Well. Now our centers are maintained. We are still working on our extension project pipeline, and we always intend to satisfy our clients. Our second pillar is that we want to be the best partner for all of the store and tenants. We, of course, are completely aware that they intend to move ahead quickly. We believe that we can contribute a better strategy. The third pillar is 100% omni-channel. The knowledge and data of our clients, animation for digital communities as well, accompanying the transformation of our stores boutiques as well, and also independent store tenants. This is born by innovation and agility. We, of course, will be able to come back to this in a short while. We, of course, here intend to maintain this approach.
The robust fundamentals of Carmila has, of course, here one French and one Spanish person who are close to under 20 minutes from a Carmila center. Second fundamental, 80% of our sites are important as well. Carmila is 500 odd and, of course, is based on the intermediary metropolises around all of our stores. Our platform is the one I've just described. It is not passive. We have worked hard, and we, of course, have made it possible for us to serve our clients and to be customer-centric. We have also worked on becoming the best partner for all of our store owners or tenants. Also, we here also have worked on health, and this is what we have found. To be able to implant this strategy in all of our centers, we were struck by how fast they actually leased on to e-commerce and physical commerce.
We are working with them as a business partner to look for new banners, also to improve how they can work better and how they can better communicate with their own clientele. We have also enlarged our digital presence, and of course, we also in Spain, for example, have indeed now been spread to Spain and Italy. This means, of course, that our strategy on slide eight with renovation and also four partner banners. We also have now partners that we have been working with to help them out of the crisis as it shaped the world that they knew before the COVID. Of course, here, urban mixité, several projects, and also we here are developing our tower company and Next Tower, and also we will here be able to optimize capital equity allocation.
Here at [L'Atelier Lemon] , and this will help us work on a share buyback. All of this, of course, is happening and our slogan is, here we are acting in favor of the planet, the territories, and our collaborators. We have recently been rewarded for all of what the work we've done during the year where we also had to face closures. We have, of course, here are looking to implement our CSR strategy as well. This activity will be.
Marie
Thank you very much, Marie. Let's share our comments on the business of the first half year 2021, was shaped by the third pandemic wave, which has re-established a number of restrictions, notably where Carmila operates. These restrictions, depending on the territories and the centers, I will not dive into the explanations of these. In view of this context, retail and stores have been shut for 2.8 months over the first quarter of 2021, i.e., a greater length of time, greater than the length of closing down in 2020, where Carmila shops had remained closed for two months. Carmila shops were closed for an average of 2.2 months in France in the first half year, 2021 cumulatively. We are looking at, so it's down. so point to the center. We are looking at resumption and the reopening of the centers.
The footfalls, so we're coming back to levels close to those of July 2019. You can see on the curves here, you can see the footfall as the easing of restrictions occurred. We're talking 105% in France, 90% in Spain, and 93% in Spain. Overall performing, we're exceeding the levels of 2020 and even those of 2019. You can see this on the red curve. We have a + 5% in June 2021 against June 2019. Clients have come back to Carmila centers. This is what we're seeing now. As Marie stated, omni-channel plays a key role and is a key pillar for Carmila. During periods of resumptions and reopenings, the good results have notably been linked to digital in a logic of omni-channel initiatives.
B2C to start with a drive-to-store approach where Carmila strengthened its visibility online, engaging and developing a geo-located client database with 3.6 million of contacts in opting with points and something that is essential with its obviously presence on Google and Facebook. Then developing communities, digital communities, resting upon the local influencers, which numbers of subscribers has significantly increased. You can see the evolution of all these indicators on the slide 13. Here on the B2B approach as well, Carmila develops an omni-channel approach for its partners, retailers to support them with their digital transformation, and for their independent and franchisees, accounting for 40% of the retailers of Carmila. It is important to support those, and we've helped them developing internet websites amongst many other services. When it comes to reopening of new retailers, was Carmila has strengthened its synergies with Carrefour.
