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GOALS/STRATEGY

THE THREE PILLARS OF A GROWTH STRATEGY

When the process of transformation is completed and securely anchored, ANF Immobilier aims to double its rental income and become the benchmark regional commercial real estate company.

1

TARGETING THE MOST DYNAMIC REGIONAL CITIES
Ability to predict trends

Resource concentration

By choosing to focus on developing cities, backed by its vibrant entrepreneurial mindset, ANF Immobilier is a key player in the emergence of new high-quality city centres, and leverages the new momentum generated by users of the space. It is fast becoming a key player in its market.

Targeted growth

Building on its historic base in Marseille, which led it to acquire mixed-use property primarily built in the Haussmann style, the company decided to move towards investment in promising business districts, in particular Lyon. It has since added Bordeaux to its portfolio of exciting regional cities.

Identifying the districts of the future ANF Immobilier selects projects according to their development potential and the transformational policies of the cities concerned. The selection criteria include the potential of the local property market, demographic dynamics, vibrant industry and the quality of the city's infrastructure.

2

REFOCUSING ON THE COMMERCIAL PROPERTY SEGMENT
Committed to improving profitability at all levels

Transition underway

ANF Immobilier's objective is to make the transition from a portfolio of mixed Haussmann-style properties to one comprising new commercial property. This shift in focus offers the opportunity to leverage market depth by amassing different asset types (offices, retail, and hotels) while improving yield. The increased concentration on commercial properties is reflected in the flow of new acquisitions and development. Moreover, this pipeline is characterised by a high degree of security, with 80% of properties pre-let or let, and solid partnerships.

Redeployment delivering greater balance

At the end of 2014, offices accounted for 34% of ANF Immobilier's rental income, retail 31% and housing 18%.By 2017/2019, the Company aims to rebalance this distribution. Rental income generated by offices will rise to 60%, while the income from retail and housing will be 17 and 10%, respectively. The geographic breakdown will also be reviewed: Marseille will fall from 64 to 40%, Lyon will rise from 20 to 40%, and Bordeaux will increase from 4 to approximately 10%.

3

CREATING ADDED VALUE
Complementary skills

A diverse range of action

ANF Immobilier is in a position to play three roles, that of investor, developer and asset manager. By virtue of wearing these three hats, the Company is positioned to seize a broad range of opportunities calling for one or other of these skills. Hence when it comes to developing a commercial property, as a developer, ANF Immobilier generates margins on the development, while as an investor it produces a return in the form of recurring rental income, and as an asset manager,it generates income from services provided.

Experienced and expert teams

ANF Immobilier's multidisciplinary teams ensure that the Company has the ability to operate across the real estate spectrum. They manage projects from design through to final completion with the aim of optimising value creation. In addition, they have a track record of forging strong ties with public institutions and all regeneration agencies and stakeholders in French regional cities, an achievement that places them in the front line, and gives them a leading position when it comes to urban regeneration.