The turnover of Immorente Invest, specialist in professional real estate assets for rent, reached 9.8 million dirhams in the second quarter of 2019, an increase of 18% compared to the previous quarter.
The increase in revenue and rents is due to the expansion of the scope of assets, says the subsidiary of CFG Bank created in 2011, noting the increase of 87% of net rents to 8.6 million dirhams in the 2nd quarter of 2019 compared to at the same time a year ago.
This performance is also attributable to rents received following the acquisition of office space at the marina of Casablanca in June 2018 leased to Huawei, which take effect this semester and the collection of the first rents following the completion of the construction of the factory rented by Faurecia in the Kenitra free zone.
In the first quarter, Immorente Invest finalized the investment in the Faurecia plant for an amount of nearly 7 million dirhams, the statement added, noting that no investment was made in Q2-2019.
The company says it has made a new acquisition on 2 July 2019 of an asset in Bouskoura owned and operated by Engie Contracting Al Maghrib for nearly 60 million dirhams to become the headquarters of the activities “Customer Services” of the latter. In terms of debt, the company did not contract any new debt in H1 2019, said the same source, noting that the debt carried by the company remains stable at 150 million dirhams. The Loan to Value (LTV) ratio of the fund remains under control at 31% as of June 30, 2019.