Signifi cant events in the development of the Company’s business
The Company as it exists today grew out of the transfer to ANF Immobilier of property activities of companies that have now been dissolved. Following these transfers, ANF Immobilier’s business changed completely, so that it is now exclusively devoted to managing property assets.
Origins of the Company’s property business
1854 : Foundation of Rue Impériale de Lyon, a limited company (société anonyme), which was responsible for the opening of Rue de la République, which was called Rue Impériale at the time;
1878 : Foundation of Société Immobilière Marseillaise, bringing together the property companies involved in the development of the cut through from Vieux-Port to La Joliette;
1965 : The partners of Lazard Frères & Cie acquire control of Rue Impériale de Lyon;
1967 : Rue Impériale de Lyon makes a successful bid for Société Immobilière Marseillaise;
Between 1967 and 2002 : At the same time as operating their property assets, Rue Impériale de Lyon and its subsidiary, Société Immobilière Marseillaise, gradually diversified their business portfolio by setting up disposal and reinvestment program, and devoting part of their cash to purchasing shares and holding strategic investments. Through this policy, the two companies eventually became shareholders in Eurafrance, which became Eurazeo in 2002, following the merger with Azeo, a subsidiary company that was formerly known as Gaz et Eaux;
2002 : Rue Impériale de Lyon bought out its subsidiary, Société Immobilière Marseillaise, and was renamed “Rue Impériale”
2004 : Eurazeo, the Company that grew out of the merger of Eurafrance and Azeo, bought out its parent company, Rue Impériale, and took over its real estate assets;
2005 : Eurazeo acquired 93% of ANF Immobilier from Finaxa, a member of the Axa Group, and transferred its property assets to the Company;
2006 : On April 28, ANF Immobilier opted for the SIIC regime, with retroactive effect from January 1, 2006;
2007 : On October 31, ANF Immobilier bought a portfolio of 159 hotel properties in France operated by the B&B Hotels Group under the B&B and Villages Hôtel brands, for €471 million;
2008 : On April 11, 2008 ANF Immobilier purchased four property complexes and nine jointly-owned premises in Lyon for €18 million. This purchase specifically enabled ANF Immobilier to control almost all the Haussman-style properties on the Place de la République. Development of the partnership with B&B. Continued investment in Lyon and Marseille; Administrative approvals were obtained for all the projects in Marseille and for the Mansardes project in Lyon;
2009 : ANF Immobilier sold assets worth almost €50 million in Lyon and Marseille as part of its asset rotation policy. Five B&B hotels were purchased for €20 million. Investments continued in Lyon and Marseille, as did the financing of works on certain B&B hotels;
2010 : ANF Immobilier continued to develop its projects in Lyon and Marseille, investing a total of €64.9 million. Delivery of two development projects in Marseille and disposal of three properties in Lyon and seven properties in Marseille. The purchase of one B&B hotel and further investments in the redevelopment program amounted to €11.3 million.
2011 : ANF Immobilier continued its renovation and project development program investing in excess of €73 million during FY 2011. Lease of the Printemps department store in Lyon renewed, under favorable conditions for the Company. Disposals were completed valued at more than €41 million.
First acquisition outside the Company’s historic asset base in the Confluence district in Lyon, next to Perrache station. Finally, ANF Immobilier gained an initial foothold in a new city, Bordeaux.
2012 : ANF Immobilier continued its renovation and project development program investing in excess of €97 million during FY 2012.
The Company sold close to half of its portfolio for a total of €793 million. These disposals were followed by a repayment of the bank loan and distribution to shareholders amounting to €497 million.
2013: ANF is implementing a redeployment strategy aimed at rebalancing the portfolio and doubling rental income to €67 million by 2017. In 2013, this resulted in a 10% increase in its assets to nearly €1 billion and a 14% growth in rental income. The Company put in place a €240 million investment program, 76% of which has been secured and expanded the scope of its activities to the city of Bordeaux.
Please see Note 19 to the 2012 corporate financial statements for the list of subsidiaries and interest percentages.
* See Section 2, Chapter VII