The group

Patrimoine & Commerce a property company dedicated to commercial real estate.

Presentation

Listed on Euronext in Paris, Patrimoine & Commerce owns and operates a portfolio of real estate assets consisting primarily of recent retail areas, located on the outskirts and in the centres of medium-sized towns and cities around the whole of France. Made up of retail parks and city centre shopping malls, Patrimoine & Commerce’s assets are highly attractive, with occupancy rates that have been close to 100% for several years.

Strong development ambitions within a long term logic

Patrimoine & Commerce’s goal is acquire and develop commercial property assets based on selective investment criteria which combine dynamism with long-term vision:

High catchment areas
Visibility and accessibility of the locations
Quality of tenants
Local rental management
Attractive profitability rates

In line with its rapprochement with Foncière Sepric and relying on an already identified deal-flow, Patrimoine & Commerce’s ambition is to reach a value of 1 billion euros. At the same time, Patrimoine & Commerce is carrying out an arbitrage policy in relation to its asset portfolio which is illustrated by a gradual disposal of tertiary assets from the scope and arbitrage, in the medium term, of commercial assets that have reached maturity. This real estate strategy is based on a policy of secured and prudent financing of the assets.

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Our actions

Discover the highlights since our creation

2008

Foundation of a listed investment vehicle specialising in commercial real estate: Harnessing the stock market as a growth tool / Control taken of the listed structure, Billon, in 2008 / Its restructuring into a real estate company under the Patrimoine & Commerce name

2009

Injection of 29 real estate assets to Patrimoine & Commerce of a total value of €163.7m

2010

Patrimoine & Commerce creates a governance structure with a Supervisory Board composed of many well-known figures, recognised commercial real estate professionals
€20m fund-raising from Banque Populaire Val de France (Groupe BPCE)

2012

Rapprochement with Foncière Sepric and the creation of the benchmark real estate company for managing Retail Parks with an asset portfolio of nearly €500m

2014

August: Stake taken in Predica (Crédit Agricole Assurances), an institutional reference player, of 20% for €47.4m
December: Issuance of a debenture loan for €30m – Euro PP

2015

Janurary: Integration of the Trimax portfolio + €28m
July: Merger-absorption of Foncière Sepric by Patrimoine & Commerce

2019

Subscription of a €50 million corporate loan

Solid shareholders

Shareholding structure

27,4 %

Duval family

19,4%

Predica (Crédit Agricole)

9,7%

Banque Populaire Val de France (Groupe BPCE)

7,9%

Vergely family

6,3%

Graff family

5,4%

Crédit Agricole Centre France

4,5%

Robbe family

3,5%

Suravenir (Crédit Mutuel)

16,0%

Other shareholders

Development strategy

The assets in which the property company invests must respond strategically to the 3 main challenges of the retail real estate of tomorrow:

New consumer habits and the search for the best prices.

Offer a large range of stores (one stop shopping)
Provide low cost real estate reflected in products at the right price

Stores that are increasingly selective in their choice of location.

Select the catchment areas that provide the best consumption flows
Reach a critical size for each retail park
Offer low real estate costs

Better control over shopping centre town planning and the preservation of city centre stores

Regain control over the peripheries of urban areas with well-structured and high-quality retail parks
Offer store names that complement the city centre stores

Patrimoine & Commerce is positioned on a clearly identified resilient class of assets: retail parks.

With its strong territorial base (Paris, Lyon and Rennes) and its proximity to local authorities, Patrimoine & Commerce is implementing a clearly defined development strategy:

In the short-term: optimise the managed portfolio (i) by reaching a critical investment size in each retail park and (ii) by increasing the density of retail parks to improve their marketability (store mix)
In the medium term: develop the portfolio by harnessing two complementary channels • Carrying out development work alone or with external partners • The networks of business referrers of the Group with coverage of the national territory
In the longer term: manage a high-quality portfolio and crystallise unrealised gains through the rotation of mature assets.

Backed by a pipeline of well-defined projects of €270m over the next 4 years, Patrimoine & Commerce is targeting a portfolio of nearly one billion euros.