We're resting upon the strength of Carrefour, our partner. In Spain, we've put at disposal the Carrefour Marketplace to some of the retailers. Major point, a strong point of this half year has been an exceptional momentum leasing with an unparalleled number of 41 leases have been signed in the first half 2021, accounting for 9% of the rental base of Carmila, with rental levels higher by 3.9% against the ERVs. I'd like to highlight that the leases have been taken place with the traditional lease contract standard and with a traditional duration, traditional classic or standard level. To insist on this unparalleled level, unprecedented level, this is a + 3%. It is + 40% versus H1 2019, + 140% versus H1 2020. That's 261 renewals. We're talking + 100 signed contracts on pop-up stores, an upturn in specialty leasing.
The reversion on renewals stands at +3%. We're confident on the continuation of this conversion dynamic because we have a high level of signed contracts. The review of upturn and specialty leasing and up 3% across all three countries. The month of May, as you can see, with 38% reflects a very good level of resumption. These reflect the interest of retailers for Carmila and the quality of the partnerships with all the shops and retailers. We capitalized on strengthening the links between Carmila and retailers in wake of COVID. Beyond this, Carmila teams are fully engaged in looking at innovative types of partnerships and for things for branding and our operations that remain relevant across all segments.
We have the retail brands that are historic and the likes of Primark, Kiabi, and actually, it is really important to have these because this is what our clients expect. We have the new and up-and-coming leaders upside, the Normal, Rituals. This allows us to conquer a new generation, expecting a new generation or new technological products. We also wanted to capture new concepts, as you can see here, examples the likes of Cultura and Les Canons. We'll talk about this retail brand specifically at a later point in time. We have Happy Cash & Co. We have locally rooted retailers so as for them to operate in our commercial centers. You can see such examples of the local retailers here.
Let's take a look at some of the key elements of activities, the rental base on like-for-like basis, so down 0.6% versus 31st of December 2020. A robust financial occupancy, 95.7%, so we thought the crisis was going to generate a number of collective lay-off plans. These are the rental base in H1 sends out a down 1.2%, and limited impact on lease terminations and the impact on exposure to forbearance and the impact of insolvency proceedings is limited at 0.5%. When it comes to the mixed merchandising economy, as you can see, we've continued to reduce our exposure to fashion. Across all of the activities, this stood at 36% in December 2017. It has been brought down to 32.4%.
This first half year 2021 was also shaped by two major projects of extensions and so on the day of the reopening of the commercial centers in France, we see the extension of Nice Lingostière. Still articulating the commercial dynamic is open to 100% occupancy rate. These centers house + 50 units. Today, we're talking about 100 shops there. With leaders brands, H&M, Kiabi, Cultura, this is their first shops in the Nice area. Strategic choice for this brand, Mango, new concepts the likes of La Barbe de Papa, Barbineau, Le Boucher Son Voisin, and so more recent brands are expected by our clients. This has been tremendous result, the success of this opening. With a footfall of plus 30% between its opening and June 30th, 2021.
Furthermore, Carmila has finalized in Cany-Barville the transformation Cité Europe. We launched in June 2021, one day Primark opening, and we've developed a Cité Gourmande with leisure and restaurant facilities and complex. This center has renewed its track now as a shopping destination with 31 shops openings since 2018, amongst which seven openings first quarter 2021. Another key success there is we've seen a footfall increasing by 65% from May 19th to June 30th, 2021 versus 2020. A few words on the active pipeline of retail extension projects. Our pipeline comprises five major projects, Montesson, Antibes, Toulouse Labège, Vénissieux, and Terrassa, exurb Barcelona in Spain. These projects, as we noted, they're all back to very powerful hypermarkets, all very powerful in their local areas.
