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REIT activity: a portfolio in transition in a challenging market
- €174m of owned asset, decreasing by 6.4% compared to December 31, 2024
- Financial occupancy rate up to 76.4%
Third-party asset management: resilience of assets exposed to a constrained market
- Assets under management for third parties: €2.9bn, stable over the financial year
- Revenues on management fees: €17m, decreasing by 7.2%
- Gross subscriptions: €29m, down 16.0%, impacted by a polarised market with inflows highly concentrated on a few SCPIs
Operational and strategic developments: an adjusted and optimised portfolio
- Disposal of a warehouse in Aubergenville (78) at a price in line with independent valuations, in accordance with the programme to divest nonstrategic assets.
- Signing of a 10-year lease – including 6 firm years – on Tempo with MonMarché, a specialist in the sale of fresh produce.
- Rigorous management of SCPI portfolios by PAREF Gestion:
- Continued portfolio rotation, including €48m in disposals.
- Solid performance of the SCPI range.
- Building permit obtained for the NAU! asset in Frankfurt, an innovative and sustainable mixed-use project of 34,800 sqm, representing a key milestone in the asset restructuring process.
- Continued implementation of the ‘Create More’ ESG strategy, with enhanced and recognised management and reporting.
2025 dividend
- According to the amendment to the financing agreement signed in October
2025 as part of an ICR covenant waiver, the dividend for the 2025 financial year is temporarily suspended. Given the statutory results of PAREF in 2025, no obligation to pay dividend for 2025 fiscal year in view of the SIIC Regime.
2026 outlook: continued strategic refocusing
- Refocusing on the Group’s activities around its historical core businesses lines: Investment, Fund Management and Asset Management.
- Definition of a roadmap built around four complementary pillars (detailed in part 7) to progressively restore financial and operational balance. Efforts will be concentrated on sustainably improving the ICR ratio and protecting cash flows.
« 2025 marks a pivotal year for PAREF. In a market undergoing transition, we refocused our activities on our high value‑added businesses, and reinforced our financial discipline. This transformation lays the foundations for a more transparent Group, increasingly driven by recurring revenues and sustainable growth. In 2026, we are entering a new phase: improving our financial balance, accelerating the selective development of our European platform, and lay out the foundations for long‑term value creation for all our shareholders. »
« In 2025, the real estate market reaffirmed the importance of selective and sustainable management. PAREF Group continued to demonstrate discipline, through controlled asset disposals, the solid performance of our vehicles, the securing of new tenants, and major progress on our development projects across Europe. In 2026, we remain fully committed to deploying broader investment strategies across our funds and mandates. Strengthening our position in the healthcare sector will further support this momentum. We will continue working to enhance the resilience of our portfolios while advancing our ESG commitments, in order to support the sector’s structural evolutions and meet our clients’ expectations. »
