Back to list Renta Corporación refurbishes the recently acquired Tour La Villette building in Paris
Renta Corporación refurbishes the recently acquired Tour La Villette building in Paris
. The CPAM (Caisse Primaire d’Assurance Maladie de Paris) moves most of its offices to the building.
. Renta Corporación has owned the building since last March and is currently managing the refurbishment work and rental arrangements.
Renta Corporación has acquired Paris’ landmark Tour La Villette office block, a 125-metre high-rise with 35 floors towering above one of the best-connected up-and-coming business centres, in the north-east corner of the French capital. The area has excellent access routes to and from everywhere in the city and also from the Charles de Gaulle and Le Bourget airports.
With a usable floor space of 40,000 square metres spread over its 35 floors, and two underground levels for parking, the French skyscraper can house over 3,500 people. Renta Corporación is currently improving the technical installations and building distribution to make full use of available light, optimising space and incorporating new communal services. In the words of the company’s CEO, César Bardají, “We are turning what is essentially one of the most prominent buildings on the Parisian skyline into a top-tier office building with a highly attractive value proposition, unmatched in the French capital. The building will boast modern installations and security measures and, thanks to its functional design, will be the ideal base of operations for large organisations.”
50% of the property already leased: The upgraded design of the high-rise has attracted enormous market interest, so much so that half the property has already been let out. Among the deals struck, the contract signed with CPAM (Caisse Primaire d’Assurance Maladie de Paris) deserves to be highlighted. This important public body will occupy over 8,000 square metres of the tower, which are being prepared as office space by Renta Corporación in a turnkey project for the public body. The agreement was drawn up by the firm CB Richard Ellis, which has extensive experience in the French capital’s office market.
A high-rise located in an area with enormous potential: Over 1,800 companies are based in the area surrounding the Tour La Villette, which has excellent access routes and is set to become one of Paris’s major business hubs.
Paris, a benchmark market for Renta Corporación on the international stage: since striking its first deal in the French capital in 2002, Renta Corporación has gone on to invest over 300 million euros in more than 15 real estate projects. Paris has managed to attract more and more of Renta Corporación’s business over the years, to the point that it has now become one of the company’s principal strategic markets and one of the most significant in terms of average transaction size. Since 2002, the average amount of each transaction has increased tenfold and currently ranges from 50 to 100 million euros.
Organic growth has allowed the company to develop a gradual process of internationalisation, in which it has successfully applied its business, model based on acquiring, transforming and selling fixed assets. Renta Corporación currently operates in four countries: Spain, France, the United Kingdom and Germany.
Excellent results for the first quarter of 2007: Renta Corporación boosted net profits by 60% over the first quarter of this year, thereby bringing them to the 16-million euro mark. Turnover also experienced significant growth, climbing to 244 million euros. Stock levels and investment rights, which signal solid profit for upcoming financial years, stood at 1,193 million euros. Renta Corporación expects to report net profits in the region of 80 million euros for 2008.
Renta Corporación – General corporate information
Renta Corporación is a property development company that operates in the principal European marketplaces, specifically in highly liquid prime areas. In Spain, it operates mostly in Barcelona and Madrid, with Paris in France, London in the United Kingdom and Berlin in Germany. Thanks to its acquisition strategy, consisting of refurbishing and selling properties, the company has a record of impressive growth and expansion. Financial year 2006 saw Renta Corporación increase net profit by 46% to 47.5 million euros. Recorded income amounted to 596 million euros, with investment standing at 864 million euros. The company has recently upped its forecast for 2008, with a net profit goal of 80 million euros.
Renta Corporación has been listed on the Madrid and Barcelona stock exchanges (continuous market) since April 5, 2006. It is worth noting as well that the company has been included in the Ibex Small Cap and FTSE EPRA/NAREIT indices, the latter of which is considered to be one of the most prestigious benchmark indices for international institutional investors specialising in the property market.
Barcelona, May 21, 2007.