SOURCE: Société de la Tour Eiffel

July 11, 2007 07:47 ET

Société de la Tour Eiffel: Turnover First Half 2007

PARIS--(Marketwire - July 11, 2007) -

SOCIETE DE LA TOUR EIFFEL anticipates excellent first half year results.

The consolidated turnover for the first six months of the year at 38.9 MEUR shows a 30% increase compared to the previous year (29.8 MEUR).

In MEUR          1S 2007     1S 2006     2006
Turnover          38.9         29.8      60.5
Rental income     35.6         27.1       55
Amongst the highlights of the first half of the year, management confirms:

240 MEUR of commitments:

135 MEUR representing new acquisitions and

105 MEUR (53,000 m(2)) of planned office development.

- The company delivered 16,000 m(2) of fully pre-let offices providing an additional rental income of some 2 MEUR per annum.

- A similar volume of lease renewals was achieved on the existing portfolio representing a further 2 million Euros of annual rental income.

The company anticipates announcing further major lettings within its substantial development pipeline during the third quarter.

These favorable developments are expected to be reflected in the half year results and revised NAV figures due to be announced on the 27th of July despite the context of a competitive market environment.

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.

Contact Information

  • Contact
    Robert WATERLAND,
    Managing Director
    Tél. : +33 (0) 1 53 43 07 06
    Website www.societetoureiffel.com

    PRESS CONTACT
    Bernard SIRVEN, Capmot
    Email Contact
    Tél : +33 (0)8 77 84 43 85 / (0)6 09 95 52 81