Real estate: Constructa withstands the crisis

Jean-Baptiste Pietri, president of Constructa for four years, looks to the future with confidence. The real estate services group founded in 1964 in Marseille (Bouches-du-Rhône), which has just welcomed the Cepac savings bank to its capital for 33%, is really showing good results. Earnings before interest, taxes, depreciation and amortization (Ebitda) increased by 10%. Net profit, the group’s share, grew by 47% between 2022 and 2023. These increases – the company did not wish to disclose its turnover – reassure the manager in the choice of additional professional practice: housing marketing, promotion, property management, assembly and development of large projects.

Half of the remuneration comes from property management of €13 billion. For example, the subsidiary Constructa Asset Management, which recorded an increase in turnover for the fifth year in a row, integrated more than 600,000 m2 of additional offices and shops and renewed missions to more than 200,000 m2.

Urban regeneration. Promotional activity continues for several reasons: “good management with thoughtful risk-taking, high-end projects not subject to bank financing and block sales that allowed us to guarantee the risks,” analyzes Jean-Baptiste Pietri. Among fifteen operations under construction in France with a total of 1,571 residential units, the M99 tower in Marseille is the flagship project of the Constructa-Les Editeurs Urbains subsidiary. Sales to date have achieved 25% of expected turnover for the 98 luxury apartments in this mixed-use scheme. Construction is expected to begin in the last quarter of 2024 with delivery in late 2027.

The group operates in other sectors. Its real estate portfolio management company, Victoires Haussmann SGP, has thus far received almost €100 million in investment pledges from institutional investors, benefiting the Ulysse hotel fund. Launched in 2023, it made its first acquisition with the Hotel Villa Garbo, located a few minutes from the Croisette in Cannes (Alpes-Maritimes). “We are looking for properties with remarkable architecture in major French tourist destinations to convert them into luxury hotel residences,” explains Jean-Baptiste Pietri.

Furthermore, through the Gaïa fund, for which it is currently raising capital, Constructa wants to participate in decarbonisation by investing in urban renewal projects.

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