By Gavin van Marle 24/04/2014 French haulage and logistics operator Norbert Dentressangle (ND) has reported a 13.6% year-on-year increase in group turnover for the first quarter, as the effect of its acquisition of freight forwarder Daher begins to be felt.ND has been trying to diversify its business mix in recent years and move away from its traditional dependency on haulage and its home market of France, and Q1 saw 61% of revenue generated outside the country, while just over 50% came from its logistics and freight forwarding divisions.Chairman Herve Montjotin said: “The growth recorded by Norbert Dentressangle [was] primarily driven by sustained sales growth and a few targeted acquisitions.“This growth is in line with the company’s development model, which is based on both boosting its commercial positions, and increasing its market share, and on an active external growth strategy.”Last year’s acquisition of French freight forwarder Daher was the main reason for a 47.6% year-on-year increase in freight forwarding revenues, which came in €48m compared with €33m in the same period last year.However, on a like-for-like basis, forwarding revenue was actually down 15%, and ND has revised downwards its expected full-year freight forwarding turnover to €200m. At the end of the third quarter last year, ND estimated that with the Daher acquisition the freight forwarding division would generate €220m.Mr Montjotin said the revision was because the company had moved its focus from revenues to margins.“Gross margins are more important than revenues, and now stand at 20%, where before they were 17%. We are concentrating on the actual profitability rather the revenues.”This change in tack was illustrated by the way ND has changed its approach to the Chinese market. It entered China with the 2011 acquisition of local forwarder APC Beijing International.“At the time this company operated on behalf of local Chinese clients, but we discontinued some of these contracts because they weren’t lucrative – and now we are starting to do business with US and European clients who have flows out of China,” Mr Montjotin explained.Its major contract win in this area has been to manage some traffic for hi-tech manufacturer Asus from China to the US. The Taiwanese-headquartered company runs quarterly tenders for its Shanghai-Los Angeles corridor, said Mr Montjotin.“We didn’t have this business before – it enhances our creditability,” he said, adding that cargo was mostly microprocessors, tablets and laptops.So its push into freight forwarding remains very much a work in progress, and the sector’s contribution to the group is marginal compared with the transport and contract logistics divisions, which both saw revenue of around €520m in the first quarter, growing by 5.5% and 19.8% respectively.Group turnover was €1.078bn, compared with €949m in Q1 2013, and marginally down on the fourth-quarter result of €1.079bnMr Montjotin denied this was evidence that growth at the company had stagnated. He said the final three-month period of 2013 was above expectation – and had a seasonal fillip.“The Christmas season was very good for us with the all the e-commerce and other activities – for example, Marks & Spencer contracted a lot of business with us on a temporary basis, because they couldn’t deal with it themselves.“The real comparison should be year-on-year,” he said.
Subscription required for Premium stories In order to view the entire article please login with a valid subscription below or register an account and subscribe to Premium Please either REGISTER or login below to continue By Alessandro Pasetti 14/09/2020 Please Login Premium subscriber LOGIN LOGIN Email* << Go back Password* You may well have read today about Nvidia’s $40bn takeover of ARM Holdings of the UK from SoftBank, which comes just over four years after the JPY/£ currency-led, opportunistic acquisition was struck by the Japanese firm to acquire the chip designer soon after the Brexit referendum in mid-2016.The deal creates the “world’s premier computing company for the age of AI”, said Nvidia on Sunday.And seller SoftBank, the vituperated “Nasdaq Whale” – is it?; more here in case you missed it – is ... New Premium subscriber REGISTER Forgotten your password? Please click here Reset Your Password Email* Reset
Due to the impact of the coronavirus pandemic, retail rent collections at the property stood at just 17 percent as of November. The parking operator, which is affiliated with Icon Parking, has not paid rent for months and is being evicted, after which the landlord expects to transition from a lease to a management agreement. Office rent collections, meanwhile, stood at 95 percent in November.Brookfield acquired One New York Plaza in 2006 as part of its acquisition of Trizec Properties. In 2016, it sold a 49 percent stake to Chinese sovereign fund China Investment Corporation, and a 16 percent stake to AEW Capital Management. It retains a 35 percent stake and continues to manage the building.Since 2012, the landlord has invested more than $230 million into the property, including a reconstruction of the retail concourse, facade repairs and flex office space build-out. The building has also seen almost 1.4 million square feet in leasing activity in the past five years, after the departure of former anchor tenants Goldman Sachs and Wachovia Bank in 2013 and 2014, respectively.Contact Kevin Sun Email Address* Full Name* One New York Plaza and Brookfield Property Partners CEO Brian Kingston (Photos via Brookfield)Since CMBS markets came back to life towards the end of 2020, Brookfield has been on a roll with a series of massive single-asset refinancings, locking in the largest Manhattan real estate loans for three of the past four months.The latest was a $835 million refinancing of One New York Plaza, originated by Wells Fargo, Goldman Sachs and BMO Harris Bank. The 50-story office building is situated at Manhattan’s southern tip in the Financial District.The refinancing was securitized in a CMBS transaction named ONYP 2020-1NYP, and documents associated with the deal provide an up-to-date, in-depth look at the building’s finances.The 2.6 million-square-foot tower is currently 96.5 percent leased to 26 tenants with an average rent of $53 per square foot, according to loan documents.Morgan Stanley, which first became a subtenant at the building in 2005 and a direct tenant in 2012, now occupies more than half of its rentable area. The investment bank is currently renovating its space, and plans to give back floors 32 and 36 this year in a slight downsizing. To facilitate the renovation, the firm has signed short-term leases on the 31st and 33rd floors to “swing personnel in and out fluidly” as needed.Other major tenants at One New York Plaza include international law firm Fried Frank, British publisher Macmillan, plus-size apparel company FullBeauty and cosmetics producer Revlon. The building’s 39,000 square feet of retail space is leased to tenants like Starbucks, Chop’t, Retro Fitness and Chipotle, with base rent for retail leases signed since 2015 averaging $62 per square foot.Read moreBrookfield lands $835M refi for One New York PlazaHere’s what tenants are paying at Brookfield & Swig’s Grace BuildingHere’s how much tenants are paying at One Manhattan West Message*