Revalued assets despite on-going disruption from the health crisis
At group level, assets under management increased by 2% to reach more than €2.4 bn
- €200m of owned assets (+2% on a like-for-like basis compared to December 31,2020)
- €2,226m managed on behalf of institutional and retail Investors mainly through SCPI and OPPCI funds (+2% compared to December 31, 2020)
Solid financial fundamentals
- EPRA Net Reinstatement Value (NRV) remains stable at €125.2 per share (€125.1 at December 31, 2020)
- Loan to Value (LTV) remains at a low level of 26% (vs. 25% at December 31, 2020)
- Substantial liquidity of more than €39m (including an undrawn committed credit line)
Active management of owned assets
- Financial occupancy rate of owned assets up +5.2 points compared to December 31, 2020
- Weighted average unexpired lease term of owned assets of 4.8 years at June 30, 2021 vs. 4.6 years a year ago
- 3 new leases and 2 renewals totaling over 14,500 sqm (Tour Franklin & Gaïa offices; Aubergenville warehouse)
The Management Board of PAREF, during the board meeting held on July 29, 2021, approved the closing of the half-year statutory and consolidated accounts as at June 30, 2021.
« PAREF has continued its transformation despite a challenging context in relation to the health crisis. We remain confident about our model, which proved its resilience in 2020. The Group continues to invest in reinforcing its competences and digitalizing its IT systems, aiming to bolster its development in France and in Europe. The value of PAREF's real estate assets rose during the first half of the year, thanks to pre-sale agreement signed and new leases, even in challenging areas such as La Défense. The assets under management on behalf of third parties also increased during the first semester. Our financial situation remains very sound, with a well-controlled debt ratio and substantial liquidity. »
Magali Volet – Group CFO
“PAREF made good progress during the first half of the year, with more than 14,000 m2 of new leases and renewals, €15 million in agreed disposals and a 2% growth in asset values on a like-for-like basis.
PAREF continues to strengthen the quality of its services and to deploy the strategy that enabled the Group to demonstrate its resilience in 2020, while now positioning it to benefit fully from the expected rebound when the health crisis will end.
I would like to thank all of PAREF's teams for the efforts and determination that they have shown for over a year.”
Antoine Castro – Group CEO
I - Real-estate activity (PAREF REIT)
As at June 30, 2021, PAREF holds:
- 11 assets directly,
- 2 main subsidiaries, namely PAREF Gestion and PAREF Investment Management, and
- financial participations in SCPIs and OPCIs.
PAREF's owned assets stood at €200m as at June 30, 2021, +2% vs the end of 2020. The portfolio consists of investment property for €187m (including the participation in Gaïa building) and financial participations in funds managed by the Group for €13m.
|Key indicators on owned assets||Dec 31, 2020||June 30, 2021|
|Number of assets||11||11|
|Lettable area (in operation)||96,619 sqm||96,619 sqm|
As a result of the strategy implemented, the assets are now mostly located in or around Paris:
The real estate assets owned by PAREF (excluding Gaïa office) stood at € 169.8m, increasing by 2% on a like-for-like basis compared to the end of 2020, mainly explained by:
- Capitalized expenses and development of €0.9m in H1 2021, and
- An increase in fair value of the assets in the portfolio of about €2.3m.
PAREF continued its active management strategy during the first half of 2021 via new leases and renewals, of which
- The signing of a new lease and a lease renewal in Tour Franklin in La Défense for more than 2,000 sqm, leading to occupancy rate of 95% from Jan 1, 2022,
- The signing of 2 new leases for the Gaïa building for approximately 1,500 sqm, increasing occupancy rate to 79% as at Jun 30, 2021 (vs. 64% as at Dec 31, 2020), and
- The signing of a lease renewal in Aubergenville, a logistic asset of about 11,000 sqm.
Thanks to the new leases contracts with 6-year firm period, financial occupancy rate of owned asset portfolio increased to 86.3% as at June 30, 2021, +5.2 percentage points compared to 81,1% as at December 31, 2020, and the weighted average unexpired lease term of owned asset portfolio stands at 4.8 years as at June 30, 2021, compared to 4.6 years at the end of June, 2020.
