Activity at end-March 2023: like-for-like revenue growth of 11%

Favourable letting momentum

• Offices: high indexation and confirmation of a two-speed market, with the good performance of central locations contrasting with falling demand in non-central locations
• Germany Residential: the imbalance between supply and demand continues to drive up rents (+5% over 3 months in Berlin)
• Hotels: continued growth, with the average performances 10% above 2019 levels across Europe

Good operating performance across all businesses

Strong like-for-like revenue growth of 11% at end-March 2023

• Revenues (Group share) of €153.9 million, up 4% on a reported basis and 11% on a like-for-like basis
• Offices: 5.1% like-for-like increase, driven by indexation
• Germany Residential: acceleration of like-for-like growth to 3.9%
• Hotels: 57.5% on a like-for-like basis, of which 236% on variable revenues and 30% on fixed leases
• Occupancy rate of 95.2% at end-March

Continued balance sheet strengthening

• €170 million disposals (€195 million at 100%) completed at end-March and €67 million (€158 million at 100%) of new disposal agreements 2.2% above 2022 appraisal values
• Scrip dividend proposal to be submitted to the General Meeting of 20 April. The main shareholders (51% of the capital) already committed to opt for this option, implying a balance sheet strengthening of €175 million to €350 million

A new phase for ESG commitments

• Proposal to submit the climate plan to the vote of the General Meeting (“say on climate” resolution)
• Carbon trajectory: on track to achieve 2030 ambitions