Consolidated revenue up 12% for Atland

Georges Rochietta
© @dr

Atland (formerly Foncière Atland) with consolidated revenue of €86 million at the end of the 1uh half of 2022, compared to €76.9 million a year earlier, i.e. an increase of 12%. It is divided between the asset management division (€19.24 million; +23%), the investment division (€3.74 million; +2%) and the development-construction division (€63.05 million, + 12% ).

In the asset management segment, net inflows from the SCPIs of Atland Voisin and MyShareCompany amounted to €300 million over the first six months of the year (€259 million for Épargne Pierre and €41 million for MyShareSCPI), i.e. an increase of 40% compared to H1 2021. Atland claims to have “maintained an excellent level of investment” over the period with more than €389 million in acquisitions made for all the vehicles managed, i.e. a volume multiplied by two compared to 2021.

In addition, the company has remained active in the management of its two institutional funds: the OPPCI Dumoulin, value-add fund, with the Dutch fund manager PGGM, which owns seven office assets in Paris (75) and in the inner from Ile-de-France; the thematic infrastructure fund with AG Real Estate, which has 49 sites in France.

Along the same lines, Fundimmo, a private real estate debt platform, collected €38.5m (compared to €34.7m in H1 2021, an increase of 11%) for 57 projects financed.

A €736 million pipeline for Atland Residential

On the investment side, between 1uh January and June 30, income from owned rental assets increased by 2% compared to H1 2021, to €3.7 million. This increase is due to the leases in H2 2021 of assets resulting from construction for own account (in Plessis-Pâté and Pierrefitte-Stains), which offset the loss of rents, following the disposals carried out in 2021 (FPLS portfolio, Toulouse-Mesplé and three sets from the Speedy portfolio).

During the first six months of the year, Atland’s development-construction division achieved consolidated revenue of €63.1 million, compared to €57.6 million at June 30, 2021, an increase of 9 %. This performance takes into account the block sale of a renovation operation for a student residence. 247 Vefa reservation contracts were signed at the end of June 2022 (167 in group share), compared to 241 at the end of June 2021 (193 in group share).

Atland Residential has a back more than €325 million in revenue excluding tax (down 6% compared to December 31, 2021) and a pipeline which stands at €736 million excluding taxes.

A stable LTV ration

Given these operating results, Atland recorded a recurring Ebitda withdrawn of €14.5 million, up 26% and a consolidated net income in group share of €5.2 million, up 34% compared to June 2021 Net debt amounted to €119m at the end of June 2022, compared to €117m at the end of December 2021. The LTVA ratio was stable at 35% at the end of June 2022 (compared to 34% at the end of 2021). The group’s average interest rate improved and stood at 2.38%, compared to 2.62% at December 31, 2021.

At the end of June 2022, Atland manages nearly €3.3 billion in real estate assets in appraised value excluding duties for the entire portfolio under management, including regulated management and co-investments. This portfolio grew by 12% over six months. The physical occupancy rate of the real estate assets under management is 95.3% (excluding OPPCI Dumoulin assets, some of which are being restructured and are vacant), compared to 93.7% as of December 31, 2021. Rents under management represent nearly €182 million excluding tax as of June 30, 2022 (€163 million as of December 31, 2021).

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