BUSINESS PROPERTY
Order intake surged 89% to €439 million Group share. Orders mostly concerned Hangar Y – a former airship hangar converted into a cultural space – in Meudon, Greater Paris area, and the Saint-Germain block in west-central Paris (a preliminary study contract to build a 28,000 sq. metre building on the site previously occupied by the French Ministry of the Armed Forces).
One of the year’s highlights was the launch of construction work on the Universeine development project in partnership with Solideo, Paris 2024, the city of Saint-Denis and Plaine Commune. This complex, developed on 6.4 hectares of reclassified industrial brownfields right next to the Cité du Cinéma and the future Pleyel business district, will house some 6,000 athletes and their accompaniers in 2024. Afterwards, it will be turned into a bustling, new, sustainable mixed-use district for over 3,000 residents and 4,000 office workers with a total of 79,000 sq. metres of housing, 63,000 sq. metres of office space and 4,300 sq. metres of shops and other premises. This project is a concrete example of both urban space recycling – it includes the re-habilitation of two existing buildings (the Halle Maxwell and the Copernic pavilion) – and soil unsealing (several outdoor green areas will be created).
VINCI Immobilier also concluded the off-plan sale with the French State and CDC Habitat of a 46,000 sq. metre commercial property complex which will comprise office space for 2,500 Ministry of the Interior employees and 504 homes, including a Student Factory residence. Major deliveries included l’archipel, VINCI’s new 74,000 sq. metre head office in Nanterre, outside Paris, which 3,500 Group employees moved into in the second half of 2021; Stories, a 64,000 sq. metre office building in Saint-Ouen, also near Paris; Le 31, a 25,000 sq. metre urban rehabilitation project in Lille, northern France; and the Kimpton St Honoré in Paris, where office space was converted into a 12,000 sq. metre 10-floor hotel. In Lyon, VINCI Immobilier continued construction of the To-Lyon tower, which encompasses a 66,000 sq. metre office block, a 168 room Pullman hotel and retail outlets.
SERVICED RESIDENCES AND PROPERTY SERVICES
With 1,926 units reserved, or a 76% increase, investors – both private and institutional – confirmed their interest in serviced residences. At the end of 2021, VINCI Immobilier had 20 Ovelia retirement homes and seven Student Factory residences in operation. A dozen new student residences will be built from 2022 to 2024. Under the Bikube brand, VINCI Immobilier is also preparing a new range of coliving serviced residences for rental by active young city dwellers. Construction work on the first buildings is due to start in 2022.
VINCI Immobilier’s services activity for corporate lessees and lessors remained stable.
International
— In Monaco, where VINCI Immobilier and a local partner are developing the very high-end Testimonio II project, work started on 12 complementary units in 2021. More than 350 homes will be created as part of this operation, which made a significant contribution to VINCI Immobilier’s 2021 results as sales were brisk during the year.
In Poland, VINCI Immobilier Polska, a joint property development company set up with VINCI Construction, started construction work on two projects in Poznań (130 units) and Warsaw (105 units). Three other buildings are planned for 2022. The sale of these properties is going well.
VINCI IMMOBILIER OUTLOOK
Provided the health situation continues to improve, business in 2022 should at least continue at the same positive pace as in 2021. It will be driven by ongoing robust demand in the residential market. In business property, changing client needs and the growing focus on the ecological transition should drive new building transformation projects and represent a significant source of growth. VINCI Immobilier will also assert itself as a go-to developer for urban space recycling projects and tap into the Group’s all-round expertise in this area.