Altarea SCA is a leading French real estate company that operates a unique, integrated business model combining property development, investment, and asset management. Founded in 1994 and headquartered in Paris, the company is a major player in urban transformation across France, with additional operations in Italy and Spain.
Altarea's business is structured around three core segments. The Retail segment operates under a Real Estate Investment Trust (SIIC) framework and manages a portfolio of 44 shopping centers and travel retail spaces valued at approximately €5.3 billion. This segment provides the group with recurring rental income and represents the majority of its capital employed. The Residential segment, operating primarily under the Cogedim brand, is one of France's largest housing developers, building and selling new generation, low-carbon apartments to individual buyers and institutional investors. The Business Property segment develops office buildings, logistics hubs, and increasingly, digital infrastructure such as data centers.
Revenue is heavily weighted toward the development businesses (Residential and Business Property), which generate income through the sale of completed projects and development margins. For example, in 2024, the vast majority of its €2.76 billion in revenue came from property sales, while the Retail REIT segment provided €216 million in net rental income. Recently, Altarea has also diversified into new growth verticals, including photovoltaic infrastructure and real estate debt platforms. The company's dual identity as both a developer and a landlord allows it to undertake complex, large-scale mixed-use urban projects that require both construction expertise and long-term asset management capabilities.
