VITURA (EPA:VTR) Cegereal - Nearly two-thirds of Arcs de Seine now let
Transparency directive : regulatory news
25/09/2012 07:30
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Press release
Permanent information
Paris, September 25, 2012, 7:30 am
CeGeREAL - Lettings Update & Launch of the Go Green Operation
Since July 1, there have been several noteworthy developments concerning both
the portfolio and the Company's financing.
Dynamic marketing of the Arcs de Seine business campus
Following Hewlett Packard, which leased an additional 900 sq.m. in June,
Boursorama and Huawei have also expanded their offices in the Arcs de Seine
business campus, signing new leases on 2,800 sq.m. in building A and
1,300 sq.m. in building B respectively, pursuing the lettings after the
renovations finished at the start of the year.
As of today, nearly two-thirds of the complex are let, B and C buildings being
fully let.
Go Green, a comprehensive environmental approach
CeGeREAL has decided to launch environmental audit and certification programs
at all the properties in its portfolio.
- The program has already led to the Arcs de Seine complex obtaining "HQE
Exploitation" certification from Certivéa on June 21 for the High
Environmental Quality of the site.
- At the Group's other two properties - Europlaza and Rives de Bercy - the
pre-audit phases will be launched soon.
Full refinancing with more attractive terms
A EUR400 million 5-year facility agreement was signed on 26 July with a pool
of four banks, replacing the Company's various other loans as from
mid-November.
The new facility has no impact on the Company's loan-to-value ratio which will
be unchanged at 47%. The facility's main terms are as follows:
- At current swap rates, the final interest rate should stand at around 3.30%
to 3.60% depending on the portfolio's occupancy rate, representing
significantly less than the initial 4.15%
- The hard covenants are unchanged:
* The loan-to-value ratio may not exceed 70%
* Interest cover (ratio of finance costs to net rental income) must be at
least 1 .5x
Investor calendar
- September 24-25: Meetings with institutional shareholders at the Midcap Event
at Palais Brongniart (Paris)
- November 13: Publication of 3rd quarter 2012 revenue
- November 23-24: Meetings with private shareholders at the Salon Actionaria
investor fair at Palais des Congrès (Paris)
About CeGeREAL (NYSE Euronext Paris - Compartment B - CGR)
CeGeREAL is a REIT-style property company ("SIIC") that invests mainly in very
large prime office properties. Its portfolio currently comprises three office
buildings located in the inner suburbs of Paris. The portfolio's appraisal
value, as estimated by independent valuers BNPP RealEstate as of June 30, 2012
was EUR860 million (excluding transfer costs).
www.cegereal.com
Media Relations Investor Relations
Aliénor Miens / 01 53 32 84 77 / Raphaël Tréguier / 01 42 25 76 36 /
alienor.miens@citigate.fr raphael.treguier@cegereal.com