The expiry schedule of rents of owned assets is as follows:
The portfolio repositioning strategy results in a decrease by 24% in net rental income for PAREF, reaching €3.4m for the 1st semester of 2021 compared to €4.4m for the same period in 2020. Indeed, the disposals realized in 2020 and putting the Gentilly asset up for sale have a short-term impact on gross rental income as well as rental expenses reinvoicing:
- Gross rental income decreased by 12%,
- Reinvoicing of rental expenses stood at €1.9m, decreasing by 27% compared to H1 2020. The decrease is mostly caused by the rebilling of rental expenses for previous accounting periods and the vacancy of the Gentilly asset.
|Rental income on owned assets (in k€)||H1 2020||H1 2021||Evolution in %|
|Gross rental income||4,548||4,008||-12%|
|Rental expenses re-invoiced||2,642||1,927||-27%|
|Total net rental income||4,382||3,351||-24%|
The average gross initial yield on these assets remained broadly stable, reaching 6.3% as at June 30 2021 compared to 6.2 % as at December 31,2020.
II - Management activity on behalf of third parties (PAREF Gestion and PAREF Investment Management)
- Asset under management activity
PAREF Gestion collected gross subscriptions of €42m for SCPI funds during H1, representing a decrease of 51% compared to H1 2020. This decline is mainly due to the decision to suspend the subscriptions of SCPI Novapierre Allemagne 2 during the 1st quarter of 2021 (-€38m compared to Q1 2020).
Breakdown of the gross subscriptions of first semester in 2021:
|Type||Funds||Gross subscription |
in H1 2020
|Gross subscription |
in H1 2021
|Evolution in %|
|SCPI||Novapierre Allemagne 2||56||10||-82%|
|Interpierre Europe Centrale||-||8||n.a|
PAREF Gestion has completed investments of approximately €88m for all the SCPI funds under management, notably:
- €75m for Novapierre Allemagne,
- €6m for Interpierre Europe Centrale since its creation in September 2020, and
- €4m for Novapierre Résidentiel.
PAREF Gestion has also closed disposals for about € 11m, of which €8.5m for Novapierre Résidentiel, €1.6m for Cifocoma 2, and €0.5m for Novapierre 1.
The asset under management of PAREF Gestion on behalf of third parties increased slightly, totaling €1,786m as at June 30, 2021, compared to €1,764m as at December 31, 2020.
Breakdown of the assets under PAREF Gestion management as at June 30,2021:
|Type||Funds||Strategy||Assets under |
Dec 31, 2020
|Assets under Management |
June 30, 2021
|Evolution in %|
|Novapierre Allemagne 28||Retail||158||161||2%|
|Atlantique Pierre 1||Diversified||57||58||2%|
|Interpierre Europe Centrale8||Office/Logistics||4||9||125%|
- The Extraordinary General Shareholder Meeting of Novapierre Italie on March 5, 2021, voted for the early dissolution and the liquidation of the SCPI
PAREF Investment Management operates in France, Italy and Switzerland, aiming to provide institutional investors with the expertise already at the service of PAREF and PAREF Gestion, notably in terms of investment, asset management, project management and property management.
The Italian subsidiary of PAREF Investment Management manages the redevelopment project of "The Medelan", a building located in the historic city center of Milan on behalf of the Portuguese insurance company Fidelidade.
This mixed-use asset develops c.55,000 sqm and will offer the best market standards, particularly from an environmental point of view, with an expected Leed Platinium certificate. The delivery of the project is expected in 2022. During the first half of 2021, the first lease has been signed for the rooftop of The Medelan with the restaurant HORTO managed by the famous chef Norbert Niederkofler with 3 Michelin stars for Food & Travel (Michelin Travel Partner) and 1 green star. HORTO will be the first restaurant to offer ethical and sustainable gastronomy in Milan, echoing the avant-garde spirit of The Medelan.
- The decline in net subscription commissions offsets the dynamic growth in management commissions
Management commissions increased by 15% compared to H1 2020, achieving €5.3m as at June 30, 2021. The increase is mainly explained by the following elements:
- +€0.3m from increasing assets under management,
- +€0.1m from the rise of commissions on investments and disposals, and
- +€0.2m from the impact of unpaid rents during Covid-19 lockdowns.
Gross subscription commissions stood at €4.0m in H1 2021, decreasing by 52% compared to €8.4m in H1 2020.
