Beneficial interest 10.5%
AvH Contact: Marc De Pauw
Atenor Group closed the 2016 financial year with a positive net result of 20.4 million euros. The group thus improved its result for the fourth consecutive year.
The results were influenced by the delivery of the Trebel building to the European Parliament at the end of June. The second half of the year was marked by the sale of a first building on the Vaci Greens office park in Budapest (Hungary). Atenor also continued work on the construction and marketing of several residential projects, where the margin on the units sold was recognized according to percentage of completion. Finally, Atenor also had rental income from the projects in Budapest and in Bucharest (Romania). Atenor not only sees its result increase, but also diversifies its sources of revenue.
Following on from earlier acquisitions, Atenor acquired a new project in the centre of Bucharest (Dacia, 12,000 m² office space). The group also acquired control over the company that owns the Realex project (42,000 m² office space) in the European district of Brussels.
Despite the uncertainties that are inherent in the business of any real estate developer, Atenor already from the start of 2017 has a clear view of its future results, which look promising thanks to the sustained activity on the property market in Budapest and Bucharest.
In November 2016, the reference shareholders, including Sofinim, extended the shareholder agreement that binds them for a period of at least five years.