FIPP: Assets Reduced to €75.2M in First Half Following Totem Disposal
The Paris-based real estate company FIPP published its results for the first half of 2026 on September 24, 2026, marked by a reduction in its real estate assets brought down to 75.2 million euros.
The disposal of the Totem building for 9.5 million euros reduced the total area held, while the charges of the Paris Nord Business Center continue to weigh on the income statement.
Assets Reduced to 75.2 Million Euros
As of June 30, 2026, FIPP's real estate assets are valued at 75.2 million euros, down 10.28% compared to December 31, 2025 (83.8 million euros). This decline is explained by the disposal of the Totem building, completed in the first half for an amount of 9.5 million euros.
The total area held stands at 59,058 m², down 4,968 m² following the exit of this asset. The portfolio remains mainly composed of hotel properties and assets located in the Alps, a building in London and other assets in the Paris region.
The fair value of investment properties increased by 1%, or 1,109 K€, primarily due to the improvement in fair value of the Paris Nord Business Center. Cash and cash equivalents amounted to 5.3 million euros as of June 30, 2026, compared to 0.2 million euros as of December 31, 2025.
Net Loss of -2,316 K€ Under the Effect of Blanc-Mesnil Charges
Rents amounted to 412 K€ as of June 30, 2026, compared to 382 K€ a year earlier, an increase of 8.0% linked to the pass-through of rents following the sale of the Totem building. The net income from investment properties remains negative at -1,731 K€, compared to -2,119 K€ in the first half of 2025.
This loss stems primarily from the charges of the Paris Nord Business Center in Blanc-Mesnil, whose building charges reach 1,457 K€ (of which 979 K€ in property taxes), with no associated income. The net contribution of investment properties amounts to -1,742 K€, compared to -1,449 K€ a year earlier.
Operating income stands at -2,508 K€, compared to -2,349 K€ in the first half of 2025, a deterioration of 159 K€. After financial result and taxes, the net result for the period amounts to -2,499 K€ and the net result attributable to the group to -2,316 K€, compared to -2,396 K€ a year earlier.
Ongoing Discussions on Blanc-Mesnil and Les Arcs Assets
The revalued net asset value stands at €0.405 per share as of June 30, 2026, compared to €0.424 as of December 31, 2025, a decrease of 4.5% over the half-year. The share price was €0.162 on September 23, 2026.
The group indicates it is continuing discussions on its assets located in Blanc-Mesnil, for which a letter of interest is expected to be delivered by an international investor in the coming weeks, and at Les Arcs 2000, where an institutional player in exclusive negotiations could deliver a firm offer, subject to conditions precedent, by the end of the fiscal year.
The Paris Nord Business Center property benefits from the adoption of the new intercommunal local urban planning scheme, with the creation of an ecosystem focused on new technologies. The restructuring of the site will continue in 2026 and 2027. FIPP also adopted IFRS 18 on an anticipated basis as of the interim financial statements closed on June 30, 2026.
