Inmobiliaria Colonial has reported a profit of 474 million euros in 2021, compared to three million in 2020, with a revaluation of its real estate portfolio of 6%, reaching 12,436 million euros.
From the company's management they point, precisely, to the strong increase in the value of the prime asset portfolios in the Barcelona, Madrid and Paris markets, as well as the significant progress of the project portfolio, the acceleration of the renovation program, the successful execution of the acquisition of a 16.6% stake in Société Foncière Lyonnaise and the solid recurring result, which has amounted to 128 million euros, as those responsible for this "significant increase in net income".
Thus, the real estate company has obtained in 2021 "the second largest commercial figure in its history": 170,000 sqm of new contracts signed in one year; capture of rents above the market (+5%); a solid portfolio occupancy of 96%; growth in the value of its assets; and improvement of financing with lengthening of terms and reduction of costs. All this translates into revenues that, in comparable terms, grew by 2%, to 314 million euros and a recurring result of 128 million.
"The strength of our fundamentals and the successful execution of the business allow us to offer significant growth to our shareholders through an improvement in all market growth capture metrics," explains Pere Viñolas, CEO and Vice President of Colonial. In his opinion, this places the company "in the high growth band of our forecasts, while executing a portfolio of projects that will further increase the generation of income and value of the company."
In fact, the group has started 2022 with new acquisitions, maintaining the investment character that it already showed in 2021. Thus, the takeover bid carried out last year to increase the stake in its French subsidiary SFL to 98.3%, and incorporate 1,000 million of asset value to its perimeter, now joins a new investment of 500 million euros. Its destination is the acquisition of the 91 Pasteur building, with nearly 40,000 sqm, in the center of Paris; and the purchase, already closed in 2021, of the Danone Group headquarters in Barcelona.
Juan José Brugera says goodbye
"After the purchase of practically all of our French investee in 2021, we insist on our willingness to invest in prime assets at the beginning of this year, aware of the benefits of this strategy in creating a company with solid fundamentals for the present and future" , said Juan José Brugera, president of the company, who took the opportunity to announce that this year he will step aside in the structure of the socimi. Thus, after turning 75, he will leave his executive functions as of the next shareholders' meeting in May, although he will continue in the company as non-executive president. Brugera will also leave the presidency of its subsidiary in France, SFL, which will go to Viñolas.
Looking ahead to this year, Colonial's portfolio will increase with the exploitation of more than 49,000 new square meters in Madrid and Paris. These are Velázquez 86D and Miguel Ángel 23, both in the Madrid business district, and Biome, in the center of the French capital, whose delivery is scheduled for the first half of this year.
