Immobilière Dassault: rents up 5.6% over nine months, occupancy declines
Immobilière Dassault published on 3 November 2026 rental income of €8.7 million for the third quarter, down 0.6% year on year. On a like-for-like basis, however, it rose 1.2% to €8.0 million.
Over nine months, the picture reverses: reported rental income increased 5.6% to €26.9 million, while like-for-like rental income fell 3.5% to €23.7 million. The gap is notably due to the building at 88 rue de Rivoli, acquired at the end of July 2025.
This same asset is behind the decline in the occupancy rate as of 30 September 2026, following the departure of an office tenant. The Parisian property company thus sees its main recent acquisition supporting its cumulative rents while weighing on the occupancy of its portfolio.
Over nine months, growth driven notably by the rue de Rivoli acquisition
The two measures published by the company do not tell the same story. Consolidated rental income includes rents from the building at 88 rue de Rivoli (Paris 4th arrondissement), which entered the portfolio at the end of July 2025, which notably explains its 5.6% increase over the first nine months of the financial year.
On a like-for-like basis, the 3.5% decline over the same period is partly explained by a high comparison base. The €24.6 million of revenue recorded over the first nine months of 2025 notably included the positive resolution of a leasing situation for nearly €0.9 million.
The third quarter viewed in isolation shows a different trend: like-for-like rents rose from €7.9 million to €8.0 million, an increase of 1.2%. The decline over the cumulative period and the increase in the last quarter should therefore be read together.
Occupancy rate falls to 92.48% after a departure on rue de Rivoli
The portfolio occupancy rate stood at 92.48% as of 30 September 2026, down 1.7 points from 94.18% as of 30 June 2026. The company attributes this decline to the departure of an office tenant at 88 rue de Rivoli.
This departure is partially offset by new leases signed at 16 rue de la Paix (Paris 2nd arrondissement). The rue de Rivoli building therefore plays a dual role in this publication: it contributes to the growth in cumulative rents and it is the source of the vacancy recorded at the end of the quarter.
The company's portfolio, made up of office, retail, hotel and museum assets located in Paris, comprised 15 assets as of 30 June 2026. Its total value reached €986.2 million excluding transfer taxes.
Scaffolding accident: financial consequences yet to be determined
The company also provided an update on the matter opened following the collapse of scaffolding on one of its buildings. This matter remains pending, and work will resume once administrative authorisations are obtained.
The assessment of damages and the allocation of liability are the subject of numerous ongoing inquiries. At this stage, according to the press release, the final financial consequences cannot be established.
The publication therefore shows two developments moving in opposite directions. The historical portfolio regains rental growth over the last quarter, while the occupancy rate declines due to a departure from the recently acquired asset. The 2026 annual rental income will be published on 1 February 2027.
