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Company reaches 96% occupancy, having contracted 104,000 square meters in just six months
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The company improved its net income by 120%, after a strong revaluation of its assets
The Spanish Socimis are lucky. Colonial closes the first half of 2022 with strong growth in the value of its portfolio and its revenues. The h quotedseized 170 million euros7% more As for As than in the same period of 2021. Its recurring result increased by 27% and its net result was 355 million euros
The company announced that in three years, plans to increase its rental income to 500 million euros. To do this, it already has 77,000 meters of pre-contracted buildings that have not yet completed their repositioning work. Added to this is the development carried out by Socimi in Méndez Álvaro (Madrid) and pre-marketing has not yet begun.
In the current inflationary moment, Colonial feels comfortable with most of its contracts indexed to the CPI. “We affected inflation in 50% of contracts that had to be renewed. Our contracts are normally affected by the quality of our tenants & rdquor ;, explained Pere Viñolas, CEO of the company, during a press conference with journalists. The increase in rents for this portfolio was 8% on average, with Barcelona registering increases of 9%.
In the divestment section, Colonial sold the buildings located at Josefa Valcárcel 24 and Alcalá 506 (Madrid) to Socimi Ibervalles and an office building in Paris. In total, the listed company recorded 59 million euros, or 11% more than the book value of the assets. At the stock market level, the Socimi headed by Pere Viñolas has accumulated a stock market fall of 25% since the start of the year, which reached 30% at the start of the month.
Hiring file
The colonial directors explain that a good year at Socimi means concluding with a contract figure of more than 100,000 square meters. From January to June already 104,000 square meters were closed, in 58 contracts. Viñolas and Bruguera recognize huge interest in their assets. “We have successfully positioned prime assets and locations, allowing us to capture the highest rents and grow in double digits, with prospects to continue to grow at a strong pace in the future,” they said in a statement.
The company has 9 ongoing projects, 7 of which already have high pre-lease levels, which will mean annualized rents of 52 million euros. These contracts cover 100% of Biome, an office building in Paris that will be occupied by Banque Postale and SFIL Paris. Its entry is scheduled for the end of this year.
The Colonial’s portfolio recovered the value of 13.334 million, with an increase of 7% compared to the first quarter of this year. The net value per share amounts to 12.49 euros, to which must be added the dividend of 0.24 euro per share distributed. Currently, the company is trading around 6.20 euros.
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