VINCI Immobilier
Business activity has been affected by the enduring downturn in the property development market in France, leading VINCI Immobilier to adapt its structure and step up efforts to reposition its offering in order to take advantage of the positive medium and long term trends.
In France, VINCI Immobilier once again faced tough market conditions. The discrepancy between supply and demand in the housing market and the wider tendency to hold back on investment in non-residential property weighed heavily on sales. The drop in revenue (7% to €1.1 billion) was nevertheless not as stark as in 2023 (19%), due to targeted efforts in housing sales, strong sales in serviced residences and resilience in operations outside France.
Driven by its long-term vision, VINCI Immobilier continued to deploy its 2030 strategic plan, which seeks to adapt its offering to the changing ways we live and work in urban areas. It ranks building design and functionality as its top priorities, in line with customer expectations. Deepening its role as a creative, community-focused partner developer, it launched its In’Clusive offering designed to support social housing organisations on their plans to make their buildings more sustainable and housing units more adaptable.
With regards to the environment, VINCI Immobilier is striving to reach its “no net land take” target for all its property development projects in France by 2030. In 2024, it derived 41% of its revenue from land recycling, i.e. revamping urban brownfields and rehabilitating obsolete buildings.
France
Residential property
The number of reserved homes totalled 4,816 units, up 14% compared with 2023.
Business was driven primarily by bulk sales to social housing organisations and institutional customers, which rose 25%, and by serviced student residences, which accounted for 50% of total sales. Open market reservations increased by 5%.
After a marked contraction in 2023, project launches practically stabilised in 2024 (declining by 3%) with work starting on 3,871 units, 17% of which are in serviced residences. Examples include the 215 units in the CNRS Meudon project (Hauts-de-Seine), the 199 units in the Gières residence (Isère) and the 259 Vallauris units (Alpes-Maritimes).
Business property
Sales continued to be affected by the rise in capitalisation rates, a wait-and-see attitude among investors and high vacancy rates outside central Paris.
Order intake totalled €59 million in revenue attributable to the Group, primarily involving the Îlot Saint-Germain overhaul in Paris as well as the offices for the French Ministry of the Interior at the Campus Maxwell in Saint-Denis (Seine-Saint-Denis), in the Athletes’ Village used for the Paris 2024 Olympic and Paralympic Games. The Bokken low-carbon office project, at the entrance to the Athletes’ Village, will be completed in the second quarter of 2025.
In Lyon (Rhône), after handing over the To-Lyon tower in 2023, VINCI Immobilier delivered the lower plaza (11,000 sq. metres) and car parks on this landmark project in the city’s Part-Dieu district. Meanwhile, in Paris, VINCI Immobilier continued extensive rehabilitation work on the former Dufayel department store on rue de Clignancourt in the 18th arrondissement, which will be completed in 2025.
1The Îlot Saint-Germain, formerly the French Ministry of Armed Forces, is becoming a 27,000 sq. metre, 5-star hotel and hotel residence with three restaurants, two bars, a 2,200 sq. metre spa and 61 parking spaces.
2The first Bikube co-living residence opened in Lyon in November 2024, offering 146 apartments and a range of communal spaces.