Argan: 8% growth in rental income in 2024

(CercleFinance.com) - Logistics property company Argan reported 8% growth in rental income for full-year 2024, to E198.
3m at end-December, thus fully meeting its annual target.

While it maintained 100% occupancy of its warehouses for the second year running, rental growth reflects the full-year effect of deliveries in 2023 and 2024, as well as the rent review (+4.6%) carried out on 1 January 2024.

In line with its business plan, Argan has completed nearly E180m of developments for 170,000 m² in 2024, for an average yield on delivered projects of 6.6% compared with 5.2% in 2023, and has completed the planned volume of disposals, for E77m.

At 31 December 2024, the portfolio under construction represented 3,710,000 m². At E3.91bn excluding transfer duties, the increase in valuation recorded over the year (+6%) essentially reflects an increase in the fair value of the portfolio.


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