2021 Half-Year Results

30 Jul 2021
  • Revenue: +2.9% (+11,3% vs 2019)
  • FFO Group share1: +3.1% (+7,1% vs 2019)
  • Solid outlook driven by urban transformation and strengthened by the upcoming acquisition of Primonial

Altarea recorded a strong financial performance for the first half of the year, with revenue and FFO up. Growth in property development more than offset the decline in retail contribution, which was impacted by the health crisis and rents collection challenges. This performance epitomises the strategy initiated over the past year, during which Altarea’s teams proved their agility and made it possible for our Company to emerge stronger.

The upcoming Primonial acquisition will enable Altarea to benefit from a twofold growth dynamic: urban transformation, where Altarea has already a clear leadership, and real estate asset management, where Primonial is one of the largest and best-performing European players.

The urban transformation market is driven by changing uses in a post-Covid world and climate change challenges.

The savings market is structurally driven by a growing appetite for physical assets offering attractive yields and inflation-indexed incomes, amid a persistently low- but potentially inflationary- interest rate environment.

We are deeply confident in our short-, medium- and long-term outlooks for our markets are buoyant and Altarea holds leadership positions in both of them.

For 2021, Altarea confirms the resumption of its FFO growth for the full year 2021, the amount of which will depend on the health situation and its impact in retail in particular.

In the medium- and long-term, thanks to its unique positioning, its relevant model and its sound and robust financial position, Altarea is more than ever on the offensive in all its markets.

Alain Taravella, Chairman and Founder of Altarea

1 - Funds from operations (FFO): net profit excluding changes in value, calculated expenses, transaction fees and changes in differed tax.

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