Immobilière Dassault is continuing its policy of expanding and enhancing the value of its property portfolio over the medium to long term, mainly focusing on office buildings and other high-quality assets. It strives to enhance the value of its core properties over the long term, and to achieve medium-term returns on its non-core assets.
2019 rental income soared 40.6% year-on-year following the acquisition of CPPJ (Jouffroy portfolio in the 9th arrondissement of Paris) in late 2018. Like-for-like rental income was up 13.9% year-on-year, boosted by relettings at 127 avenue des Champs-Élysées and 36 avenue Pierre-1er-de-Serbie (8th arrondissement of Paris). The occupancy rate was 91.7% at 31 December 2019, up from 87% at 31 December 2018. Three properties are intentionally being kept vacant so that they can be redeveloped.
The increase in the value of the company’s portfolio (excluding stamp duty) – which was €714.3 million at 31 December 2019, up 6.8% over 31 December 2018 – increased operating profit by €35.4 million in 2019.
Net profit came in at €44.2 million. Management will recommend a €1.24 per ordinary share dividend to shareholders at the AGM.