Société de la Tour Eiffel anticipates excellent H1 results (FR)

Société de la Tour Eiffel has reported a consolidated turnover for the first six months of 2007 of €38.9 million. This is a 30% increase compared to the same period in the previous year (€29.8 million). Rental income increased to €35,6 million in the first half year of 2007 (H1 2006: €27,1 million).

Amongst the highlights of the first half of the year, management confirms:

  • €240 million of commitments:
    • €135 million representing new acquisitions and
    • €105 million (53,000 m²) of planned office development.
  • The company delivered 16,000 m² of fully pre-let offices providing an additional rental income of some €2 million p.a.
  • A similar volume of lease renewals was achieved on the existing portfolio representing a further €2 million of annual rental income.

The company anticipates announcing further major lettings within its substantial development pipeline during the third quarter.

These favorable developments are expected to be reflected in the half year results and revised NAV figures due to be announced on the 27th of July despite the context of a competitive market environment.

Source: Société de la Tour Eiffel

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