Carmila has launched a new development clearance for Montesson with a clearance issued by the Commission départementale d'aménagement commercial in May 2021. We know how complex it is to obtain such permits and it has been a long road so far, but Carmila has indeed initiated on permits. We can see just we're talking about + 60 units and restaurants between now and 2025 within framework of residential units and urban development projects. The first quarter 2021 is shaped by the accelerating expansion of Carmila Retail Development as a subsidiary of Carmila to invest on site of innovative and promising retailers.
The four major partners of Carmila so far, the Barbe, the shops La Barbe de Papa, the Indémodable, and Gusto and El Ideal in Spain opened 37 stores in H1 and have planned 44 such openings in H2. We're continuing to develop partnerships with new brands, and you can see Di Capo. Di Capo is an Italian restaurant, and Épicerie & Ogres is a wine shop that are set to open in the very near future. Let's insist on healthcare center openings, and we've already mentioned that in the past. H1 2021 was a key milestone for this activity because we opened our 1st dental practices under the Dental Star brand in Aix-en-Provence, Montauban, Perpignan, Claira, and in Nantes, Beaujoire.
Five new openings are scheduled for H2 2021. In Spain, we have the opening of 2 Dental Star centers in the first quarter 2021 in Montigalá and Cabrera de Mar. In total, overall, right-hand side of the slide 21, to end 2021, all the partners of Carmila Retail Development will account for nearly 248 stores and dental practices in France and Spain at the end of 2021, of which 118 in the Carmila portfolio, generating EUR 5 million in rental income. Another key point for 2021, H1, has been marked by the capitalization rates that have stabilized. The average capitalization rate is stable at 6.8 cap rate, the same rate as of the 31st of December 2020. This is the first time that we can see a stabilization of cap rates.
The strong points that have been reported with regards to Carmila in terms of what analysts have reported is the core strengths of Carmila, the attractive price rents, a fully renovated portfolio, stable occupancy, dynamic leasing activities and positive reversions. Sort of these points reflect and explain the core strengths of Carmila. Slide 23, stable appraisal values underscoring solidity of the portfolio at EUR 635 million. That is market value. 0.2%, and again, as of June 30th, 2021 versus December 31st, 2020. Like-for-like change, -0.2%. Let's take a look at the first half-year results now. These financial results show that the fundamentals of Carmila are well under control, thanks to proactive management of the crisis by the teams and the solidity of the platform. They include temporary impact of the crisis. Why temporary?
Because they are reversible once the restrictions will be eased. Thus, the basis is sound. Net rental incomes, EUR 147.5 in H1, down 13.2%. That articulates to organic growth. The impact of the health crisis, 12.2%. Organic growth related to the rental base, + 1.2%, which is the contribution of Nice Lingostière in our extensions. Other impacts, down - 1.2%, they notably include the implementation of the strategic vacancies to put in place the strategic operations and development protection. On slide 26, we're looking at the estimated impacts of closures in the first half. As recognized in H1 2021, 100% of estimated impacts have been accounted for.
That was not the case in H1 2021, where only part of the first wave had been accounted for, which was the known impact of the first wave, which was, for the most part, linked to the state aid of EUR 41 million. Pursuant to the application of the IFRS 16 standard, the net variation is not directly comparable. As a result of realistic provisions for rent free period, Carmila did not submit any additional provisions in the first half year 2021, which is highly satisfactory and demonstrated we've attained the targets when it comes to these rents and charges. Impact on IFRS are down EUR 2 million, EUR -2. In full year, that will translate into EUR 6 million, so EUR -6 million.
We have a provision for rent-free periods for rents and charges for closed periods in France. -17.3%, these provisions for rents and charges will allow us to carry out targeted negotiations so as to boost the debt recovery rate in Spain and Italy. Franchises were granted for EUR 6 million. For rent-free periods, the adjustment of variable income stands at EUR 7.7 million. The rental base varies. The impact on the rental base stands at EUR 1.5 million, which demonstrates the stability of this base. The other impact and extensions contribute for EUR 1.7 million and other impacts related to strategic vacancies for EUR -1.8 million. Next slide, 27 here. The collection rate at 69.3% as of July 19th 2021. To be noted, there's strong accelerations of collection rate against June 30th , which was standing at 63.6% on June 30th.
