Ascencia has invested Rs 2.6 billion over the past five years. What have these investments focused on?

Over the past five years, Ascencia has invested Rs 2.6 billion in strategic projects to strengthen its position as a leader in the commercial real estate sector and to meet the evolving needs of our clients. Among these initiatives, we expanded Bagatelle Mall, adding a new entrance and developing the “42 Market Street” market on 1500m², in addition to the expansion of Intermart and new spaces for Burger King and Mobrico. We also upgraded the air conditioning system at Bagatelle Mall, reducing its energy consumption by 20% since August 2023.

We also completed the acquisition of the remaining 50% of Bo’Valon Mall, thus strengthening our presence in the southern part of the island.

In October 2022, we also launched Phoenix Mall Station, integrating a metro station directly into the shopping mall. We then proceeded with the renovation of Riche Terre Mall, which has just been completed. These renovations have improved both the aesthetics and functionality of the shopping mall located in the north of the country, optimising natural light and making new installations, including a new children’s play area.

What other projects does the company have in the pipeline for the short, medium, and long term?

Following the recent meeting of our strategic committee, we have identified several opportunities to develop our portfolio in the short, medium, and long term. Details of these initiatives will be communicated to you soon.

In parallel, we are deeply committed to protecting our environment. Fully aware of the climate urgency, we have taken key steps to reduce our carbon footprint. This includes installing additional photovoltaic farms at Home & Leisure in Bagatelle Mall, at Riche Terre Mall, and at Bo’Valon Mall, in addition to those already in place at Bagatelle Mall, Phoenix Mall, Kendra, and Les Allées. We are also continuously working to improve our recycling practices. These actions reflect our investment in building a more sustainable and environmentally friendly future.

The footfall at Ascencia’s shopping malls has increased by 4.4%. What factors have contributed to this rise?

The 4.4% increase in footfall at our shopping malls is primarily attributed to several key factors. We maintain high operational standards across our portfolio to ensure a quality customer experience. Additionally, our shopping malls, acting as 'One Stop Malls', offer a wide range of services and products in one place. This approach is particularly attractive to consumers looking to optimise their time, especially after working hours and on weekends. Furthermore, our strategies are based on our customer promise 'Shaping Singular Places'.

Ascencia has recorded a 9% growth in its net operating income, which stands at Rs 969 million over the past nine months. Similarly, its profits amount to Rs 508 million, representing a 9.1% increase. How is the company's financial performance expected to evolve in the coming months?

This performance, which is explained by maintaining quality standards in our malls and our comprehensive ecosystem of offerings, reflects Ascencia’s solidity. These solid foundations are characterised by the trust of our tenants and the expertise of our teams, which have contributed to the exceptional results of the first nine months. Moreover, Ascencia has always met the expectations of its stakeholders in recent years, demonstrating its ability to meet market demands and affirming its financial strength.

Despite the controlled dividend approach in 2020 and 2021, Ascencia has rewarded its shareholders with an annualised dividend growth of 9.5% over the past eight years. This growth reflects our effective cost management and strong collection rate despite a rising interest rate environment.

Our shopping malls, which are now evolving into complete living spaces, offer not only enhanced shopping experiences but also profitable investment opportunities.

Has the salary increase played a role in this?

With recent salary revisions still fresh, it is premature to measure their direct impact on footfall at our shopping malls. However, it is essential to remain attentive to changes in our visitors' purchasing power to better understand how these adjustments might eventually affect our tenants' commercial activity.

So’flo and Bo’Valon Mall will celebrate their seventh and fifth anniversaries this year, respectively. What has been the evolution and performance of these two malls? Do their specific locations play to their advantage?

With an occupancy rate of 99%, Bo’Valon Mall, which will soon celebrate its fifth anniversary, has shown solid performance over the years. Located in a dynamic region of the south, it has overcome significant challenges such as COVID-19 to become a must-visit shopping destination. The creation of 380 local jobs and the addition of new stores and services enhance its economic impact and popularity among consumers.

So’flo, celebrating its seventh anniversary, shows positive growth with a 5% increase in footfall over the first nine months of the 2024 financial year. The introduction of a new tenant in the 'Food Hall', which will be announced soon, and the ambitious transformation of the first floor into a ‘Destination Floor’ are initiatives aimed at diversifying the offering and improving the customer experience. These efforts are expected to attract even more visitors, further strengthening So’flo’s position as a key shopping mall in the region.

Bagatelle Mall stands out as the preferred mall for Mauritians. However, other shopping malls are also gaining popularity. How does Bagatelle plan to maintain its leading position?

Bagatelle Mall, the favourite shopping mall of Mauritians, is committed to maintaining its leading position by continuing to develop its ecosystem of offerings to meet the diverse needs of its visitors. The success of Bagatelle relies on a well-balanced mix of different categories of stores and services, each playing a key role in attracting and retaining our clientele.

We also place particular emphasis on the richness of our event programming. The events and activities we organise, such as national celebrations, ‘Food Festivals’, lotteries, and other interactive experiences, are essential in creating a dynamic and engaging atmosphere.

By staying attuned to our visitors and continuously adapting our mix of offerings and activities, Bagatelle Mall aims to strengthen its position as a destination of choice, not only for shopping but also for entertainment and social experiences.