Strong performance of the Group's 3 business lines
In the first half of 2022, PAREF Group demonstrated the relevance of the transformation of its business model aimed at creating synergies between its activities. Both the own assets portfolio, the third-party regulated management (PAREF Gestion), and the redevelopment and asset management activity (PAREF Investment Management) have contributed to a strong increase in Net Profit.
The Net Profit at € 13.6m for the first half of 2022 is multiplied by 4 compared to the same period in 2021 (€ 3.6m), driven by :
- an increase of value of € 11m of its own portfolio principally related to the signing of new lease in Levallois-Perret;
- an substantial growth in gross management fees to € 8m (or +51% vs. H1 2021) thanks to the increase of 159% in fundraising compared to H1 2021;
- a strong increase in gross subscription fees to € 10.7m (or 2.7x vs. H1 2021); and
- a performance fee of € 1.3m from Medelan project managed by Paref Investment Management for institutional investor.
All three business lines therefore contribute to the performance, confirming the resilience, earnings growth and synergy of PAREF Group's model.
At the Group level, assets under management are up to a total of almost € 2.9 billion
- 198m of own assets (+11.3% on a like-for-like basis vs. 31 December 2021) ;
- 2,676m managed on behalf of institutional or individual third parties (+7% vs. 31 December 2021).
The balance sheet situation continues to strengthen, with financial and management indicators improving steadily:
- EPRA Net Reinstatement Value (NRV) keeps on rising by 3% to € 134.1 per share (€ 130.0 at 31 December 2021);
- Loan to Value ratio (LTV1) is maintained at a low level of 22% (equal to 31 December 2021);
- Interest coverage ratio (ICR2) improves significantly to 7.4x (from 4.6x at year-end 2021);
- Financial occupancy rate of owned assets maintained at 95.1% in line with the level at 31 December 2021.
The Board of Directors of PAREF, during the meeting held on July 28, 2022, approved the closing of the half-year consolidated accounts as at June 30, 2022.
"In 2021, PAREF Group completed the first stage of its transformation and, through the results of the first half of 2022, confirmed the benefits of its diversified, resilient and synergistic business model. The business lines are producing excellent operating results and PAREF Group's financial position continues to improve to enable us to seize growth opportunities."
Magali Volet - Group CFO
"We are highly confident that PAREF Group is well-positioned to navigate the changing macroeconomic environment, which is reflected in the continued trust of our clients. We enter the second half of the year confident but still cautious with a robust pipeline of investment opportunities and new fund strategies"
Antoine Castro - Group CEO
I - Real-estate activity (PAREF REIT)
As at June 30, 2022, PAREF holds:
- 8 assets directly;
- 2 main subsidiaries, namely PAREF Gestion and PAREF Investment Management; and
- financial participations in SCPIs and OPPCIs.
PAREF's owned assets3 amounts to € 198m as at June 30, 2022, +1% vs the end of 2021. The portfolio consists of investment property for € 185m and financial participations in funds managed by the Group for € 13m.
|Key indicators on owned assets4||Dec 31, 2021||June 30, 2022|
|Number of assets||9||8|
|Lettable area (in operation)||82,363 m²||76,801 sqm|
|Valuation||€ 184m||€ 185m|
As a result of the implemented strategy, the assets are now mostly located in or around Paris.
The real estate assets owned by PAREF amounts to € 185m, increasing by 1% on a like-for-like basis compared to the end of 2021, mainly explained by:
- capitalized expenses and development of € 9m in H1 2022;
- an increase in fair value of the assets in the portfolio of about € 10.5m; et
- the disposal of Gaïa asset on the March 28th 2022, which is in line with the repositioning strategy.
During the first half of 2022, PAREF actively managed its portfolio especially with the signing of a 9-year lease on the full building of The Go in Levallois, 6 months before its delivery. The financial occupancy rate of owned asset portfolio remains stable at 95.1% as at June 30, 2022, compared to 95.2% as at December 31, 20215, and the weighted average unexpired lease term of owned asset portfolio stands at 4.2 years as at June 30, 2022, compared to 4.4 years at the end of December, 2021.
