Committed and secured developments

Three developments are currently underway in Marseilles and Lyons. Taken together, these developments represent a total investment of around €57 million. These developments are partly fi nanced by means of a €250 million credit facility (Calyon) and by dedicated fi nancing of around €6 million provided by the Martin Maurel bank.

Fauchier, Marseilles

This new offi ce and residential programme, located close to place de la Joliette, will suit companies looking to be at the heart of the business district, as well as meeting demand from new residents working in the area. The development consists of 19,500 square metres of net fl oor space, breaking down into 13,000 square metres of offi ce space and 6,500 square metres of jointly-marketed residential units, plus a 305-space car park. Completion of the offi ces is scheduled for Q4 2010 with residential units following in H1 2011. A portion of the offi ce programme has been sold off- plan and the other portion is already leased to a single tenant for €2.1 million.

Forbin, Marseilles

Close to place de la Joliette, ANF has started the construction of a 125 room hotel to be completed in Q4 2010. The hotel will be operated by the B&B chain, France’s third largest budget hotel chain. Rental income is expected to be around €0.6 million.

Mansardes, Lyons

ANF has identifi ed about 5,100 square metres of Mansard-style attic space that requires major renovation before being rented. This renovation should make it possible to create around 119 apartments completed between 2009 and 2011. This work is being carried out in close cooperation with Architecte des Bâtiments de France, in particular for the restoration of the façades and roofi ng. These spaces did not previously generate income. The fi rst renovated apartments were completed and rented in 2009. Total investment excluding land is about €15.0 million.