FINANCIAL INFORMATION IN THE THIRD QUARTER 2023
A consolidated turnover of €26.5 million, with rental income up sharply but collection in decline
The PAREF Group’s consolidated turnover amounted to €26.5 million as of September 30, 2023, down 18% compared to the same period in 2022, with changes explained by:
• Gross rental income amounting to €6.7 million, up 26% compared to the same period in 2022. This increase is mainly linked to rents generated on “The Go” asset, following its restructuring successful (project delivered at the end of 2022), and the indexation of rents;
• Management fees amounting to €11.4 million, down -5% compared to the same period in 2022, which included a performance fee of €1.3 million linked to the delivery of the “The Medelan. Excluding this exceptional effect, management fees are up 6%;
• Gross subscription fees amounting to €8.4 million, down 44% compared to the same period in 2022. This drop reflects investors’ reservations about the real estate asset class in an impacted market context. by the rate increase.
|
Turnover (in €M) |
09/30/2022 |
09/30/2023 |
Evolution in % |
|---|---|---|---|
Gross rental income1 | 5.3 | 6.7 | +26% |
Commissions | 27.0 | 19.8 | -27% |
-including management fees | 12.0 | 11.4 | -5% |
-including subscription commissions | 15.0 | 8.4 | -44% |
|
Total |
32.3 |
26.5 |
– 18% |
1
Excluding re-invoiced rental charges
Main highlights in the third quarter of 2023
• Revaluation of assets under SCPI management
In a context of a sharp increase in key rates, the company PAREF Gestion carried out a new valuation campaign mid-year on all real estate assets held by SCPIs. This campaign, entrusted to independent vehicle experts, was taken into account in the reassessment of the reconstitution values and allowed PAREF Gestion to confirm the maintenance of the share prices of its SCPIs.
None of the portfolios, in France or abroad, suffered a drop in value on average greater than 5.5%, which shows the resilience of investment strategies and the work of management teams to contain events. unfavorable market conditions and the rise in rates.
• Acquisitions of two real estate complexes in the West of Germany in Hamm and Bergkamen on behalf of the SCPI Novapierre Germany 2. These retail parks benefit from very good accessibility and are entirely rented to leading brands.
• Delivery of a new office asset “Courteline” on behalf of SCPI Interpierre France. This building rented entirely to a private higher education institute is located in the heart of the university district of Lyon, close to the DOUA university center. It meets the highest standards in terms of energy performance and has been certified BREEAM “Very Good” and labeled “BiodiverCity”.
• Team building
Nicolas Gromakowski has been appointed Deputy Managing Director of PAREF Gestion. He benefits from more than 20 years of expertise in the world of real estate investment and fund management, in France and internationally. His mission will be to implement the ambitious growth strategy of the management company.
• Obtaining an EPRA BPR Gold Award for reporting quality
PAREF has won a Gold level BPR for the fifth consecutive year, which rewards the excellence of the practices implemented in terms of financial information. This recognition is part of a requirement for quality and transparency of communication towards shareholders and investors.
The Board of Directors, meeting on October 26, 2023, appointed Anne Schwartz as Deputy General Director of PAREF. With more than 20 years of experience in the real estate markets, Anne joined the PAREF Group in 2019 as General Director of PAREF Gestion. As part of her new role, her mission, alongside Antoine Castro, will be to accelerate the deployment of the Group’s strategic plan. She will also continue, with the support of Nicolas Gromakowski, recently appointed Deputy Managing Director of PAREF Gestion, to supervise the regulated management activity on behalf of third parties.
This appointment will be ratified at the next General Meeting of the Company.
“I am very honored by this appointment as Deputy Managing Director. It is an immense privilege for me and I thank the administrators of PAREF, and especially Antoine Castro for their trust. Our group is today a major player in real estate management and a reference partner in France and internationally. I am happy to bring my vision and my expertise to take on new challenges and continue to contribute to the success of the Group. »
Anne Schwartz – Deputy Managing Director
“In a rapidly changing real estate market, the PAREF Group demonstrates the resilience of its 360° approach across the entire real estate value creation chain. It is continuing its strategy and maintaining its efforts and investments to improve the rental performance of assets, deploy the “Create More” ESG strategy and optimize the experience of its customers and tenants. I am delighted with the arrival of Nicolas and the appointment of Anne. Their expertise and know-how in the real estate sector constitute undeniable assets for the achievement of our ambitious objectives.”
Antoine Castro – Chairman and CEO
Financial diary
February 22, 2024: 2023 Annual Results
About the PAREF Group
PAREF is a leading European player in real estate management, active for more than 30 years with the aim of becoming one of the leaders in real estate management by relying on recognized know-how. Today, the Group operates in France, Germany, Italy and Switzerland and operates across the entire value chain of real estate investment businesses: investment, fund management, management of renovation and development projects, management assets, rental management. This 360° coverage allows it to offer integrated and tailor-made services to institutional and individual investors.
Committed, the Group aims to contribute to creating more value and sustainable growth and has registered
CSR issues at the heart of its strategy.
As of June 30, 2023, the PAREF Group manages more than €3.0 billion in assets.
PAREF is a SIIC real estate company, listed on compartment C of Euronext Paris – FR0010263202 – PAR.
More information on www.paref.com
Press Contacts
|
PAREF Group Samira Kadhi 07 60 00 59 52 |
Citigate Dewe Rogerson Yoann Besse / Marlène Brisset 06 63 03 84 91 / 06 59 42 29 35 |
[email protected] [email protected]
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Regulated information:
Quarterly financial information:
– Financial information for the third quarter
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