(Boursier.com) — Heritage & Trade reports total gross rents of 12.1 million euros in the first quarter, up +7.2%. This increase in rents is explained by an increase on a like-for-like basis of +4.9%, driven by the contractual indexation of leases and by the reduction in the cost of spreading the Covid-19 franchises granted to tenants in 2020; the delivery in the second half of 2022 of the restructuring of an asset in Martinique and a net positive impact of +€0.1 million on acquisitions and disposals.
During the 1st quarter of 2023, Patrimoine & Commerce continued its policy of rotation of non-strategic assets with the sale of an isolated commercial cell in Vandoeuvre-lès-Nancy (54), for an amount of 1 ME, in line with appraisal values.
Éric Duval, Manager and Founder of Patrimoine & Commerce said: “The performance of the 1st quarter of 2023 confirms the solid trend of 2022, with the increase in rents under the effect of indexation and the development of our portfolio. We let us continue in 2023 our dynamic of targeted acquisitions and arbitrage of non-strategic assets and we intend to strengthen our position as a benchmark player in low-cost retail parks in France”.
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