Aéroports de Paris - 2019 Universal registration document
REAL ESTATE ASSETS AND FACILITIES
BUSINESS OVERVIEW
PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT
STATUTORY AUDITORS
RISK AND MANAGEMENT
INFORMATION ON THE COMPANY
ORGANISATION CHART
REVIEW OF THE FINANCIAL POSITION AND INCOME
EQUITY AND CASH FLOWS
INFORMATION CONCERNING TRENDS
Therefore, based on the group’s estimates, together, the land reserves totalled buildable potential of approximately 1,631 million m 2 at the end of 2019: ◆ by 2025, development projects could concern around 420,000 m 2 of surface areas available for building; ◆ approximately 74% of the construction potential at end-2019 will still be available by 2025. These estimates for real estate developments by 2025 do not in any way constitute targets. They are insights into the Group’s medium-term vision, which supplement the targets of the Connect 2020 plan, which remain unchanged.
Land reserves available for building increased by two hectares at the end of 2019 and totalled 357 hectares, compared to 355 hectares in 2018, due primarily to exchanges of lots with the aviation activities. Land leased to third parties was located at Paris-Charles de Gaulle, Paris- Orly and Paris-Le Bourget airports as well as at civil airfields. More than 50% of the land leased to third parties is linked to airport activities at Paris-Charles de Gaulle airport, 10% at Paris-Orly airport, and 56% at Paris-Le Bourget and general aviation airfields. At 31 December 2019, the assets dedicated to real estate activities were valued at €3,320 million, of which €2,885 million in investment buildings as detailed in Note 6.3.2 of the Group’s consolidated accounts 1 . The assets include nearly €435 million in buildings occupied by Groupe ADP for its own use, the assets held by its equity-consolidated subsidiaries and assets restated according to IFRS standards under lease-financing contracts. The value of land reserves available for building (357 hectares) was €409 million at 31 December 2019. The value of land reserves available for building (357 hectares) was €409 million at 31 December 2019. The land reserves are covered by master development plans by neighbourhood which confirm the potential for development based on realistic development directions which reflect the group’s knowledge of the market, urban planning regulations, a realistic assessment of the build potential by airport and type of activity and an understanding of development costs, thereby ensuring the financial viability of the projects.
12% Hotel
Cargo 35%
Activities 25%
05
Tertiary 28%
The likely destinations of the projects by 2025 are as follows:
Orly
CDG LBG & AAG
Total
%
Land reserves reminder (ha) Building potential (‘000 m2) 1
151
162 601
44
357
806
223
1,631
100%
Projects signed/under construction at the end of 2019 (built-up area) 1 Projects identified up to the end of 2025 (‘000 m2) 1
54
142
25
221
14% 12% 74%
135 617
68
-
203
Building potential remaining (‘000 m2) 1
391
198
1,206
1 Built area.
Leased buildings Usable commercial space at the end of 2019 was 977,200 m 2 . The average occupancy rate was nearly 90% and the rate of financial vacancy was 94%. Leased surfaces break down as follows:
Total
Aeronautical
Diversification
(in thousands of m 2 )
Rented places Cargo buildings
488 198 232
489
977 205 232
6 0
Maintenance hangars
Business and logistics premises
17
93
110
Offices
24
156 155
180 162
Internal rentals Other buildings
7
10
79
89
1 Built area.
73
AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019
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