In parallel, retro-commissions reduced accordingly to €4.7m, compared to €6.8m in H1 2020 (-31%). The decrease is explained by:
- Reduced retro-commissions paid to subscription distributors due to slowdown in subscriptions (-€2.6m compared to H1 2020), and
- An increase of the fees paid to service providers in Germany related to increasing asset under management (+€0.2m) and higher volume of acquisitions completed in H1 2021 for SCPI Novapierre Allemagne 2 (+€0.4m).
|Commissions (in €k)||30/06/2020||30/06/2021||Evolution in %|
III – H1 2021 Results and EPRA earnings
|Detailed consolidated P&L (in €k)||H1 2020||H1 2021||Evolution in %|
|Gross rental income||4,548||4,008||-12%|
|Reinvoiced rental expenses, taxes and insurance||2,642||1,927||-27%|
|Rental expenses, taxes and insurance||-2,808||-2,587||-8%|
|Non-recoverable rental expenses||-||-||-|
|Net rental income||4,382||3, 351||-24%|
|Revenues on commissions||13,018||9,349||-28%|
|-of which management commissions||4,617||5,313||15%|
|-of which subscription commissions||8,401||4,036||-52%|
|Net revenues on commissions||6,245||4,658||- 25 %|
|Depreciation and amortization||-235||-598||153%|
|Current operating result||5,564||831||-85%|
|Variation of fair value on investment properties||1,496||2,049||+37%|
|Result on disposals of investment properties||-18||0||-100%|
|Net financial expenses||-836||-523||-37%|
|Other expenses and incomes on financial assets||132||92||-30%|
|Fair-value adjustments of financial instruments||-||-||-|
|Results of companies consolidated under the equity-method||1,335||1,190||-11%|
|Result before tax||7,673||3,639||-53%|
|Income tax||- 480||-62||-87%|
|Net result (owners of the parent)||7,193||3,577||-50%|
|Average number of shares (non-diluted)||1,454,552||1,507,608|
|Net result / share (owners of the parent)||4.95||2.37||-52%|
|Average number of shares (diluted)||1,460,480||1,510,088|
|Net result / share (owners of the parent diluted)||4.93||2.37||-52%|
The half-year net result of PAREF Group was €3.6m, decreasing by 52% compared to H1 2020. This is mainly due to:
- Net rental income of €3.4m (-24% vs H1 2020), reflecting the vacancy of the Gentilly asset which is for sale, disposals from 2020 and the decline in the reinvoicing of rental expenses linked to the settlement for previous accounting periods;
- Net commissions of €4.7m, down by 25%, reflecting the decision to suspend subscriptions for SCPI Novapierre Allemagne 2 in Q1 2021, as well as the slowdown in subscriptions in the context of COVID 19. The growth in asset under management and the development of PAREF Investment Management in Italy have partially compensated this decrease, thanks to the increase in management commissions (+15%);
- General expenses amounted to €6.6m, +36% compared to H1 2020, explained by the reinforcement of the teams;
- Amortization and depreciation of €0.6m, increased by €0.4m compared to H1 2020, reflecting the investments made to upgrade IT systems and tools;
- Variation of fair value in investment properties was €2.0m for the first 6 months of 2021, mainly thanks to the increase of fair value in the Gentilly asset following a pre-sale agreement;
- Net financial expenses decreased by 37% to €0.5m in H1 2021 compared to €0.8m in H1 2020. This reflects the early repayment fees of €0.3m in 2020 related to the refinancing for Dax and Saint Paul les Dax in 2020;
- Results of companies consolidated under the equity-method amounted to €1.2m, compared to €1.3m in H1 2020.
IV - Financial resources
Gross debt of PAREF stood at €67m as at June 30, 2021 compared to €64m as at December 31, 2020.
The average cost of drawn debt of the Group remained broadly stable at 1.64% as at June 30, 2021, vs 1.60% at end of 2020.
The evolution of financing cost starting from 2017 is as follows:
The average debt maturity is 2.6 years as at June 30, 2021 (vs. 3.1 years at year-end 2020).
The drawn debt is fully hedged, limiting the sensitivity of the Group to interest rate fluctuations.
Financial covenants were respected as at June 30, 2021.
|June 30, 2021||Covenant|
|Consolidated asset value||€235 m||>€125 m|
Debt repayment schedule:
The Group has liquidity of €39m as at June 30, 2021, of which cash and cash equivalent for €6m, and an undrawn committed credit line for €33m.
