VINCI Immobilier
VINCI Immobilier successfully weathered difficult conditions in real estate in 2022. It notably rolled out its long-term environmental strategy, positioning itself as the go-to property developer for land recycling projects.
After growing strongly in 2021, VINCI Immobilier’s consolidated revenue contracted 5% to €1.5 billion in 2022. The sharp rise in materials and energy prices, and the fact that land prices remain high, has made real estate development projects less cost-effective. Furthermore, higher interest rates and the general atmosphere of uncertainty have affected clients’ investment capacity and decisions. Because its areas of expertise are very diversified and its teams highly responsive, VINCI Immobilier managed to limit the decline in its results.
VINCI Immobilier embarked on a long-term venture at the beginning of the year, unveiling the two complementary commitments that form the bedrock of its environmental strategy. First, it pledged that all its property development projects in France will meet the “no net land take” target by 2030, which is 20 years ahead of the goals set by France’s Climate and Resilience Law, enacted in 2021. To achieve this, VINCI Immobilier will offset all the soil it seals by unsealing an area of the same size in other projects. Second, it promised to generate more than 50% of revenue through land recycling oper-ations by 2030, by bringing new life to urban brownfields and rehabilitating obsolete buildings.
FRANCE
Residential property
The number of reserved homes was down 17% on 2021 at 6,059 units. En-bloc sales fell 8% on 2021 to 2,509 units. Work started on 6,167 units, including 1,853 in serviced residences. The largest projects were in Lyon in eastern France (Welcome, 526 units); Suresnes, a western suburb of Paris (Métamorphose, 238 units); Clermont-Ferrand in central France (Les Fabriks de Mai, 360 units) and La Roche-sur-Yon in western France (Le Clos du Haras, 103 units). One hundred and five projects, or a total of 7,264 units, were handed over during the year. They included Maison Saint-Charles in Paris (114 social housing and intermediary units); High Garden in Bagneux, a southern suburb of Paris (247 units); Faubourg Sainte-Marthe in Dijon, eastern France (95 units for senior citizens and 52 for young professionals) and Higher Roch in Montpellier, southern France (76 units).
Business property
Order intake totalled €121 million Group share in 2022. Major sales included office buildings in Lyon (Evasyon and Manufacture); Grenoble, south-eastern France (Wood); Amiens, northern France (Helium) and Strasbourg, north-eastern France (L’Archipel); and a hotel in Paris (first phase of the Îlot Saint-Germain development project).
The following projects were delivered during the year: a Novotel hotel in Paris, Boulevard de Belleville; the InDéfense building (10,000 sq. metres of office space on seven floors); l’archipel’s Îlot D building (the last section of VINCI’s new head office) and an Okko hotel, both in Nanterre, west of Paris; and the So Roch project in Montpellier.
VINCI Immobilier is also developing mixed-use districts that prefigure the sustainable cities of the future, like the Universeine project north of Paris. This complex will house the athletes’ village for the world’s largest sports event in 2024, and afterwards will be turned into an urban district with 78,000 sq. metres of housing, 63,000 sq. meters of office space and 4,000 sq. metres of shops and other premises. It is being developed on an industrial brownfield and involves the rehabilitation of existing buildings and new constructions. As well as low- carbon buildings designed to be repurposed, the project includes several environmental developments (outdoor parks, green canopies, gabion basket walls, etc.). These green spaces will form a biodiversity corridor linked to the Seine river’s natural habitats and will create urban cool islands for residents.
Serviced residences
Ovelia continued to expand in 2022. It opened eight new retirement homes and now runs a total of 28. It also has 14 retirement homes currently under construction and 13 projects at the structuring phase.
Under its Student Factory brand, VINCI Immobilier manages nine student residences, two of which opened in 2022 (in Le Havre, north-western France, and in Montpellier). It also has eight other student residences either under construction or at the structuring phase. Construction on the first Bikube co-living serviced residences started in 2022 in Montpellier, Suresnes and Lyon.
In all, VINCI Immobilier plans to open 48 serviced residences from 2023 to 2025.
INTERNATIONAL
In Monaco, VINCI Immobilier and a local partner continued to develop the Testimonio II project, which will create 305 homes and 50 very high-end private units. The project’s second tower (30 floors, 100 metres high) was completed in 2022.
In Poland, VINCI Immobilier Polska delivered its first two projects (145 units) and started work on two new buildings in Warsaw (92 units). It plans to kick off three other projects in 2023.
