Colonial boosts results 32% in Q1

This Colony Group increased Results in first trimester Up to 28 million Euros, 32% more than in the same period of the previous year. Recurring net profit reached 36 million euros, 26% more. This socimi’s earnings per share increased by 19%, closing the first quarter of 2022 with 82 million euros in rental income, 4.1% higher than the same period of the previous year.

Colonial’s CEO Pere VinolasIt acknowledged this Tuesday that its first-quarter balance could be described as “very good” as a result of a positive situation. real estate activity around OfficesWith 95% occupancy rates, it allowed the company to close more than 51,000 square feet of contracts in the first three months of the year, half the normal for the full year and 74% more than last year.

Revenues in the office portfolio increased by 4%, 5%, comparable to the pre-Covid era, largely thanks to the increase in signed contracts. According to Viñolas, this resulting increase was mainly driven by improvement in operating income as rents were indexed to the CPI; increased activity with new projects (including Naturgy’s headquarters in Barcelona and Goldman Sach’s headquarters in Paris); improving financial results; and expanding the business environment with new acquisitions, including an additional 16.6% Societe Foncière Lyonnaise in 2021.

colonial It sticks to its strategy of choosing to exploit buildings in key areas of Paris, Madrid and Barcelona. Against the location of other competitors, Viñolas argued that there is nothing better for offices than their location in the center of cities. This strategy has allowed the company to weather a good part of the crisis caused by the pandemic with stable and high rents and almost 100% occupancy.

vinolas He stressed that Colonial and its French subsidiary SFL carried out the conversion of all group bonds in February 2022 for a total of EUR 4,602 million. “green vines”. With this operation, Colonial became the first Ibex 35 company to classify all of its bonds as ‘green’, providing a significant competitive advantage in entering the debt market and seeking financing on more advantageous terms than other companies.

The Group’s current balances are EUR 2,601 million between cash and undrawn lines of credit. This liquidity is Standard & Poor’s with a BBB+ rating, the highest in the Spanish real estate industry and baa2 from the point of view”positiveby Moody’s.

Source: Informacion


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