renovations
will be completed respectively in July and December 2022.
As of June 30, 2022, the rental portfolio of the Argan stood at
3.3 million sq.m and the occupancy rate remained at 99% due to the
current vacancy in Ferrières, in Paris
Region.ARGAN is currently
in advanced talks to let
the warehouse in the
second half of the year, with a starting date during the
first quarter of 2023.
Exceeding the 2022 annual
target
Considering the good execution of deliveries and
faster-than-expected re-lettings,
ARGAN is raising
its target from
“€163 million in rental
income” to “more than €163
million in rental income”.
Financial calendar
2022 (Publication of the press
release after closing of the stock exchange)
- 20 July: Half-year results 2022
- 3 October: 3rd quarter sales 2022
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 2021, ARGAN’s portfolio
amounted to 3.3 million sq.m, comprising approximately 100
warehouses located exclusively in France, valued at €3.75 billion
and generating an annualised rental income of €162 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.
http://www.argan.fr/en
Francis
Albertinelli – Chief Financial and Administrative OfficerStéphane
Saatdjian – Investor RelationsTel: +33 1 47 47 05 46 E-mail:
contact@argan.frwww.argan.fr |
Aude Vayre – Media relationsTel: +33 6 14 64 15 65E-mail:
argan@citigatedewerogerson.com |
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