Core Insights - The company has returned to positive current operating profit starting in H1 2025, achieving €6 million compared to a loss of €54 million in H1 2024, driven by effective actions and alignment with market trends [5][9][30] - There is strong momentum for homebuyers, with a 34% increase in homebuyer activity in H1 2025, and a notable 45% increase in Q2 2025 [3][6][15] - The financial structure has been reinforced until 2028, with net debt at €398 million, reflecting a moderate increase of €68 million compared to the previous year [34][36] Financial Performance - Revenue for H1 2025 totaled €1,302 million, down 12% from H1 2024, primarily due to a decline in business activity [28][25] - Current operating profit for "New Nexity" improved by €60 million to €6 million in H1 2025, with a margin of 0.5% [9][29] - The backlog remains stable at €4 billion, equivalent to 1.6 years of revenue [12] Business Activity - The share of homebuyers in the sales mix increased to 35%, up 13 points compared to H1 2024 [4][60] - Reservations in residential real estate decreased by 15% in volume but showed a favorable price effect, with a 12% decline in value [11][15] - The absorption rate improved to 5 months, indicating effective supply rotation with virtually no unsold completed homes [14] Divisional Performance - The Services division saw a revenue increase of 12% to €206 million, driven by growth in Serviced Properties and Distribution [19][20] - Revenue from Urban Planning and Commercial Real Estate Development dropped significantly by 83% to €31 million due to a lack of new orders [17][30] - The Serviced Properties business reported a margin of 12.5%, reflecting improved profitability [23][31] Cost Management and Savings - The company is ahead of schedule on a cost-savings plan targeting €100 million by 2026, achieving 92% of the expected savings for full-year 2025 [5][31] - Ongoing deleveraging efforts have resulted in a reduction of working capital requirements, with a decrease of €19 million in Urban Planning and Residential Real Estate Development [34][43] Market Conditions - The housing market remains challenging, influenced by a slowdown in building permit issuance and the end of France's Pinel scheme [11][15] - Improved financing conditions, including stabilized mortgage rates around 3.1%, have positively impacted purchasing power for clients [15][19] Guidance and Future Outlook - The company has confirmed its guidance for 2025, anticipating continued operational profitability and a focus on selective development and profitability [51][54] - The transformation initiated in 2024 is expected to yield further benefits, positioning the company for profitable growth in 2025 [7][8]

Financial Performance - Net loss attributable to common shareholders was $(116395) thousand for the six months ended June 30, 2025[111] - Funds From Operations (FFO) was $50775 thousand for the six months ended June 30, 2025, or $015 per diluted share for Q2 2025[121] - Cash Available for Distribution (CAD) was $30546 thousand for the six months ended June 30, 2025, with a CAD payout ratio of 1726%[123] - Same Store NOI increased by 10% GAAP and 63% Cash for Q2 2025[12] Leasing and Occupancy - Wholly-owned portfolio occupancy was 886% at the end of Q2 2025, and 911% leased as of July 18, 2025[9] - Total leases executed in the wholly-owned portfolio during Q2 2025 were 233844 square feet[7] - Tenant retention for the core portfolio was 819% in Q2 2025[12] Development and Dispositions - The company recognized aggregate impairment charges of $341 million due to rezoning permit application for residential conversion of two properties within Austin segment[6] - Completed the sale of a wholly-owned office property in Austin, Texas for a gross sales price of $176 million[8] - Construction started on a 120-room luxury boutique hotel in Radnor, Pennsylvania, estimated to cost $595 million[8] Capital Structure - Issued $1500 million of 8875% guaranteed notes due 2029 for net proceeds of $1575 million[8] - Repaid construction loan of $436 million related to 155 King of Prussia Road with cash on-hand[8] - Net debt to total gross assets was 490% as of June 30, 2025[12]

