In the midst of the actual property disaster, Nexity publicizes a social plan | EUROtoday

Faced with the historic disaster hitting the brand new actual property sector, the administration of Nexity, France's main actual property developer, introduced that it will put in place an employment safety plan (PSE) in 2024.

“The group has decided to initiate the information-consultation process of the IRPs in the coming weeks [instances représentatives du personnel], prior to the implementation of a job protection plan »Nexity announced in a press release, which has not yet defined how many jobs would be affected. “We are going to adapt our business and our costs”CEO Véronique Bédague informed the press, including: “If we want to produce affordable housing, we have to reduce costs. »

In 2023, the group experienced a difficult year, suffering from a halt in new construction, caused by rising construction costs and difficulties in accessing credit for buyers. Its accommodation reservations eroded by 19% in number and 24% in value. Results which remain better than in the French market as a whole, which fell by 26%, underlines Nexity. Its turnover, down 9% to 4.27 billion euros, is slightly below its target of 4.3 billion euros, revised downwards in the middle of the year.

No dividends for shareholders

The group can also be refusing to pay a dividend to its shareholders, though till now it had wished to supply them a fee of a minimum of 2.50 euros per share. To compensate for this 12 months which he describes as ” low point “and to regulate its debt, the group has offered its Portuguese and Polish subsidiaries, and above all desires to dump its companies department.

Nexity introduced on the finish of 2023 that it had entered into unique negotiations with the funding firm Bridgepoint to promote it its property administration department, valued at 440 million euros and which employs some 3,100 individuals, or greater than a 3rd of its workforce. And it’s nonetheless searching for consumers for its company actual property administration and distribution actions.

Nexity, which has diminished its internet debt from 820 to 776 million euros, has set itself the target of bringing it beneath 500 million on the finish of 2025. The group is just not setting different quantified targets for 2024, ready to see the evolution of rates of interest and public insurance policies, and hoping “a rebound in 2025”.