This reaches 90.86% in first quarter. We can see a good trend, positive trend, where this reaches the 60%. Again, we'll have the impact of the governmental aid. This rate, after deduction of franchises that we've mentioned, we're talking about 16% will be collected, which is a key priority for Carmila in the second half year. A plan of action has already been put in place with encouraging results, as illustrated by the increase between June 13th and July 19th . We are confident in our capacity to recover these. As a result of the fixed cost and state aid, and the state taking care of the charges and rents, this will accelerate these collection rates of these 16.1%. Slide 26. I suggest we focus on the recurring results, recurring earnings.
In terms of equity accounted, we're talking a EUR 0.9 million, 3% savings. This is a substantial economy reflecting the healthy management and reasonable management of the CapEx by Carmila. EBITDA, EUR 104.7 million on the period, not directly comparable to the EBITDA of the same quarter, 2021. The increase of financial results is the impact of increasing the interest rate expense on bonds carried out at the end of 2020 by Carmila, and the start of 2021 to extend the length of the debt, which we'll look at later on. Specific impact of IFRS, COVID impact. EUR 117 million plus EUR 0.1 million, + 2%. We ended ability in 100% of the impact on first half year related to the health crisis, in fact, related to the first half year.
In terms of the earnings per share, recurring earnings, out of ex-IFRS, COVID impacts, recurring impact is EUR 17.2 million, - 18.9%. Recurring earnings per share at EUR 0.52 per share, including the IFRS 16 impacts, and EUR 0.53 per share, excluding IFRS COVID impacts. The change in the half and dividend 2021 has been remained at, and remains at EUR 1 per share, same as 2020. With the dilutive impact of dividend, - 0.16%. The EPRA NTA at June 30th, 2021 at EUR 23.69. EPRA NTA, fully diluted at EUR 23.69 per share, down 4.2%. Net debt and LTV ratio take a temporary hit from the collection situation related to the first half year. Dividend was paid out on June 15th and came to increase the financial debt by a net EUR 4 million.
Investment, EUR 110, notably for Nice Saint-Augustin, EUR 70 million, plus EUR 4 million for Nice Saint-Augustin. We continue to invest. Net collections contribute to the tune to reduce the financial debt for EUR 60 million. We can see the balance is the ratio for Carmila between the annual dividend of EUR 94 million and the net collection over a half-year affected by EUR 60 million. Carmila has well respected its balance equilibrium.
We can see EUR 14 million of net collections between May and June, and this brings down the LTV significantly by 38.9%, although it was 39.4% as of June. To wrap up the financial report, I wanted to focus on the significant work carried out by the teams on the financial positions. We've repaid EUR 600 million of bond and bank loans, and to be paid in 2023-2024, issued two bond issues at the end of 2020 and March 2021.
We're looking out to 2027, 2028, 2029. We've maintained the average cost of debt at 2%, with an average remaining maturity at 4.6 years. Historically, with a curve that was, with a maturity that was between 2022 and 2023, we've managed to bring this down significantly. There's no major borrowing falling due before 2023. BBB rating with a negative outlook has been confirmed by S&P in May 2021. We have significant liquidity, greater than EUR 951 million. There's no risk in terms of the banking covenants as published, which are the covenants of our banking loans. Over to Marie for closing remarks.
Thank you, Pierre. We've seen that this crisis, of course, has had a strong impact on the retail sector transformation strategy that we have described, also in a very demanding context. Carmila was able to deploy in record time the necessary adjustments for its platform. This, of course, means that we will not, for the moment, give guidance for the commercialization and also the growth relays that are enriching our growth and for the months and years to come. The meeting of investors in the fall will be the time to take questions.
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Right. Thank you very much.
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The rotation of assets, for us, in fact, deals with mature assets. We are also envisaging within 18 months to be extremely poised to understand and also to give you more explanation perhaps on the depth of share buyback.