新华财经上海7月24日电（谈瑞）7月24日，上海第六批次集中土拍拉开帷幕。这一批次土拍被业内称为 今年以来"地块最多、品质最优、货值最高"，推出的八宗地块总起拍价高达236.7亿元，包括内环核心 区的三宗"黄金地块"，即徐汇衡复风貌区、静安东斯文里、虹口北外滩地块，以及普陀真如、浦东唐 镇、闵行莘庄、青浦新城、奉贤新城的五宗优质地块。 其中，被市场寄予厚望的静安东斯文里规划范围内的首发地块C050202单元053-b-1地块，被中海以 53.63亿元竞得，折合楼面价9.04万元／平方米，溢价率10.1%，低于市场普遍预期的20%溢价率。 24日上午成交的另外一宗地块，即青浦新城组合出让的五幅大体量地块，只有联发与中建三局联合体报 名，最终以21.95亿元底价成交，折合楼面价1.49万元／平方米，溢价率为0。 （文章来源：新华财经） 资料显示，该地块距离苏州河南岸约1公里，附近汇聚4条轨交线路，是静安区城市更新重点改造区域， 也是老静安罕见公开出让的宅地。业内人士认为，考虑到地块79%住宅和21%商办的综合体属性，以及 住宅设有7000元／平方米的装修标准，其他房企竞价意愿并不强烈，仅有招商与象屿联合体以及中海 ...

Company Overview - The second quarter of 2025 showed a cautious yet gradual recovery in the real estate market, supported by market stability, declining interest rates, and a downward trend in Euribor [1] - Arco Vara focused on sales activities in Estonia while enhancing its development portfolio and making strategic adjustments [1] Key Developments - The acquisition of the Luther Quarter property in Tallinn marks a significant milestone, representing Arco Vara's next flagship development project with potential for a multifunctional urban environment [2] - The vision for the Luther development includes creating a balanced environment with residential units, workplaces, cafes, culture, and public spaces, including a central green park [3] - The company aims to build a vibrant urban quarter that integrates with the city's broader fabric, promoting self-sustaining neighborhoods [4] Financial Performance - Sales revenue for the first half of 2025 reached €3,093 thousand, an increase of €1,160 thousand compared to the same period in 2024 [13] - The operating profit (EBIT) for the first half of 2025 was €265,000, with a net loss of €43,000, showing improvement from an operating loss of €310,000 and a net loss of €687,000 in the first half of 2024 [13] - Total assets approximately doubled to €79,046 thousand as of June 30, 2025, primarily due to the acquisition of new development projects [15] Project Updates - In the Rannakalda development, five additional apartments were sold, totaling 97 out of 113 units sold by the end of the quarter, with a goal to complete sales by the end of 2025 [6] - The Soodi 6 project received a long-anticipated building permit, with construction commencing on June 30, 2025, and five additional apartments reserved during the quarter [7] - Construction also began on the Spordi development, with successful pre-sales and six apartments reserved, enhancing Arco Vara's portfolio in the Kristiine residential district [8] Future Outlook - Key focus areas for Q3 include completing sales for remaining apartments in Kuldlehe, selling additional units in Rannakalda, and ongoing design and construction activities in Luther, Spordi, and Soodi 6 projects [11] - The Arcojärve detailed plan is nearing adoption, which is crucial for future urban developments [9]

Hong Kong developer Lai Sun Development has been working to win banks’ backing for a $446 million loan refinancing deal, but after about six months of talks, nearly half the lenders still aren’t on board, sources say https://t.co/vh3psufvb6 ...

Core Viewpoint - Zacks Investment Research has initiated coverage of Stratus Properties Inc. with a Neutral recommendation, highlighting a combination of development potential and operational challenges [1] Group 1: Company Overview - Stratus Properties Inc. is a Texas-based real estate development and leasing company, positioned to unlock value through disciplined capital recycling and a substantial land bank in high-growth markets [2] - The company has recently refinanced major properties, resulting in over $12 million in cash and expanded credit capacity, as it shifts focus to new developments in Austin and surrounding areas [2] Group 2: Valuation and Asset Management - Asset sales have validated Stratus's valuation strategy, with the sale of West Killeen Market generating $7.8 million in net proceeds, exceeding the company's NAV estimate [3] - Management's ability to extract value and redeploy capital is further demonstrated through transactions involving Magnolia Place and Amarra Villas [3] Group 3: Development Pipeline - Stratus controls over 1,500 acres of entitled land, with projects like Holden Hills and The Saint George addressing housing demand in Austin [4] - Recent regulatory changes in Texas have eased permitting constraints, enhancing long-term development potential [4] Group 4: Financial Performance and Challenges - Revenues fell sharply in Q1 2025 to $5 million from $26.5 million a year earlier, leading to a $2.9 million quarterly net loss due to no property sales during the period [5] - The company faces high leverage with $210 million in floating-rate debt, exposing it to interest rate volatility and liquidity pressures, as indicated by negative operating cash flow in Q1 2025 [6] Group 5: Market Position and Investor Sentiment - Stratus's stock performance has lagged behind peers, trading at a discount to its underlying asset value, but with elevated valuation multiples relative to the broader sector [7] - The market appears to be pricing in execution risks and limited earnings visibility, warranting caution for investors [8]

