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First half-year revenue : EUR 12.7 million
SIIC PAREF, a property company with the dual business of property investment and management on behalf of third parties, announces revenue of € 12.7 million for the first 6 months of the 2012 financial year, a decline of 11.3% compared to the first half of 2011.
Property investment: improvement in rental situation
Management on behalf of third parties: SCPI fundraising maintained at a high level
Fundraising levels have remained high. During the first 6 months of the 2012 financial year, SCPIs managed by PAREF GESTION (Pierre 48, Novapierre and Interpierre) collected nearly € 28 million, compared to the record € 35 million collected in the 1st half of 2011.
SCPI subscription fees (excluding Interpierre which is consolidated) represented € 1.9 million (compared to € 2.5 million for the same period of 2011). Recurring SCPI management fees grew in excess of 28% to € 1.0 million, due to the growth in managed assets resulting from significant fundraising in 2011 and at the end of 2010.
OPCI management fees (Vivapierre and Naos, excluding Polypierre which is consolidated) totalled € 0.4 million (compared to € 0.3 million at 30 June 2011).
At its last Annual General Meeting, SCPI Capiforce Pierre selected Paref Gestion as its management company to replace its former manager. This new commission will take effect as of 1 January 2013. Paref Gestion thus expands its range of services and intends to develop Capiforce Pierre, which has a market capitalisation of € 50 million, in the best interest of its partners. In the 2011 financial year, SCPI Capiforce Pierre paid recurring management fees of € 0.3 million to its management company.
The capital increase with retention of the pre-emption right completed on 22 June enabled Paref to raise € 7.5 million in equity.
The funds raised will allow the Paref Group to participate in calls for tenders for the creation and management of OPCIs, both as a management company and as an investor, thus strengthening its competitive advantages, as exemplified by the transaction carried out by Vivapierre.
By generating synergies between its 2 businesses, the Paref Group therefore intends to significantly increase the value of both assets under management and its own investment, while maintaining total consolidated net debt below 50%.
PAREF Group operates in two major complementary areas:
At 30 June 2012, PAREF Group managed more than € 745 million in property assets, € 612 million of which is on behalf of third parties.
PAREF shares have been listed on Eurolist Compartment C of the Euronext Paris Stock Exchange since
For further information, please visit www.paref.com