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Altarea Maintains 2024 Outlook Amid Mixed Performance

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Altarea reports steady progress towards its 2024 targets despite a mixed financial backdrop. As of September 2024, the company achieved consolidated nine-month revenue of €1,663.8 million, an 8.4% decline primarily due to decreased property development revenue. Retail showed solid growth with rental income rising 7.1% and a high occupancy rate of 97.1%.

In the residential segment, new orders fell by 12% due to low supply, yet the company plans to increase offerings by year-end. Notable successes in business property include leasing in Paris and La Défense. Further, Altarea is advancing in new businesses, with acquisitions in photovoltaic infrastructure and asset management.

Despite challenges, Altarea's liquidity remained robust at €1.8 billion, and it confirmed its FFO growth target for 2024.

R. E.

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