The expiry schedule of rents of owned assets is as follows:
PAREF continued its portfolio repositioning strategy and this strategy resulted in a decrease by 6% in net rental income for PAREF, reaching € 3.2m for the 1st semester of 2022 compared to € 3.4m for the same period in 2021. Indeed, the disposals realized in 2021 and 2022 and the redevelopment of a Parisian asset entailing eviction costs have a short-term impact on both gross rental income and rental expenses reinvoicing:
- Gross rental income decreased by 12%;
- Reinvoicing of rental expenses amounted to € 1.8m, decreasing by -5% compared to H1 2021; the decrease is mostly caused by the settlement of rental expenses for previous accounting periods.
|Rental income on owned assets (in k€)||June 30, 2021||June 30, 2022||Evolution in %|
|Gross rental income||4,008||3 526||-12%|
|Rental expenses re-invoiced||1,927||1 824||-5%|
|Rental expenses||-2,587||-2 191||-15%|
|Total net rental income||3,351||3 158||-6%|
The average gross initial yield on these assets slightly improved, reaching 6.7%6 as at June 30 2022 compared to 6.6% as at December 31,2021.
II - Management activity on behalf of third parties (PAREF Gestion and PAREF Investment Management)
- Asset under management activity
PAREF Gestion collected € 110m of gross subscriptions on SCPI funds during 1st semester of 2022, representing a strong increase of 159% compared to H1 2021. This increase is mainly explained by the increase in Novapierre Allemagne 2 during the 1st quarter of 2022 (+€ 61m compared to Q1 2021), catching back to pre-Covid levels.
Breakdown of the gross subscriptions for the 1st semester in 2022:
|Type||Funds||Gross subscription |
as of June 30, 2021
|Gross subscription |
as of June 30, 2022
|Evolution in %|
|SCPI||Novapierre Allemagne 2||10||71||602%|
|Interpierre Europe Centrale||8||10||19%|
PAREF Gestion has completed investments of approximately € 150m for all the SCPI funds under management, as follows:
- € 73m for Novapierre Allemagne 2;
- € 30m for Interpierre France;
- € 27m for Novapierre Résidentiel; and
- € 20m for Interpierre Europe Centrale.
PAREF Gestion has also closed disposals for about € 52m:
- € 45.5m for Cifocoma 1 and Cifocoma 27;
- € 4.8m for Novapierre Résidentiel ; and
- € 1.5m for Novapierre 1.
The asset under the management of PAREF Gestion increased by 6%, totaling € 1,960m as at June 30, 2022, compared to € 1,845m as at December 31, 2021.
Breakdown of the assets under PAREF Gestion management as at June 30,2022:
|Type||Funds||Strategy||Assets under |
Dec 31, 2021
|Assets under Management |
June 30, 2022
|Evolution in %|
|Novapierre Allemagne 28||Retail||185||296||60%|
|Interpierre Europe Centrale8||Office/Logistics||16||36||122%|
PAREF Investment Management operates in France, Italy, Switzerland, Germany and Hungary 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 redevelopment of “The Medelan” asset, located in the historical city center of Milan, managed by the Italian subsidiary of PAREF Investment Management, was delivered end of the first quarter 2022.
- A substantial growth in both subscription and management fees
Management fees increased by 51% compared to H1 2021, amounting to € 8.0m as at June 30, 2022. The increase is mainly explained by the following elements:
- +€ 1.3m: outperformance fee after the delivery of The Medelan asset by PAREF Investment Management Italy;
- +€ 0.8m: new mandates BC 140 asset in Budapest and the Trade in Frankfurt managed by PAREF Investment Management; and
- +€ 0.6m: new investments realized in Interpierre Europe Centrale and Novapierre Allemagne 2.
Gross subscription commissions reached € 10.7m in H1 2022, increasing by 165% compared to € 4.0m in H1 2021.
