Highlights 2012

Lyon disposal

In November 2012, following six years of active work on asset management, ANF Immobilier sold the matured Lyon properties to Grosvenor, under excellent financial conditions, for an amount of €311.5 million excluding transfer taxes.

The discount was limited to less than 10%, taking into account not only the size of the portfolio, but also the lack of funding conditions in the offer of the purchaser.

B&B disposal

In November 2012, ANF Immobilier sold its portfolio of 158 hotels operated by B&B to a consortium led by Foncière des Murs for an overall net selling price of €476.7 million. Stock options were also authorized for seven hotels. The Company repaid the debt allocated to the sold hotels.

Shareholder returns

Following the two disposals of the Lyon assets and the hotel properties, ANF Immobilier’s Supervisory Board and Executive Board decided to offer dividends from a significant part of the proceeds from the disposals to the shareholders while enabling the Company to maintain resources for its future growth. A €235 million loan amount was repaid thanks to the disposals, resulting in net disposal proceeds of €557 million (after deduction of disposal costs). €495 million were paid as dividends after deduction of taxes related to such payments.

This dividend payment was first made in cash for a total amount of €6.64 per share, i.e. €184 million (an interim dividend of €3.58 per ANF share + a distribution of reserves of €3.06 per share). Next, a share buyback offer on 36% of ANF Immobilier’s capital was made for the remaining €312 million. The buyback price offered was established on the basis of the restated NAV of ANF Immobilier at June 30, 2012, i.e. €31.10 per share.

The Company kept a cash flow of €49 million for to its future development needs.

Integration of the EPRA index

ANF Immobilier has been listed on the EPRA index since March 19, 2012. The EPRA index represents the largest European real estate companies and is the benchmark index for the real estate sector. For the past four years, ANF Immobilier has sought to expand its shareholder base across Europe.

Increased and significant improvement in market liquidity enabled the Company to be listed on the EPRA index. In 2012, the average daily volume of securities more than doubled compared to 2011. The listing of ANF Immobilier on the EPRA index ensures that European investors have greater visibility of the Company’s activities.

Marseille 2013: Cultural capital of Europe

The forthcoming celebration of Marseille, Cultural Capital of Europe will have substantially positive repercussions for ANF  Immobilier. Located at the heart of cultural infrastructures (Vieux-Port, Place de la Méditerranée, Joliette), ANF Immobilier will benefit from the excitement generated by this exceptional event. Work has already begun on the projects located in the immediate vicinity of our Marseille’s portfolio.

Work is under way at the Mucem and at the Hôtel Dieu, whose rehabilitation will pave the way for the opening of a new Intercontinental Hotel right next to the Rue de la République. Lastly, the renovation of the Centre Bourse and the semi-pedestrianization of the Vieux-Port are both excellent news in terms of footfall and commercial exposure for the retail businesses operating in ANF Immobilier’s properties.

“SNCM” investment

In partnership with Eiffage Immobilier, ANF Immobilier acquired the historical headquarters of the SNCM on Quay de la Joliette in Marseille. This is located in the Euroméditerranée zone, facing the sea, at the corner of the Boulevard des Dames. Boasting an exceptional location, the site now includes the SNCM offices as well as some residential units. The clock tower of the building is symbolic of the place.

The SNCM will shift its headquarters to a section of offices developed by ANF Immobilier on the Îlot 34 project by the end of 2013. The Company envisages an operation of 25,000 sqm divided into offices, retail, hotels, residential and car parks. A building permit has been filed and is currently under consideration.

Marseille retail premises

In Marseille, ANF Immobilier had initially focused on retail premises in the Rue de la République segment located near the Vieux- Port and then it turned its attention to retail premises near the Place de la Joliette.

Begun in 2011, 2012 witnessed the continued commercialization of these spaces. In the section located between the Place Sadi-Carnot and the Place de la Joliette, ANF Immobilier successively installed high-profile chains such as Naturalia (Monoprix group) the specialist in organic food products, Monop’, McDonald’s and Brioche Dorée.

Delivery of the Milkyway project

ANF Immobilier’s first acquisition outside of its historical assets was carried out in a market that the Company knows well. Milkyway is a 4,366 sqm office building located on the Lyon Peninsula, in the Confluence district (second district), next to the Perrache TGV rail station and main motorways, on the site of the former headquarters of Candia. The building was sold before completion to ANF Immobilier, and has now been delivered.

With this transaction, the developer DCB International and ANF Immobilier are carrying out an exemplary eco-urban renewal project in Lyon because 80% of the material resulting from the deconstruction of the building has been recycled or recovered. The entire unit will be PEQA-BBC accredited (high energy efficiency and associated quality, low energy consumption building).

Sustainable development: mobilization of employees

The past two years have seen initiatives to raise awareness amongst all ANF  Immobilier’s employees about the challenges of sustainable development and their integration as part of the daily running of the business.

Strengthening its commitment to sustainable development in 2012, all employees were organized into groups to work on projects dealing with environmental (HQE – High Environmental Quality certification for new and renovated projects, low-energy office lighting, sustainable management of paper, responsible tenant’s guide, amongst others) and social (access to housing) issues.