Revenues up in the 1st quarter for URW driven by the JO effect

The Franco-Dutch real estate company confirms its financial objectives for 2024, i.e. a recurring net profit of between 9,65 and 9,80 euros per share.

URW's convention center operator business fully benefits from the effect of the Paris 2024 Olympic and Paralympic Games. In the first quarter, it saw its revenues jump 53,6% to 117,2 million euros.

Several events will in fact take place in the exhibition centers of its subsidiary Viparis, in the Paris region: boxing and modern pentathlon in Villepinte, volleyball, table tennis and para-table tennis, handball, weightlifting, boccia and goalball Porte de Versailles.

The Porte Maillot convention center will also house the main press center.

Its main activity, the operation of shopping centers, generated revenues up slightly, by 1,1%, driven by an increase in the turnover of its merchants (+5,5%) and attendance in its centers (+3,9%).

And vacancy stands at 5,7%, below its value a year earlier but slightly up compared to the last quarter of 2023.

On the contrary, revenues are reduced by the sales of shopping centers of the group, which is committed to a weight-loss treatment to reduce its debt.

It indicates that it is in discussions with a view to the sale of "more than 1,2 billion euros of assets", without specifying a timetable for the "radical reduction of its financial exposure" to the American market, promised for years and regularly postponed due to unfavorable market conditions.

Its office real estate activity, including in particular the Trinity tower in La Défense, saw its revenues increase by 17,4%, to 33,3 million euros, with the group congratulating itself on having fully let it.