In parallel, retro-commissions increased accordingly to €9.8m, compared to €4.7m in H1 2021 (+109%). This is due to the increase of subscriptions (+€ 5.0m compared to H1 2021).
|Commissions (in €m)||June 30, 2021||June 30, 2022||Evolution in %|
III - H1 2022 Results
|Detailed consolidated P&L (in €k)||June 30, 2021||June 30, 2022||Evolution in %|
|Gross rental income||4,008||3,526||-12%|
|Reinvoiced rental expenses, taxes and insurance||1,927||1,824||-5%|
|Rental expenses, taxes and insurance||-2,587||-2,191||-15%|
|Non-recoverable rental expenses||-660||-368||-44%|
|Net rental income||3,351||3,158||-6%|
|Revenues on commissions||9,349||18,716||100%|
|-of which management commissions||5,313||8,019||51%|
|-of which subscription commissions||4,036||10,696||165%|
|Net revenues on commissions||9,349||18,716||100%|
|Depreciation and amortization||-598||-432||-28%|
|Current operating result||831||3,080||271%|
|Variation of fair value on investment properties||2,049||10,504||+413%|
|Result on disposals of investment properties||0||0||n.a.|
|Net financial expenses||-523||-485||7%|
|Other expenses and incomes on financial assets||92||1,783||1 838%|
|Fair-value adjustments of financial instruments||-||-||n.a.|
|Results of companies consolidated under the equity-method||1,190||-939||n.a.|
|Result before tax||3,639||13,943||283%|
|Net result (owners of the parent)||3,577||13,549||279%|
|Average number of shares (non-diluted)||1,507,608||1,509,152|
|Net result / share (owners of the parent)||2.37||8.98||279%|
|Average number of shares (diluted)||1,510,088||1,509,312|
|Net result / share (owners of the parent diluted)||2.37||8.98||279%|
The half-year net result of PAREF Group was € 13.6m, increasing by 279% compared to H1 2021. This is mainly explained by the following elements:
- Net rental income of € 3.2m (-6% vs H1 2021), due to the disposals realized in 2021 and 2022 and the redevelopment of a Parisian asset entailing evictions which has a short-term impact on gross rental income as well as rental expenses reinvoicing linked to the settlement for previous accounting periods;
- Net commissions of € 18.7m, up by 100%, reflecting the strong increase of subscriptions (€ 110m) in H1 2022 (vs. € 42m in H1 2021), the delivery of The Medelan by PAREF Investment Management Italy, the new mandates of BC 140 in Budapest and the Trade in Frankfurt by PAREF Investment Management and the disposals of H1 2022 by PAREF Gestion (+51% compared to the same period in 2021);
- General expenses amounted to € 8.6m, +30% compared to H1 2021, in relation to the reinforcement of the teams;
- Retro-commissions increased to € 9.8m, compared to the € 4.7m in H1 2021 (+109%) in line with the increase in subscriptions (+€ 5.0m compared to H1 2021).
- Amortization and depreciation of € 0.4m, decreased compared to H1 2021, reflecting a decrease of provision for bad debt;
- A positive variation of fair value in investment properties reached € 10.5m for the first 6 months of 2022, mainly related to The Go located in Levallois-Perret, fully let before its delivery;
- Net financial expenses is stable at € 0.5m in H1 2022 compared to H1 2021;
- Results of companies consolidated under the equity-method amounted to € -0.9m, compared to € 1.2m in H1 2021. The negative result is generated by the important tax and works cost related to the disposal of Gaïa asset in Nanterre;
- Other expenses and incomes on financial assets increased to € 1.8m in H1 2022, compared to € 0.1m in H1 2021 thanks to the distribution of dividend following the disposal of Gaïa asset through Wep Watford; and
- Income tax amounted to € -0.4m in H1 2022 (€ -0.1m in H1 2021) linked to a supplementary income of € 1.3m following the delivery of Medelan project compared to the same period of last year.
IV - Financial resources
Gross drawn financial debt of PAREF amounts to € 66m as at June 30, 2022 compared to € 60m as at December 31, 2021.
Its cost increases to 1.88% as at June 30, 2022 compared to the end of 2021.
