Patrimoine & Commerce Reports 5.6% Increase in Q3 2024 Rental Income

Patrimoine & Commerce announced a 5.6% rise in gross rental income, amounting to €39.5 million for the first nine months of 2024. This growth is attributed primarily to a 4.3% increase on a like-for-like basis, driven by contractual rent indexation and a decrease in Covid-19 related rent concessions. The remaining increase is due to the completion of restructuring works at La Ville-du-Bois and acquisitions in Saint-Parres-aux-Tertres initiated in 2023.

The company also pursued its asset rotation strategy, selling a commercial gallery in Gaillon and two units in Saint-Gaudens and Chambly, generating €2.1 million. Eric Duval, Founder and Director, expressed confidence in the company's economic model and aims to bolster their role in French retail parks.