ARGAN: 10% growth in rental income to €117m at the end of September 2021
02 October 2021 - 1:45AM
ARGAN: 10% growth in rental income to €117m at the end of September
2021
Quarterly financial
information –
Friday 1st
October
2021
- 5:45 pm.
ARGAN: 10% growth in
rental income to €117m at the end
of September
2021
Rental income (IFRS)
as at
30 September
2021
(unaudited
figures)
€m |
Financial year
2021 |
Financial year
2020 |
Change |
1st quarter (Jan.-March) |
38.2 |
34.8 |
+10% |
2nd quarter (April-June) |
38.0 |
34.7 |
+10% |
3rd quarter (July-Sept.) |
40.8 |
36.5 |
+12% |
Total Jan-Sept. |
117.0 |
106.0 |
+10% |
In the 3rd quarter of 2021, ARGAN, the French real estate
company specialising in the development and rental of PREMIUM
warehouses, recorded rental income of
€40.8m,
an increase of
+12% compared with the
3rd quarter of 2020.
At the end of September
2021, cumulative rental income
thus reached
€117m,
up +10% compared with the same
period last year.
This strong growth of 10% in rental income is
due to the full-year effect of the 2020 deliveries as well as the
rental income generated by the units delivered since the beginning
of the year.
Delivery
during the 3rd
quarter
During the 3rd quarter of 2021, ARGAN maintained
its development with the delivery of a new warehouse:
- in August, delivery of the 185,000
sqm logistics platform located in Augny, five kilometres in the
south of Metz, leased to Amazon France. The site, built on the
former Frescaty military airbase, did not generate any new land
artificialisation and the multi-storey structure of the logistics
platform made it possible to limit the project's footprint to
50,000 sqm while optimising the storage capacities on 4 levels. A
rooftop photovoltaic power plant produces 500 MWh per year (with a
possibility of extension) dedicated to Amazon’s own use. The
rainwater collecting system, the vegetalisation of the site and the
other environmental advances integrated into the project have
enabled it to obtain a BREEAM Very Good certification.
Revaluation of the
delivered portfolio and decrease of the LTV ratio
objective
As at 30 September 2021, the valuation of
ARGAN’s delivered portfolio of amounts to €3.7bn
excluding transfer taxes (€3.9bn including
transfer taxes) resulting in a capitalisation rate of
4.40% excluding transfer
taxes (4.20% including transfer taxes) down compared to
4.70% excluding transfer taxes as at 30 June 2021, allowing us to
revise our LTV ratio target to 50% for the end of the
year (against an initial guidance of 53%).
Disposal to an OPPCI
managed by GROUPAMA GAN REIM of a
portfolio of 4 logistics platforms
In accordance with our strategic plan, on 1st
October 2021, ARGAN signed the disposal of a portfolio of 4
assets located in Loire-Atlantique, Maine et Loire, Var
and Tarn and totalling more than
53,000 sqm.
The portfolio is fully leased for a total annual
rent of €3.2m excluding taxes and charges and with an average
residual lease term of approximately 5 years.
Financial calendar 2021
(Publication of the press release after closing of the stock
exchange)
- 03 January 2022: Annual revenue 2021
- 19 January 2022: Annual results 2021
About Argan
ARGAN is the only French real estate company
specialising in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES
listed on Euronext.As at 30 September 2021, ARGAN’s portfolio
amounted to 3.3 million sq. meters, comprising approximately 100
warehouses located exclusively in France, valued at €3.7 billion
and generating annual 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.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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- 20211001 - Rental income Q3 2021 - English version
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