The evolution of financing cost starting from 2018 is as follows:
The average debt maturity is 1.6 years as at June 30, 2022 (vs. 2.1 years at year-end 2021). The drawn debt is fully hedged against interest rate fluctuations.
Financial covenants improved as of June 30, 2022:
|June 30, 2021||June 30, 2022||Covenant||Covenant|
|Consolidated asset value13||€ 235m||€ 235 m||>€ 125m||>€125 m|
Debt repayment schedule:
V - Assets under Management at the Group level
The value of the assets under management increased by +7% and reached almost € 2.9bn.
|In k€||Dec 31, 2021||June 30, 2022||Evolution in %|
|1 - Management for owned assets|
|PAREF owned assets||165,420||184,877||12%|
|Total Asset of PAREF||196,270||198,192||1%|
|2 - Management for retail and institutional third parties|
|Novapierre Allemagne 2||185,114||295,693||60%|
|Interpierre Europe Centrale||16,166||35,833||122%|
|Other assets managed on behalf of third parties15||681,684||741,412||9%|
|Total Assets under Management for third parties||2,501,169||2,676,008||7%|
|3 - TOTAL Asset under Management||2,685,779||2,860,885||7%|
VI - EPRA Net Asset Value
PAREF Group EPRA Net Reinstatement Value (NRV) and EPRA Net Tangible Asset (NTA) increased to €134.1 per share and €133.5 per share respectively as at June 30, 2022, compared to €130.0 per share and €129.4 per share as at December 31, 2021.
EPRA NAV indicators are 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, 2022:
|June 30, 2022 |
|EPRA NRV (Net Reinstatement Value)||EPRA NTA (Net Tangibile Assets)||EPRA NDV (Net Disposal Value)|
|IFRS Equity attributable to shareholders||153,293||153,293||153,293|
|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)16||37,105||37,105||37,105|
|Revaluation of tenant leases held as finance leases||-||-||-|
|Revaluation of trading properties||-||-||-|
|Diluted NAV at Fair Value||190,398||190,398||190,398|
|Differed tax in relation to fair value gains of IP||-||-||-|
|Fair value of financial instruments||-1,272||-1,272||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||-975||n.a|
|Fair value of debt17||n.a||n.a||150|
|Revaluation of intangible to fair value||-||n.a||-|
|Real estate transfer tax||13,295||13,295||n.a|
|Fully diluted number of shares||1,509,312||1,509,312||1,509,312|
|NAV per share||134.1||133.5||126.3|
VII - Post-closing events
The asset held by PAREF in Juvisy-sur-Orge was sold on July 27th 2022.
VIII - Financial agenda
October 27th, 2022: Financial information as at September 30, 2022
About PAREF Group
As of June 30th 2022, PAREF has €2.9bn assets under management.
The Group operates in two major complementary areas : (i) investments owned by SIIC PAREF primarily in commercial real estate in the Paris region (€0.2bn asset) and (ii) management on behalf of third parties by PAREF Gestion (€2bn), AMF-certified management company, and by PAREF Investment Management (€0.7bn).
PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.com
+33(6) 16 65 56 36
|Citigate Dewe Rogerson |
+33 (6) 63 03 84 91
Other EPRA indicators
- EPRA Earnings
|In k€||June 30, 2021||June 30, 2022||Evolution in %|
|Earnings per IFRS income statement||3,577||13,549||279%|
|(i) Change in fair-value of investment properties||-2,049||-10,504||413%|
|(ii) Profits or losses on disposal of investment properties and other interests||0||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||0||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||-213||-95||-55%|
|(x) Non-controlling interests in respect of the above||-||-|
|Average number of shares (diluted)||1,507,608||1,509,152|
|EPRA Earnings per share (diluted)||€0.87||€1.95||124%|
- EPRA Vacancy rate
|In k€||Dec 31, 2021||June 30, 2022||Evolution in bps|
|Estimated rental value of vacant space (1)||727||378|
|Estimated rental value of the whole portfolio (1)||9,819||7,716|
|EPRA Vacancy Rate||7.4%||4.9%||-2.5 pts|
(1) Including the participation in Gaïa office, excluding shares in OPPCI Vivapierre in 2021.. Gaïa was sold at the end of first quarter 2022.
