Photo credit © Argan
(Boursier.com) — During the first half of 2024, Argan recorded a strong increase of +8% in its rental income. It stood at 98 million euros over the period (90.9 ME a year earlier). This growth comes mainly from the revision of rents (+4.6%) on January 1, 2024 and the full-year effect of the 2023 deliveries, supplemented by the 2024 deliveries.
Since the beginning of the year, Argan has continued its inaugurations at a sustained pace. In total, the group has committed nearly €180 million of developments for 170,000 m2 in 2024, with an average yield approaching 7%. The high profitability of the projects scheduled for delivery in 2024 reflects its ability to continue its profitable growth dynamic, driven by a portfolio of Aut0nom-labeled warehouses in sought-after locations, in a logic of pre-let projects and long-term partnerships with renowned and reliable customers.
As announced, as part of a disposal plan of around €180 million for the period 2024-2026, Argan plans to achieve around €78 million in the 2024 financial year, with €18 million already achieved through the sale, in the 2nd quarter, of a logistics platform in Caen in Calvados (18,000 m2); and a balance of around €60 million expected during the 2nd half.
Argan confirms an annual rental income target of €197 million in 2024, taking into account the achievements of the first half of the year, and a schedule of deliveries and arbitrages in line with expectations. On this basis, Argan’s growth would be +7% compared to 2023.
©2024 Boursier.com