(Boursier.com) — With a portfolio of city center businesses located 60% in intra-muros Paris, SELECTIRENTE has maintained robust operational performances since the start of
the year:
*Rent increase of +11% compared to the 3rd quarter of 2022 (+2.6% at constant scope);
*An average financial occupancy rate of 96% over the last twelve months (stable compared to the same period in 2022).
SELECTIRENTE’s quarterly turnover under IFRS standards stood at €23 million as of September 30, 2023, up 11% compared to the same period last year, with rents alone also increasing by +11% depending on acquisitions made in 2022.
On a constant perimeter, these rents increase by +2.6% compared to those of the first three quarters of 2022, thanks mainly to the indexation of rents (+3%) and the actions carried out in terms of rental management (+2.8 %), two factors which offset the negative impact resulting from a slight increase in the vacancy rate (-1.6%) and unpaid debts on some tenants in collective proceedings (-1.6%).
Since the start of the year, the actions carried out in terms of rental management (re-rentals, renewals and transfers of leases with despecialization) have made it possible to increase the annual rents of 36 businesses by 135 KE (+8%) to 1,876 KE ( more than 6% of total rents).
The average financial occupancy rate (over the last twelve months) remains high and stands at 96%, identical to that of 2022. For the 3rd quarter of 2023 alone, the financial occupancy rate stands at 95%. .3%.
Cautious and selective in acquisition, SELECTIRENTE completed, on October 13, the acquisition of a portfolio of 3 businesses very well located in Paris, Rue de Grenelle and Avenue de la Motte Picquet (7th) and Rue Brochant (17th) , for a total cost price of 2.1 ME.
At the same time, the company continued the strategic refocusing of its portfolio in the 3rd quarter of 2023 by selling 7 businesses located in Brest (29), Le Raincy (93), Nanterre (92), 2 in Corbeil-Essonnes (91) and 2 in Manosque (04) for a total net seller price of 4.6 ME, generating a distributable capital gain of 2.5 ME.
Since the start of the year, SELECTIRENTE has signed 16 sales in total, for a total amount of 11.5 ME and an accounting capital gain of 3.5 ME.
As of September 30, 2023, the company was also involved in the sale of 6 assets located in Creil (60), Argenteuil (95), La Tour du Pin (38), Versailles (78), Les Ulis (91) and Fontenay-sous -Wood (94) for a total net seller price of 5.9 ME which will again generate net accounting capital gains.
Since October 1, 2023, SELECTIRENTE has signed the authentic deeds of sale of the assets located in Creil (60) and La Tour du Pin (38) for a total net seller price of 2 ME. The company has also committed to the sale of a portfolio of 3 additional assets located in Saint-Brice sous-Forêt (95), Quetigny (21) and Portet-sur-Garonne (31), for an overall net seller price of 4.5 ME.
In total, SELECTIRENTE has signed, to date, the sale of 18 assets for an amount of 13.6 ME and is involved in the sale of 7 assets for a sale price of 8.4 ME.
Outlook
Despite the macroeconomic and geopolitical context, which will probably continue to impact economic activity in the coming months and weigh on the financial and real estate markets, SELECTIRENTE intends to 1) continue its arbitrage policy aimed at the strategic refocusing of its assets, 2 ) continue its RCF (Revolving Credit Facility) repayment program in order to control its debt level to a maximum of 40% and 3) seize opportunities that could arise in the current market environment.
The company, which is committed to creating long-term value, will maintain dynamic and responsible rental management, while strengthening its presence in major French metropolises, in Paris and the Paris region.