- EPRA Net Initial Yield (NIY) and ‘topped-up' NIY
|In %||Dec 31, 2021||June 30, 2022||Evolution in bps|
|PAREF Net yield||6.84%||6.68%||-0.16bps|
|Impact of estimated duties and costs||-0.46%||-0.33%||-0.13bps|
|Impact of changes in scope||-0.12%||-0.06%||-0.06bps|
|EPRA Net initial yield (1)||6.26%||6.29%||+0.03bps|
|Excluding lease incentives||0.43%||1.08%||+0.65bps|
|EPRA “Topped-Up” Net initial yield (2)||6.69%||7.37%||+0.68bps|
(1) 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.
(2) 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€||June 30, 2021||June 30, 2022|
|Portfolio on a like-for-like basis (2)||193||189|
(1) Including investment related to “The Go” project of the asset located in Levallois-Perret and asset located in Paris Leon Frot
(2) Including mainly investment on resort complex in the assets situated in Croissy Beaubourg and Aubergenville as well as the 6 floors in the Franklin Tower
(3) Including eviction indemnities, rent adjustments and capitalized financial costs relating to "The Go" project and eviction indemnities of development project in the asset located in Paris Leon Frot
- EPRA cost ratios
The ratio below is computed based on PAREF Group owned assets perimeter (including companies consolidated under the equity method).
|In k€||June 30, 2021||June 30, 2022||Evolution in %|
|(i) General expenses||-562||-734||31%|
|(ii) Costs related to properties||-||-||-|
|(iii) Net service charge costs/fees||-2,587||-2,035||-21%|
|(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||-163||-139||-15%|
|(vii) Depreciation and amortization||-|
|(viii) Ground rent costs||1,226||1,338||9%|
|(ix) Service charge costs recovered through rents but not separately invoiced||756||853||13%|
|EPRA Costs (including direct vacancy costs) (A)||-1,331||-717||-46%|
|(x) Less: Direct vacancy costs (unrecoverable rent costs)||658||136||-79%|
|EPRA Costs (excluding direct vacancy costs) (B)||-673||-580||-14%|
|(xi) Gross Rental Income less ground rent costs||4,372||4,497||3%|
|(xii) Less: service charge costs included in Gross Rental Income||-1,024||-1,338||31%|
|(xiii) Add: share of Gross Rental Income less ground rent costs of companies consolidated under equity method||1,535||719||-53%|
|Gross Rental Income||4,883||3,877||-21%|
|EPRA Cost Ratio (including direct vacancy costs) (A/C)||27.3%||18.5%||-8.8pts|
|EPRA Cost Ratio (excluding direct vacancy costs) (B/C)||13.8%||15.0%||+1.2pts|
Consolidated balance sheet
|Balance sheet (in €k)||Dec 31, 2021||June 30, 2022|
|Other property, plant and equipment||1,524||1,230|
|Shares and investments in companies under the equity method||16,183||14,264|
|Financial assets held for sale||1,126||1,125|
|Total non-current assets||199,020||199,564|
|Trade receivables and related||12,093||17,528|
|Cash and cash equivalents||8,845||14,476|
|Total current assets||21,847||33,649|
|Properties and shares held for sale||-||4,427|
|Equity||Dec 31, 2021||June 30, 2022|
|Additional paid-in capital||42,193||42,193|
|Fair-value through equity||31||89|
|Fair-value evolution of financial instruments||-477||1,272|
|Consolidated net result||11,034||13,549|
|Non-current financial debt||60,507||66,331|
|Non-current financial instruments||477|
|Non-current taxes due & other employee-related liabilities||10||20|
|Total non-current liabilities||61,277||66,688|
|Current financial debt||559||520|
|Trade payables and related||4,218||8,479|
|Current taxes due & other employee-related liabilities||5,734||6,102|
|Other current liabilities||2,997||2,559|
|Total current liabilities||13,509||17,660|
Cash flow statement
|CASH-FLOW STATEMENT (in € €k)||June 30, 2021||June 30, 2022|
|Depreciation and amortization||568||432|
