The plan describes a new ambition to build sustainable growth and invest in new business lines. It is Carmila’s response to structural changes in retail, which have been accelerated by the COVID crisis.
It is based on three pillars:
- A new vision for the role of Carmila as an incubator and an omnichannel platform for retailers.
- Leadership in sustainability, notably through a new generation of development projects based on mixed-use and a new commitment to reach net zero emissions by 2030.
- Investment in new business lines: digital infrastructure and new retail concepts.
- New growth initiatives are expected to contribute an incremental €30M to recurring earnings by 2026
- Carmila targets annual growth in Recurring earnings per share of +10% on average in 2022 and 2023
- Carmila announces a €200M disposals programme in 2022-2023, with part of the proceeds to be used for share buybacks
- Carmila is committed to maintaining a solid balance sheet and targets a Loan to Value (LTV) ratio of 40% in 2022-2026
- Carmila’s dividend policy, for dividends paid from 2022 to 2026, will be an annual dividend of at least €1 per share, paid in cash, with a target payout of 75% of recurring earnings.
Marie Cheval, Chair and Chief Executive Officer of Carmila commented: “The health crisis has pushed Carmila to accelerate its transformation and has also strengthened our ambition. This new strategic plan is focused on growth and investment in promising new businesses and initiatives. Carmila has created Next Tower, a new business line to invest in digital infrastructure, and is scaling-up Carmila Retail Development. Carmila aims to strengthen its omnichannel services to retailers and to offer a differentiating shopping experience for customers. It is the beginning of a new phase for Carmila, focused on sustainable development, with a pipeline of projects that have been redesigned around mixed-use and a new commitment on net zero emissions by 2030”.