Grupo Colonial's turnover came to EUR 192 mln in 1Q 2007, the Spanish real estate company said in the first report after it completed the merger with peer Inmocaral last April. Profits after tax came to EUR 206 mln. In like-for-like terms, rental income experienced a significant increase of 4.6%, to reach EUR 73 mln. Rental income generated by French assets through the company's unit SFL came to EUR 41 mln, with a remaining EUR 32 mln generated by Spanish assets. The average occupancy rate is 97.2%. The rental business has been valued at EUR 6.778 bn, which is 7.7% higher than the valuation in year-end 2006. 85% is concentrated in the office business mainly in Paris, Madrid and Barcelona.
Grupo Colonial's turnover came to EUR 192 mln in 1Q 2007, the Spanish real estate company said in the first report after it completed the merger with peer Inmocaral last April. Profits after tax came to EUR 206 mln. In like-for-like terms, rental income experienced a significant increase of 4.6%, to reach EUR 73 mln. Rental income generated by French assets through the company's unit SFL came to EUR 41 mln, with a remaining EUR 32 mln generated by Spanish assets. The average occupancy rate is 97.2%. The rental business has been valued at EUR 6.778 bn, which is 7.7% higher than the valuation in year-end 2006. 85% is concentrated in the office business mainly in Paris, Madrid and Barcelona.
The group's real estate assets have been estimated by CB Richard Ellis, Jones Lang LaSalle and Atisreal at EUR 9.5 bn. The total value of Inmobiliaria Colonial's assets is valued at EUR 11 bn. In April 2007, Colonial launched a EUR 2 bn takeover bid for shopping center specialist Riofisa. The company is planning to finance the acquisition through a share issue of EUR 700 mln. Grupo Colonial has also signed a EUR 7.2 bn loan with financial banks Calyon, Goldman Sachs, Royal Bank of Scotland and Eurohypo, that will be taken into account from 2Q 2007.
