In the latter part of 2004, Bail Investissement committed â¬165m to new operations, adding to the â¬112m in commitments already made during the first half of the year.
Most of the new investment concerned logistics platforms in the Ile-de-France region (â¬53.7m), the launch of restructuring and extension work at the Rennes-Alma shopping center (â¬39.4m) and a two-phase, construction-acquisition operation for an office building in Lyon (â¬59.0m).
All told, new commitments in 2004 totalled â¬277m with an average net yield of 8.12%. Half the commitments were realised in regional metropolitan centres of France.
Asset disposals reach â¬190.3 million
Including the â¬160.0m sale of four buildings in London, a total of 22 property assets were sold in 2004 for an aggregate â¬190.3m, in line with set objectives. That compares with â¬34m in asset disposals in 2003. Capital gains from the 2004 asset disposals totalled â¬11.3m.
Portfolio value totals â¬1.53 billion
At 31 December 2004, the appraisal value of Bail Investissement´s portfolio -- excluding transfer duties -- totalled â¬1.53bn on a same structure basis, equivalent to the amount reported at the end of 2003. The logistics and shopping centre sectors were the main contributors to this trend.
Rental income increases to â¬131.3 million
Rental income totalled â¬131.3m, up 7.2% versus the previous year.
The net yield on the market value of the entire portfolio was 8.18%, in line with company policy.
Occupancy rate advances to 95.9%
The improvement in the financial occupancy rate reported in the first half continued throughout the year to reach 95.9%.
Net amount of outstanding lease-financing contracts declines to â¬361.9m
The managed decline in the lease-financing portfolio continued at a brisk pace with the portfolio amounting to â¬361.9m (including goodwill on rents) at 31 December 2004. A year earlier, the portfolio totalled â¬476.8m.
Bail Investissement is presently the object of a takeover bid by Fonciere des Regions at an offering price of â¬31 per Bail Investissement share. The offer runs through 31 January 2005.
Source: Bail Investissement