V - Assets under Management
The value of the assets under management increased by +2% and reached more than €2.4bn.
|In k€||Dec 31, 2020||June 30, 2021||Evolution in %|
|1 – Management for owned assets|
|PAREF owned assets||166,550||169,785||2%|
|Total Asset of PAREF||196,278||199,943||2%|
|2 – Management for retail and institutional third parties|
|Novapierre Allemagne 2||157,546||160,968||2%|
|Atlantique Pierre 1||56,644||57,675||2%|
|Interpierre Europe Centrale||4,153||9,324||125%|
|Other assets managed on behalf of third parties (2)||448,360||483,050||8%|
|Total Assets under Management for third parties||2,186,996||2,226,385||2%|
|3 – TOTAL Asset under Management||2,372,332||2,414,903||2%|
- The Extraordinary General Shareholder Meeting of Novapierre Italie on March 5, 2021 voted for the early dissolution and the liquidation of the SCPI
- Including Foncière Sélection Régions and The Medelan asset
- Part of PAREF portfolio is managed by PAREF Gestion through OPPCI (Vivapierre)
VI – EPRA Net Asset Value
PAREF Group EPRA Net Reinstatement Value (NRV) and EPRA Net Tangible Asset (NTA) remained stable at €125.2 per share and €124.6 per share respectively as at June 30, 2021, compared to €125.1 per share and €124.6 per share as at December 31, 2020.
EPRA NAV indicators is based on consolidated equity under IFRS rules (including fair value of assets) and financial instruments and debt at fair-value, according to EPRA Best Practices Recommendations Guideline.
EPRA NAV metrics as at June 30, 2021:
|June 30, 2021 |
|EPRA NRV (Net Reinstatement Value)||EPRA NTA (Net Tangible Assets)||EPRA NDV (Net Disposal Value)|
|IFRS Equity attributable to shareholders||138,142||138,142||138,142|
|Include / Exclude :|
|Revaluation of investment properties (if IAS 40 cost option is used)||-||-||-|
|Revaluation of investment property under construction (IPUC) (if IAS 40 cost option is used)||-||-||-|
|Revaluation of other non-current investments (PAREF Gestion)||37,105||37,105||37,105|
|Revaluation of tenant leases held as finance leases||-||-||-|
|Revaluation of trading properties||-||-||-|
|Diluted NAV at Fair Value||175,247||175,247||175,247|
|Differed tax in relation to fair value gains of IP||-||-||-|
|Fair value of financial instruments||778||778||n.a.|
|Goodwill as a result of deferred tax||-||-||-|
|Goodwill as per the IFRS balance sheet||n.a||-||n.a|
|Intangibles as per the IFRS balance sheet||n.a||-864||n.a|
|Fair value of debt||n.a||n.a||190|
|Revaluation of intangible to fair value||-||n.a||-|
|Real estate transfer tax||12,971||12,971||n.a|
|Fully diluted number of shares||1,510,088||1,510,088||1,510,088|
|NAV per share||125.2||124.6||116.2|
VII - Post-closing events
VIII - Financial agenda
October 28, 2021: Financial information as at September 30, 2021
About PAREF Group
PAREF is a European real estate group listed on Euronext, with €2.4 bn assets under management on behalf of third parties, through PAREF Gestion and PAREF Investment Management.
PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 – Ticker PAR.
