Sales remained affected by rising capitalisation rates and persistently high vacancy rates. Order intake declined by 9% year on year to €67 million in attributable revenue in 2025. During the year, VINCI Immobilier diversified beyond offices, notably by expanding into other commercial property. At the end of the year, it was awarded a large development programme in Marseille Provence airport in southern France.
At the end of 2025, Ovelia operated a total of 42 independent-living retirement homes, two of which had opened during the year.
Student Factory had 21 student residences in operation at end-2025, four of which had opened during the year – in the Athletes’ Village in Saint-Denis near Paris, Vandœuvre-lès-Nancy , Dijon (east-central France) and Saint-Jean-de-la-Ruelle (central France). This segment remains buoyant and attractive to investors. Lastly, after Lyon (central France), VINCI Immobilier inaugurated a second Bikube co-living residence for young professionals in Montpellier (southern France). (eastern France).
The Polish market continued to thrive, with operations in Warsaw and Poznań. In Monaco, after handing over Testimonio II in 2024, marketing is under way for the development programme.