|Valuation movements on assets||-2,049||-10,504|
|Valuation movements on financial instruments||-||-|
|Valuation on financial assets held for sale||-||-|
|Result on disposals||-||-|
|Results of companies consolidated under the equity method||-1,190||939|
|Cash-flow from operating activities after net financial items and taxes||968||4,810|
|Net financial expenses||523||485|
|Cash-flow from operating activities before net financial items and taxes||1,786||5,822|
|Other variations in working capital||1,053||-2,954|
|Net cash-flow from operating activities||2,839||2,868|
|Acquisition of tangible assets||-1,839||-8,953|
|Acquisition of other assets||-260||-199|
|Acquisition of financial assets||-564||13,667|
|Financial assets disposal||-||-|
|Financial products received||-||-|
|Change in perimeter||5|
|Cash-flow from investments||-2,659||4,515|
|Variation in capital||-||-|
|Variation in bank loans||39||3|
|Variation in other financial debt||2,000||14,000|
|Repayment of financial lease||-||-|
|Repayment of bank loan||-292||-8,287|
|Costs of loan issuance||-||-|
|Variation on bank overdraft||339||-14|
|Financial expenses paid||-402||-364|
|Dividend paid to shareholders and minorities||-3,468||-7,089|
|Cash-flow from financial activities||-1,783||-1,752|
|Increase/ Decrease in cash||-1,602||5,631|
|Cash & cash equivalent at opening||7,325||8,845|
|Cash & cash equivalent at closing||5,722||14,476|
1Loan-to-value (LTV): consolidated withdrawn net debt divided by the consolidated asset value excluding transfer taxes
2 Interest Coverage Ratio ( ICR): EBITDA divided by consolidated financial expenses excluding penalties on debt early repayment
3 Including interests in companies consolidated under the equity method (27.24% in Vivapierre OPPCI) and excluding the value of PAREF Gestion shares. In 2021, 50% of WEP Watford (company which holds the asset Gaïa located in Nanterre) was included and the asset hold by the company was sold end of Q1 2022
4 Excluding shares in Vivapierre and the value of Paref Gestion shares. In 2021, 50% of WEP Watford (company which holds the asset Gaïa located in Nanterre) was included but it is excluded in 2022 following the disposal realized in Q1 2022
5 Excluding Gaïa office. The financial occupancy rate is computed excluding assets undergoing redevelopment (The Go in Levallois-Perret and asset located in Paris Leon Frot)
6 Excluding the asset being restructured (The Go in Levallois-Perret and asset located in Paris Leon Frot)
7 Cifocoma 1 and Cifocoma 2 sold 105 assets on June 29, 2022 for higher prices than the latest independent valuations dated December 31st, 2020
8 Open-ended funds
9 Close-ended funds
10 Loan-to-value: consolidated withdrawn net debt divided by the consolidated asset value excluding transfer taxes.
11 ICR : EBITDA divided by consolidated financial expenses excluding penalties on debt early repayment.
12 DSF : secured financial debt divided by the consolidated asset value (including the value of PAREF Gestion's share).
13 Including the value of PAREF Gestion as at Dec 31, 2020
14 Including shares in companies consolidated under the equity method whereas 27.24% in Vivapierre OPPCI. Excludes Paref Gestion shares. In 2021, the 50% of the company consolidated under the equity method of asset Gaïa located in Nanterre was sold end of first quarter of 2022
15 Including Foncière Sélection Régions managed by PAREF Gestion, asset “The Medelan” in Italy, asset “The Trade” in Germany and an office asset “BC 140” in Hungary managed by PAREF Investment Management
16 PAREF Gestion valuation was performed by a qualified external expert as at Dec 31, 2020.
17 Including the fair value of financial debt related to the participation of 27.24% in Vivapierre