on PAREF (EPA:PAR)
PAREF Reports 19% Revenue Decline in 2024
PAREF Group's consolidated revenue reached €21.4 million by September 30, 2024, marking a 19% decrease from the same period in 2023. Gross rental income remained stable, declining slightly by 2%, despite temporary vacancies in the Franklin Tower. Management commissions saw a 9% increase owing to a new mandate in Italy, while subscription commissions fell sharply by 71%, reflecting challenges in the real estate fund distribution market.
Key developments in the third quarter include the Italian branch's appointment as fund manager of Fondo Broggi, showing PAREF's expanding European footprint. In France, PAREF Gestion underwent strategic fund repositioning to better adapt to the evolving real estate landscape, which was bolstered by industry recognition for its retail funds.
Post-September, PAREF received high marks in the GRESB 2024 ranking for ESG performance. Leadership remains confident in their strategic approach, despite a challenging market.
R. H.
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