More information on www.paref.com
Chief Executive Officer
Phone: +33 (0) 1 40 29 86 86
|Magali VOLET |
Phone: +33 (0) 1 40 29 86 86
|Press Contacts |
Citigate Dewe Rogerson
Mail : Paref@citigatedewerogerson.com
Tel : +33 (0) 7 60 90 89 18
|Philippe Ronceau |
Tél : +33 (0) 6 64 12 53 61
Other EPRA indicators
- EPRA Earnings
|In k€||H1 2020||H1 2021||Evolution in %|
|Earnings per IFRS income statement||7,193||3,577||-50%|
|i. Change in fair-value of investment properties||- 1,496||-2,049||-37%|
|ii. Profits or losses on disposal of investment properties and other interests||18||0||-100%|
|iii. Profits or losses on disposal of financial assets available for sale||-||-|
|iv. Tax on profits or losses on disposals||-||-|
|v. Negative goodwill / goodwill impairment||-||-|
|vi. Changes in fair value of financial instruments and associated close-out costs||234||0||-100%|
|vii. Acquisition costs on share deals and non-controlling joint-venture||-||-|
|viii.Deferred tax in respect of the adjustments above||-||-|
|ix. Adjustments (i) to (viii) above in respect of companies consolidated under equity method||-639||-213||-67%|
|x. Non-controlling interests in respect of the above||-||-|
|Average number of shares (diluted)||1,454,552||1,507,608|
|EPRA Earnings per share (diluted)||€3.65||€0.87||-76%|
- EPRA Vacancy rate
|In k€||Dec 31, 2020||June 30, 2021||Evolution in %|
|Estimated rental value of vacant space (1)||1,974||1,489|
|Estimated rental value of the whole portfolio (1)||10,189||10,861|
|EPRA Vacancy Rate||19.4%||13.7%||-5.7 pts|
- Including the participation in Gaïa office, excluding shares in OCPI Vivapierre. Excluding Gaïa, EPRA vacancy rate stands at 12.2% as at June 30, 2021 vs. 16.9% as at December 31, 2020.
- EPRA Net Initial Yield (NIY) and ‘topped-up' NIY
|In %||Dec 31, 2020||June 30, 2021||Evolution in %|
|PAREF Net yield||6.40%||5.36%||-1,04 pts|
|Impact of estimated duties and costs||-0.5%||-0.36%||+0,14pts|
|Impact of changes in scope||-0.04%||0%||+0,04pts|
|EPRA Net initial yield (1)||5.90%||5.00%||-0,90 pts|
|Excluding lease incentives||0.30%||0.57%||+0,27pts|
|EPRA “Topped-Up” Net initial yield (2)||6.22%||5.56%||-0,66 pts|
- The EPRA Net Initial Yield rate is defined as the annualized rental income, net of property operation expenses, after deducting rent adjustments, divided by the value of the portfolio, including duties.
- The EPRA ‘topped-up' Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, excluding lease incentives, divided by the value of the portfolio, including taxes.
- Capital expenditure
|In K€||H1 2020||H1 2021|
|Portfolio on a like-for-like basis (2)||697||193|
- Including investment related to “The Go” project of the asset located in Levallois-Perret
- Including mainly investment on resort complex in Dax and the 6 floors in the Franklin Tower
- Including eviction indemnities, rent adjustments and capitalized financial costs relating to "The Go" project
- EPRA cost ratios
The ratio below is computed based on PAREF Group owned assets perimeter (including companies consolidated under the equity method).
|In k€||H1 2020||H1 2021||Evolution in %|
|i. General expenses||-599||-562||-6%|
|ii. Costs related to properties||-||-||-|
|iii. Net service charge costs/fees||-2,808||-2,587||-8%|
|iv. Management fees less actual/estimated profit element||-||-||-|
|v. Other operating income/recharges intended to cover overhead expenses||-||-||-|
|vi. Share of general expenses of companies consolidated under equity method||-99||-163||65%|
|vii. Depreciation and amortization||-|
|viii. Ground rent costs||1,460||1,226||-16%|
|ix. Service charge costs recovered through rents but not separately invoiced||1,181||756||-36%|
|EPRA Costs (including direct vacancy costs) (A)||-864||-1,331||54%|
|x. Less: Direct vacancy costs (unrecoverable rent costs)||280||658||135%|
|EPRA Costs (excluding direct vacancy costs) (B)||-584||-673||15%|
|xi. Gross Rental Income less ground rent costs||6,008||4,372||-27%|
|xii. Less: service charge costs included in Gross Rental Income||-1,460||-1,024||-30%|
|xiii. Add: share of Gross Rental Income less ground rent costs of companies consolidated under equity method||1,163||1,535||32%|
|Gross Rental Income||5,711||4,883||-15%|
|EPRA Cost Ratio (including direct vacancy costs) (A/C)||15.1%||27.3%||+12.2pts|
|EPRA Cost Ratio (excluding direct vacancy costs) (B/C)||10.2%||13.8%||+3.6pts|
