The Socimi Colonial, owned by the Qatar Investment Authority and the Mexican group Modelo, has closed the first nine months of 2021 with a significant increase in its net earnings.
Specifically, Colonial achieves a profit of 184 million compared to 5 million in the same period of the previous year. This increase is explained by the revaluation of its real estate portfolio, made up mainly of office buildings, which has a positive impact of 146 million compared to the negative 104 million in 2020.
On the other hand, the recurring net result falls slightly due, the group points out, to the impact of divestments and the acceleration of the renewal program.
Rental income fell slightly in these first nine months of 2021, standing at 234 million compared to 260 million obtained in the same period of the previous year. “The decrease in income is mainly due to the divestments of non-strategic assets carried out in 2020 and early 2021; and the acceleration of the group's renewal program ”, they explain from Colonial.
Almost two thirds of rental income comes from the French market, specifically from Paris, where the Spanish Socimi has exponentially increased its exposure in recent months by taking over 100% of its previously owned SFL.
Like the turnover, the EBITDA falls 10% to 219 million. In total, the quoted figure at 13.5 million the negative impact on the ebitda of the temporary rotation program of tenants due to renovations.
By markets, the gross operating profit in Paris fell the least, 4%, compared to 18% in Madrid or 16% in the Barcelona portfolio. At the same surface, Paris and Madrid grow while in the Catalan capital it is still lower than in 2020, according to the information sent to the CNMV.
Colonial places itself in a Buyer position
Colonial's CEO, Pere Viñolas, spoke of Colonial's position after strengthening in the French market, which already accounts for 65% of its business, and after completing an ambitious divestment plan for non-strategic assets in recent years.
Among these last operations, there is the sale, in this last quarter of the year, of an office building in Sant Cugat del Vallés, with 12,000 sqm, at “a price of levels of the last appraisal”.
Thus, Viñolas has ensured that the company is in a good position for both corporate and asset purchases. “Colonial currently has a relevant unused payment capacity. I do not dare to give an exact figure of our investment capacity but we would be talking about hundreds of millions ".
At the end of this last quarter, the Socimi has a level of indebtedness over assets (LTV) of 36.6% and has 2,020 million euros between cash and undrawn credit lines.
