ARGAN: Rental income up +6% in the 1st quarter of 2024
03 April 2024 - 2:45AM
ARGAN: Rental income up +6% in the 1st quarter of 2024
Quarterly financial information – Neuilly-sur-Seine,
Tuesday, April 2, 2024 – 5.45 pm
Rental income up +6% in the
1st quarter of 2024
Rental income (IFRS) as of March 31, 2024
(unaudited figures)
€ million |
Year 2024 |
Year 2023 |
Trend |
1st quarter (Jan. – March) |
48.1 |
45.2 |
+ 6% |
Rental income at €48.1 million in the
1st quarter of 2024
In the 1st quarter of 2024,
ARGAN, the leading French real estate
company specializing in the development and rental of PREMIUM
warehouses, recorded rental income of €48.1
million, up +6% compared with the same period of last
year. The sustained growth in the first quarter came primarily from
the rents indexation (+4.6%) that took place on January 1, 2024,
complemented by the full-year impact of 2023 deliveries.
A distribution centre delivered to DSV Road in the
1st quarter of 2024
In the 1st of quarter 2024, ARGAN
continued its development by delivering DSV
Road with a distribution centre of 4,600 sq.m
located in Eslettes (76), close to Rouen.
As part of a nine-year fixed-term lease, this second
partnership with DSV comes with a limited carbon
footprint, with an Aut0nom® -labelled platform, which is
Net-Carbon Zero for the in-use phase.
A sustained pace of deliveries for the coming
months
In 2024, ARGAN’s very
strong business momentum is
continuing with a volume of secured developments of close to €180
million for a total of 170,000 sq.m, generating an average
yield approaching 7 %. The
high profitability of deliveries planned for 2024
testifies to ARGAN’s ability to pursue its profitable
growth momentum, driven by a portfolio of
Aut0nom®-labelled warehouses on strategic
locations, as part of a long-term partnership approach
with reliable and blue-chip clients.
More specifically, ARGAN
projects to deliver three new projects for the next
three months in:
-
St-Jean-sur-Veyle (01), near
Mâcon, for U PROXIMITE (a new
client), for an Aut0nom®-labelled
tri-temperature warehouse of 31,300 sq.m, which
will be close to the one rented to BACK EUROP France since 2023,
for a 12-year fixed-term
lease;
- Bolbec
(76), at the periphery of Le
Havre, for DACHSER (a new client)
for an Aut0nom®-labelled warehouse of
15,200 sq.m alongside a site previously delivered to
DIDACTIC in 2022; and in
-
Mondeville (14), on the beltway of
Caen, for an Aut0nom® building of
82,000 sq.m for CARREFOUR,
on a former industrial brownfield of Stellantis,
with a nine-year fixed-term lease.
2024 financial calendar (Publication of the
press release after closing of the stock exchange)
- July 1: Net sales of 2nd quarter 2024
- July 24: Half-year results 2024
- October 1: Net sales of 3rd quarter 2024
2025 financial calendar (Publication of the
press release after closing of the stock exchange)
- January 3: Net sales of 4th quarter 2024
- January 16: Annual results 2024
- March 20: General Assembly 2025
About ARGAN
ARGAN is the only French real
estate company specializing in the DEVELOPMENT & RENTAL OF
PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of
its market. Building on a unique client-tenant-centric approach,
ARGAN builds pre-let PREMIUM warehouses for blue-chip clients and
supports them throughout all project phases from the development
milestones to the rental management.Profitability, tight control
over our debt and sustainability are at the heart of
ARGAN’s DNA. Its strongly proactive ESG policy has
very concrete results with our Aut0nom® concept, the “in-use” Net
Zero warehouse. As of today, our portfolio represents 3.6 million
sq.m, across about a hundred warehouses, exclusively located in the
continental part of France. This portfolio is valued €3.7 billion
as at December 31, 2023 for a yearly rental income of about €200
million in
2024. ARGAN
is a listed real estate investment company (French SIIC), on
Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is
included in the Euronext SBF 120, CAC All-Share, EPRA Europe and
IEIF SIIC France indices.www.argan.fr
Francis
Albertinelli – CFO Aymar de Germay – General SecretarySamy Bensaid
– Head of Investor RelationsPhone: +33 1 47 47 47 40 E-mail:
contact@argan.frwww.argan.fr |
Marlène Brisset – Media relationsPhone: +33 6 59 42
29 35E-mail: argan@citigatedewerogerson.com |
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- 20240402 - Rental Income Q12024
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