— Immobilière Dassault

Immobilière Dassault is a SIIC (French listed real-estate investment company) that has a portfolio of high-quality properties, mainly located in the centre and inner suburbs of Paris.

As at Dec 31, 2018
 

Stake in Immobilière Dassault

19.7%

Investment date

2006

FFP's investment.

In the first half of 2006, FFP and the Dassault family decided to transfer part of their real-estate assets to Immobilière Dassault.

FFP Invest owns 19.7% of Immobilière Dassault.

The value of the shareholding, for the purposes of Net Asset Value and the consolidated financial statements, is based on the share price at 31 December 2018.

FFP Invest, represented by Christian Peugeot, is a member of Immobilière Dassault’s Supervisory Board.

In 2018.

In the last few years, Immobilière Dassault has pursued its policy of focusing on prime office and retail properties. In 2018, it acquired 95.09% of CPPJ, a company that owns a top-quality portfolio consisting mainly of retail properties, particularly in Passage Jouffroy, located close to the “Grands Boulevards” in the 9th arrondissement of Paris between Passage des Panoramas and Passage Verdeau. The assets acquired through this strategic transaction had a total appraised value of €145 million. Immobilière Dassault also continued its value-enhancement policy in 2018, starting renovation work on some of its properties.

Like-for-like, rental income fell 13.97% year-on-year to €13.8 million in 2018, and the occupancy rate was 85.34% (87.02% including the Passage Jouffroy properties). The decline was caused by redevelopment works taking place in several buildings, which temporarily affected rental income and cash flow but should eventually generate higher revenues and asset values.

The increase in the value of the company’s portfolio (excluding transfer duties) positively impacted operating profit by €21.3 million in 2018. Net profit totalled €29.9 million. Management will propose an ordinary dividend of €1.24 per share to shareholders to the AGM.

Key figures.

2018 value of the real-estate portfolio

669m

2018 Net Asse Value per share

57

Shareholding structure.