Consolidated balance sheet
|Balance sheet (in €k)||Dec 31, 2020||June 30, 2021|
|Other property, plant and equipment||2,052||1,770|
|Shares and investments in companies under the equity method||13,836||15,179|
|Financial assets held for sale||1,299||1,172|
|Differed tax assets||6||-|
|Total non-current assets||198,050||188,634|
|Trade receivables and related||16,270||13,344|
|Cash and cash equivalents||7,325||5,722|
|Total current assets||23,783||19,910|
|Properties and shares held for sale||-||14,965|
|Additional paid-in capital||42,193||42,193|
|Fair-value through equity||70||-|
|Fair-value evolution of financial instruments||-944||-778|
|Consolidated net result||8,150||3,577|
|Non-current financial debt||65,803||67,647|
|Non-current financial instruments||778|
|Non-current taxes due & other employee-related liabilities||-||28|
|Total non-current liabilities||66,072||68,783|
|Current financial debt||435||764|
|Current financial instruments||944|
|Trade payables and related||4,684||7,053|
|Current taxes due & other employee-related liabilities||7,196||5,462|
|Other current liabilities||4,697||3,250|
|Total current liabilities||17,956||16,530|
Cash flow statement
|CASH-FLOW STATEMENT (in €k)||H1 2020||H1 2021|
|Depreciation and amortization||223||568|
|Valuation movements on assets||-1,496||-2,049|
|Valuation movements on financial instruments||-||-|
|Valuation on financial assets held for sale||-||-|
|Result on disposals||18||-|
|Results of companies consolidated under the equity method||-1,335||-1,190|
|Cash-flow from operating activities after net financial items and taxes||5,083||968|
|Net financial expenses||836||523|
|Cash-flow from operating activities before net financial items and taxes||5,021||1,786|
|Other variations in working capital||-2,185||1,053|
|Net cash-flow from operating activities||2,836||2,839|
|Acquisition of tangible assets||-2,798||-1,839|
|Acquisition of other assets||-283||-260|
|Acquisition of financial assets||-1,085||-564|
|Financial assets disposal||-||-|
|Financial products received||-||-|
|Change in perimeter||28||5|
|Cash-flow from investments||594||-2,659|
|Variation in capital||3,945||-|
|Variation in bank loans||27||39|
|Variation in other financial debt||-||2,000|
|Repayment of financial lease||-||-|
|Repayment of bank loan||-8,520||-292|
|Costs of loan issuance||-||-|
|Variation on bank overdraft||168||339|
|Financial expenses paid||-504||-402|
|Dividend paid to shareholders and minorities||-5,775||-3,468|
|Cash-flow from financial activities||-10,659||-1,783|
|Increase/ Decrease in cash||-7,228||-1,602|
|Cash & cash equivalent at opening||16,357||7,325|
|Cash & cash equivalent at closing||9,129||5,722|
 « Sociétés Civiles de Placements Immobiliers » (non-trading real estate investment companies)
 « Organisme de Placement Professionnel Collectif Immobilier » (property investment mutual funds)
 Loan-to-value (LTV): consolidated net debt divided by the consolidated asset value excluding transfer taxes (LTV at 27% including the shares in Wep Watford)
 Includes interests in companies consolidated under the equity method, of which 50% in Wep Watford (company which owns the Gaïa office in Nanterre, La Défense) and 27.24% in Vivapierre OPPCI.
 Including Gaïa office share. Excluding shares in Vivapierre and the value of Paref Gestion shares.
 Including Gaïa office. Excluding Gaïa office, financial occupancy rate stands at 87.8% as at June 30, 2021, vs 83.8% end of 2020. The financial occupancy rate is computed excluding assets undergoing redevelopment (The Go in Levallois-Perret)
 Excluding the asset being restructured (“The Go” in Levallois-Perret) and the Gaïa asset.
 Open-ended funds
 Close-ends funds
 Loan-to-value: consolidated net debt divided by the consolidated asset value excluding transfer taxes.
 ICR : EBITDA divided by consolidated financial expenses excluding penalties on debt early repayment.
 DSF : secured financial debt divided by the consolidated asset value (including the value of PARE Gestion's share).
 Including the value of PAREF Gestion as at Dec 31, 2020
 Including shares in companies consolidated under the equity method (50% in Wep Watford owning the Gaïa building in Nanterre, La Défense), and 27.24% in Vivapierre OPPCI. Excludes Paref Gestion shares
 PAREF Gestion valuation was performed by a qualified external expert as at Dec 31, 2020.