Continued refocusing of activities and improvement in financial balance sheet
The Group’s assets under management amount to €2.9bn as of June 30, 2026, down 5.1% compared to December 31, 2025, amid continued market headwinds.
REIT activity: rental income sharply higher, portfolio valuation slightly lower
- €165m of owned assets, down -5.0% compared to December 31, 2025, with a financial occupancy rate of 78.2%, up 1.8 points compared to the end of 2025;
- Net rental income reached €3.3m, up 23.8%, driven by the new lease signed on the Tempo asset, a favorable base effect linked to the Franklin Tower as well as rent indexation.
Third-party asset management: prudent management in a constrained market
- Assets under management on behalf of institutional and retail investors amounted to €2.8bn, down 5.2% compared to December 31, 2025. Excluding the disposal of SOLIA Paref and new mandates, the decrease is estimated at -2.1%.
- Revenues on management fees reached €8.3m, up +1.6%, driven by the signing of new management mandates in Germany (Munich and Berlin);
- Gross subscriptions amounted to €4.9m, down compared to the first half of 2025, in a context of polarization of the SCPI market.
Financial structure: interest coverage ratio (ICR) improving and above the threshold as of June 30, 2026
- A bank Waiver (covenant holiday) was obtained on September 29, 2025, following the reduction of the ICR to 1.03x, with new thresholds set at 1.20x on June 30, 2026 and then 1.50x on December 31, 2026.
- The ICR stands at 1.64x on June 30, 2026, above the threshold of 1.20x applicable on that date.
Operational and strategic developments: a diversified European portfolio
- Signing of a 15-year lease with Virgin Active for a total area of 2,800 sqm within “The Medelan”, an iconic asset in the heart of Milan, illustrating the Group’s ability to create value on premium assets in Europe.
- Securing an asset management mandate in Munich, for a 28,000 sqm asset with strong potential for revaluation, in line with the Group’s development strategy in Germany.
- PAREF Evo SCPI has secured two new lease renewals, including the early renewal, for 7 years, of the lease of its long-standing tenant (representing 18% of the SCPI’s total assets), thus reinforcing the sustainability of its financial occupancy rate. Furthermore, it has renewed its initial SRI (Socially Responsible Investment) certification cycle for a period of 3 years and has once again been recognized in the Sustainable SCPI Awards.
- Continuation of the ESG approach of the SCPI PAREF Prima, which has equipped part of its German retail parks with electric charging stations, in partnership with Eliso (subsidiary of VINCI Concessions).
- PAREF Gestion remains in the “Excellent” category of Décideurs Magazine’s 2026 ranking of the best SCPI management companies, confirming the quality of its management and the recognition of its expertise.
- Completion of the disposal of SOLIA Paref, a subsidiary dedicated to Property Management on behalf of third parties, to the RYZE Group (formerly YARD REAAS), as part of the Group’s refocusing on high value-added activities: Asset Management, Fund Management and Investment.
Changes in governance
- On June 16, 2026, the PAREF Board of Directors appointed Takuya Yamada as Interim Chairman and CEO. A recruitment process, currently underway, is expected to lead to the appointment of a permanent Chairman and CEO in the near future.
