The real estate company closed the first half of 2026 with a net profit of €230 million, of which €111 million is recurring. The company detailed for the first time the profitability targets of its recent entry into Berlin, where it seeks a return of over 8%.
Colonial SFL achieved a net profit of €230 million in the first half of 2026, as announced on Friday by President Juan José Brugera and CEO Pere Viñolas. Of the total, €111 million corresponds to recurring results, a 4% increase compared to the same period last year, while the remaining €120 million comes from asset revaluation.
Rental income reached €207 million, a 5% increase, driven by rents growing above indexing and an improvement in occupancy, which stood at 94%, nearly 204 basis points higher than at the end of 2025. Earnings per share (EPS) rose to €0.178, also with a 4% increase, in line with the company's annual forecast, which confirms its EPS target of between €0.34 and €0.35 for the whole of 2026 and a path of €0.39 to €0.41 for 2028.
The major news of the semester has been the entry into the German market, the first time the real estate company has landed in a capital other than Madrid, Barcelona, and Paris. In June, Colonial SFL signed a strategic joint venture with Generali Real Estate through which it acquires 51% of a company owning two superprime assets in the central business district of Berlin: LindenCorso and Atrium. These properties have a combined gross leasable area of approximately 42,000 square meters and a value close to €300 million. Generali will retain the remaining 49% and will continue as the operating partner.
Viñolas defended the operation in these terms:
“Together with Alpha X and a disciplined recycling of capital, this reinforces visibility towards our profit objectives for 2028 and long-term value creation for shareholders.”The company aims for a return of over 8% and a revaluation of yields between 5% and 6% on the two Berlin assets.
The entry into Berlin is part of the asset recycling strategy that the company has deployed during the semester. Colonial SFL has secured over €440 million in divestments, 87% of a €500 million program announced at the end of 2025, always at valuation values or higher. This process of selling stabilized assets — including part of the residential portfolio, whose divestment is progressing as planned — has allowed financing for both the German operation and the reduction of debt.
Net debt fell by 5% compared to December, to €4.708 billion, with an LTV of 36.7% and liquidity of €2.5 billion. The agencies Standard & Poor's and Moody's reaffirmed the investment-grade ratings of BBB+ and Baa1, both with a stable outlook.
By business segments, the company highlighted the growing role of innovation and science districts within its portfolio. During the press conference, Viñolas explained that the listed company linked to this segment will go public on Euronext Paris, where Colonial SFL plans to maintain around 90% of the capital in the short term. The operation has additional investment capacity of around €150 million.
For investors, these results reinforce confidence in the company's strategy: growth in key markets, discipline in capital recycling, and a solid financial position. The EPS target for 2026 and the path set until 2028 offer a clear roadmap. The entry into Berlin, with an expected return of over 8%, opens a new revenue stream in one of the most dynamic European markets.
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