Société de la Tour Eiffel confirms its strategy of measured growth and secure returns, with a turnover amounting to 59.6 mln.
As of 30th September 2007, the company's consolidated turnover amounted to 59.6 mln. an increase of more than 30% compared to the same period last year. This growth is mainly due to acquisitions and the recent delivery of new developments, but also to a lesser extent from rental indexation and enhanced portfolio performance.
During the third quarter, Société de la Tour Eiffel has pursued value creation on its existing portfolio. In particular:
The pre-letting of the entire City Zen project in Rueil Malmaison to Soletanche Bachy (subsidiary of the Vinci Group), one year prior delivery,
The delivery of the Polytech building in Grenoble fully pre-let to Schneider on a 6/9-year closed lease,
The opportunistic sale of a nursing home in Marseille,
The accelerated leasing of the Viseo office building in Grenoble.
Given the nature of its portfolio and structure of rental income, the company expects to meet the 73 mln. annual rental forecast announced at the outset of the year and subsequently comfort its confirmed distribution policy, as demonstrated by the pay-out of a of 3 per share interim dividend on 7th of August last relative to the first semester.
The Board of Directors announces with regret the resignation of Alain Dinin as independent director due to governance issues in relation to quoted property companies and would like to record their sincere appreciation of his invaluable contribution to the development of the company during his term of service.
Source: Société de la Tour Eiffel