The company dedicated to professional rental real estate is preparing its meeting general ordinary. This will meet in an extraordinary manner on September 7 and will work on two draft resolutions. In the wake of this meeting, Immorente publishes its financial activity indicators for the second quarter. These announce an increase in its portfolio and its turnover.
Financial indicators are green for Immorente Invest, a company dedicated to professional rental property. The company announces a turnover of MAD 16.7 million in the second quarter of 2021, up 25% compared to the same period last year.
Over the half-year as a whole, turnover increased by 7% to MAD 31.8 million. It should be noted that these revenues include rents and re-invoicing of common charges and the tax on communal services (TSC). Rents increased by 19% over the second quarter and 9% over the half-year as a whole.
The company explains that the increase in turnover and rents results mainly from the expansion of the scope of assets with the acquisition of a factory at the Meknes agropolis. Last May, Immorente finalized the acquisition of this factory with an area of 25,000 m2 and built on 4.7 hectares of land that it leases to the equipment manufacturer Aptiv (Ex Delphi).
To achieve this acquisition, it was necessary to invest more than MAD 190 million. This investment is in addition to an existing real estate park to reach a total of assets of MAD 810 million. The rents for this new asset have been productive since May 2021.
This investment is in addition to the existing real estate stock to reach a total of assets of MAD 810 million. Immorente Invest has repaid all of its debts in 2020 and therefore has a 0% Loan to Value ratio as of June 30, 2021. Finally, it should be remembered that the company will pay its first quarterly dividend at the end of September 2021.
Modest Kouame / ECO Inspirations
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