French listed property firm Société de la Tour Eiffel (STE) said it registered a sustained level of activity in the first half of 2008, with revenues rising 9.8% to EUR 42.7mln compared to the like, year-earlier period. Despite tougher economic times, STE said the performance of French regional markets in which it invests was particularly encouraging.
French listed property firm Société de la Tour Eiffel (STE) said it registered a sustained level of activity in the first half of 2008, with revenues rising 9.8% to EUR 42.7mln compared to the like, year-earlier period. Despite tougher economic times, STE said the performance of French regional markets in which it invests was particularly encouraging.
‘The leasing of our properties remains most satisfactory, with demand holding up surprisingly well, particularly for new or recent quality projects at reasonable rents,’ commented Robert Waterland, managing director of STE. ‘We can even report a slight progression on rents for new buildings whereas for existing properties, they remain stable.’
STE noted that 24,000 m2 of buildings were delivered during the first half of 2008 while it has some EUR 200mln of office developments in hand, of which 50% are pre-leased. STE also invested EUR 36mln in new acquisitions in the first half of the year. Three properties were also sold during the first quarter of the year for a combined EUR 92mln, having either reached maturity or being considered non-strategic.
