Saturday, 18 May 2024


Activity at end-March 2024 By

MBIA Inc. Reports First Quarter 2024 Financial Results By

PARIS–(BUSINESS WIRE)–Regulatory News:


  • Rental income of €10.9 million
  • Leases signed on 10,000 sq.m during the quarter
  • Continuation of repositioning programs

Unaudited figures.

Rental activity driven by repositioned, sustainable campuses

In first-quarter 2024, operating momentum continued with the completion of three major transactions, representing a total surface area of 10,000 sq.m or 7% of the total surface area of assets in operation1. The transactions were mainly lease renewals and extensions at Europlaza and Arcs de Seine, as well as the arrival of a first-time tenant at Rives de Bercy, less than three months after completion of the Charenton-le-Pont campus. A lease for a fixed six-year term on 5,600 sq.m of space at Rives de Bercy “ almost 20% of the property “ has been signed with a major French industry player. The new tenant began preparing the property for their move in March, aiming to welcome its teams in the third quarter of 2024.

The occupancy rate of buildings in operation was 82% at March 31, 2024, and 69% including the 31,000 sq.m Rives de Bercy campus, delivered at the end of 2023.

1 The property portfolio is divided into buildings in use and assets undergoing repositioning. The delivery of Rives de Bercy at the end of 2023 brings the total number of buildings in use to four. As from January 1, 2024, only Office Kennedy and Passy Kennedy are vacant and undergoing redevelopment work.

Key figures

Vitura’s IFRS rental income was €10.9 million for the three months ended March 31, 2024, compared with €12.7 million for the same period in 2023. The positive impact from recently signed leases and index-linked rent increases was offset by the impact of tenants leaving in 2023, particularly at Passy Kennedy and Office Kennedy, which were vacated in view of the project to combine the two buildings within a single 34,000 sq.m complex. The complex, located in Paris’ extended CBD with wide views over the Seine, will offer a broad range of upscale amenities “ food services, a gym, wellness and social areas, and facilities encouraging low-carbon mobility “ and meet the highest environmental standards. Vitura has already obtained a building permit for this ambitious project. The new financing (debt and capital) will cover the works program, the refinancing of the two outstanding loans, and financing costs. The maturity of the €140 million debt for the Passy Kennedy building has been extended to June 30, 2024 so…

Click Here to Read the Full Original Article at All News…