Group 1 - Hepsor AS and EfTEN Special Opportunities Fund's joint venture, Hepsor SOF OÜ, acquired properties at Narva mnt 150 and 150a for EUR 6.3 million, generating a profit of EUR 2.8 million for Hepsor, with EUR 1.4 million realized in Q3 2025 [1] - The acquisition is part of a larger cooperation project in Lasnamäe, Tallinn, which includes the construction of approximately 300 homes and some commercial premises, with the first construction stage set to begin in 2026 [2] - Hepsor has completed the Paevälja courtyard houses project in the same area, building 100 new homes, and plans to construct around 500 new homes and 4,200 m² of commercial space in the broader development area [3] Group 2 - Recent approvals for detailed plans in December 2024 and May 2025 will enable Hepsor to build an additional 400 homes in the development area [4] - The Lasnamäe district is one of the most densely populated residential areas in Estonia, with low development competition, making the project strategically important for Hepsor [5] - The partnership with EfTEN is expected to enhance the quality of life in Lasnamäe and strengthen Hepsor's capital structure, leveraging EfTEN's experience in property investment [6]

Market Overview - In the week of July 14-20, 2025, Kunming's real estate market saw a decline in transaction volume while prices remained stable, with only one new project launched, the Oriental Runqi, which sold 143 units at an average price starting from 10,000 yuan per square meter [1][5] - According to the latest data from CRIC, the total transaction volume was approximately 51,500 square meters, a 13% decrease week-on-week, while the average transaction price increased by 1% to about 12,547 yuan per square meter [1][3] Project Launches and Sales - The Oriental Runqi project, notable for its zero public area design, opened with three high-rise buildings and a total of 314 units, achieving a subscription of 148 units and a sales rate of approximately 47% at an average price between 10,000 and 12,000 yuan per square meter [5][6] - Other high-end projects such as Midea Beijing Road No. 9, Bangtai Guanyun, and Longhu New Hope Jinchun Tianyao also performed well, with sales of 0.29 billion, 0.28 billion, and 0.28 billion yuan respectively, and average prices around 19,192 yuan, 18,978 yuan, and 17,453 yuan per square meter [3][5] Land Supply and Development - No land was supplied or sold in Kunming's main urban area during the week, indicating a potential stagnation in new land development [3] - The Kunming Metro Line 5's commercial development project is moving forward, with recent announcements for surveying and consulting services, marking a significant step in the transit-oriented development (TOD) initiative [6][8] Urban Renewal Projects - The Huahuiying Village urban renewal project is set to advance, with a recent announcement for the construction of basic infrastructure along Chunrong West Road, which is approximately 280 meters long and 60 meters wide, with an estimated total investment of about 49.17 million yuan [10][11]

Core Perspective - Arco Vara AS has initiated a strategic exit process from the Bulgarian real estate market to focus on its core market in Estonia, confirmed by the Supervisory Board in July 2025 [1][4] Group 1: Exit Strategy - The management has begun the sale process, with interest from several local Bulgarian real estate developers for acquiring Arco Vara's Bulgarian operations [2] - Potential buyers will have the opportunity for thorough due diligence and to submit offers [2] Group 2: Focus on Estonia - Exiting Bulgaria allows Arco Vara to concentrate on its major project in the Luther Quarter, Tallinn, which requires strong leadership and financing capacity [3] - The decision to exit Bulgaria is seen as strategically justified to enhance long-term growth and shareholder value by focusing on projects with greater potential in Estonia [4] Group 3: Communication and Updates - The company will keep shareholders and the public informed about the progress of the exit process and provide updates as transactions or material developments occur [5]

Core Points - Vallourec has signed an exclusive sale agreement with VINCI Immobilier for the Déville-lès-Rouen site, marking a significant milestone in the selling process [1][6] - The sale follows a major decontamination and rehabilitation process initiated by Vallourec since 2023, fulfilling commitments to local officials [2] - VINCI Immobilier's project aims to transform the site into a business hub, creating 300 jobs and providing spaces for local businesses [4] Company Overview - Vallourec is a leader in premium seamless tubular solutions, serving energy markets and demanding industrial applications, with nearly 13,000 employees across more than 20 countries [7] - VINCI Immobilier, a subsidiary of the VINCI Group, operates in property development, managed residences, and real estate services, focusing on urban planning and sustainable development [9][10]