Paris-based developer and investor Altarea-Cogedim reported a 14% rise in revenues during the first quarter.
The Euronext-listed retail specialist said revenues rose to €231m from €202m, explaining that the improvement was mainly the result of growth in its residential development arm.
Tenant revenues from the group’s retail activity rose by 2.3%, with retail parks (3.4%) outperforming shopping centres (1.7%).
Net debt was up by €70.8m to €2.1bn from just over €2bn at the end of last year. The company said the rise was owing to growth in its residential development activity.
The group’s office vehicle, Altafund, had a first closing with €350m raised as it aims for a total of €500m. Altarea, which has a €2.6bn portfolio, will hold its annual general meeting on 17 June.