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As regards the rotation of our assets, we have voted in our general assembly. Now, the major project, and we can't for the moment give you more information, because we need to work on this further. I'm talking about the five projects. Montesson is one that should become reality in 2025.
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Okay, we will now take questions online.
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Okay, this should take about a month and a half.
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As regards other questions, Carmila is a SIIC.
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Of course it will be exonerated.
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Of course, Carmila itself is an SIIC and also this of course involves the taxation of our financial-
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Our financial strategy, as described.
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Essentially associated with the Italian partner. Any other questions online?
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We have-
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No other questions.
At this time, we have no questions on the English event. A reminder, please press star one for questions.
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In the meantime, it seems to me that what the government had proposed to maintain the steadiness and stability of Carmila. For the moment, this does not seem to have yet been published. We haven't yet commented on this particular- An amount of franchises for France. As we had seen during the preceding negotiations of insolvability. We would like to know about the financing plan in terms of upcoming opportunities in terms of acquisitions and sales. Now, as I stated, I said that we would be opportunistic. If these opportunities of acquisitions come along, post acquisitions, we'll be able to finance those. We are fully maintaining our dynamic, our momentum. We should to look out for acquisitions, maybe into new assets. What is the maximum level that you're setting yourself at today in terms of level of acquisitions, level of investments?
We don't want to communicate on an NCV maximum level. We've talked about our banking covenants. As Pierre-Yves Thirion stated, we have some room to maneuver. Some leeway. Thank you very much indeed. We have another question from Yannick Pineau, what can we expect for H2 in terms of the collection efforts, in view of those collection efforts? Well, to take this question, I believe we're very explicit. On the first half year, which includes EUR 33 million of the impact of the health crisis in the first half year, and for the second half year, we don't know yet what the impact of these health crises will be in H2. That's why we didn't give any guidance. I'd like to recall the fundamental behind all these. The rental base is robust. These effects are temporary and reversible.
If there's no health crisis or restrictions in H2, we'll be able to go back to levels that don't build in these temporary impacts. We no longer have any questions on the call or online. We have one question in the room. Given the strategy described by Carrefour of Shop-in- Shop, will this be competitive for you or some of your retailers that have gone to Shop- in- Shop? Will this be the first crown of Carmila, which will become a second crown around the Carrefour centers? We are not in competition with Carrefour. We are in partnership with Carrefour, and the dynamic is highly promising. The Shop-in- Shop dynamic is not at all a competitor of Carmila, and there's room, and if there's room around hypermarkets, there's room in our shopping centers.
Anything that can transcend the hyper, so the ecosystem around shopping centers is extremely good for Carmila. Today, there's no retailers that would have, "Well, I'm quitting Carmila. I'm leaving Carmila to go elsewhere in a Shop-in- Shop." To the contrary. We're mutually strengthening each other. Just to understand, I realize that you have mentioned the extension projects.
Today, we have clearly understood that there may not be more room perhaps for a newer strategy and perhaps an urban sprawl. My second question is, how do you see the climate change law arriving today, as we can see? We ask questions on, are we still allowed to construct or build in France today, and of course, in Spain and Italy?
There is a third point, which means that we are also tending towards recharging the energy city and will not oppose the center of town and with intermediary cities where the supermarkets are not. As concerns the new commercial malls in France, we here are facing the recreation of another form of our shopping centers. Of course, this will allow us to strengthen them, to be able to modernize them.
Of course, we need here to take into account the climate change law, and this is what we intend to do on our five extension projects. In fact, there are here strategies that could be very interesting. Also there are opportunities when we're talking about the restructuration of what we call the shoeboxes at the entrance of some cities. We are now trying to find how we can rehabilitate these particular boutiques or stores. This, of course, should be present in the centers of town or also in the suburbs surrounding the cities. Of course, this means more rentals. Now, as concerns Spain and Italy-