The warehouse property company shows a 10% increase in activity for 2021. The objectives initially set have thus been exceeded.
” Real estate is the key cost for physical retailers “, Explained Jeff Bezos, boss of Amazon. Before adding: ” That’s why, as the saying goes: location, location, location “. And Argan obviously knows how to position himself. The property company specializing in the development and rental of warehouses has indeed exceeded its 2021 objectives with rental income close to 157 million euros, up 10% compared to the previous year. It was initially targeted an annual business volume of 154 million euros.
The group has also been able to profit from its investments. With 240 million engaged in projects for clients such as Decathlon or even Amazon totaling 325,000 square meters, the company generated a return of 5.64%, earning it 13.5 million in rental income.
Strong increase in asset valuation
At the end of December, the built heritage of Argan covered 3,265,000 square meters. Valued at just over 3 billion euros at the end of 2020, this heritage is currently estimated at 3.74 billion, an increase of 24%.
The real estate company has an average residual firm lease term that has increased compared to the previous year, from 5.7 years to 5.9 years, ensuring strong stability of the group’s assets.
The company will present its annual results by video webcast on January 19.
The action gained 1%, to 120.20 euros.
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