SOURCE: Société de la Tour Eiffel

November 08, 2007 12:27 ET

Société de la Tour Eiffel : Turnover 3rd quarter 2007

--(Marketwire - November 8, 2007) - SOCIETE DE LA TOUR EIFFEL :

Turnover 3rd quarter 2007 : +33%

Société de la Tour Eiffel confirms its strategy of measured growth and secure returns.

As at 30th September 2007, the company's consolidated turnover amounted to 59,6 millions Euros, 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.

In MEUR 30/09/2007 3ème quarter 2007 30/09/2006 Variation 07/06

Turnover 59.6 20.8 44.6 +33.6%

Of which rental income 54.4 18.8 41.2 +32.0%

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 MEUR 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 3EUR 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.

Forthcoming annoucements :

Annual turnover 2007 30 January 2008

Annual results 2007 13 February 2008 (press release the evening before)

About Société de la Tour Eiffel

As a " SIIC " quoted on the Euronext Paris Exchange, the company strategy focuses on the ownership and the development of quality office and business space capable of attracting a wide range of tenants in both established and emerging locations. The company's portfolio stands out in excess of 1.2 billion Euros of assets spread evenly between the Paris area and the regions.

This information is provided by HUGIN

Contact Information

  • Financial Communication

    Jérôme DESCAMPS, Deputy Managing Director (Finance)
    Tél : +33 (0)1 53 43 07 06

    Press Contact
    Jean-Philippe Mocci, Capmot
    Tél : +33 (0)1 77 10 05 48/ (0)6 71 91 18 83