Developments

A particularly rigorous investment strategy

The putting together of real estate developments is an integral part of ANF’s value creation strategy. Close to 130,000 square metres in new developments on ANF’s land reserves will be completed by 2014..

Developments

The putting together of real estate developments is an integral part of ANF’s strategy to create value for its shareholders. Close to 130,000 square metres in new developments on ANF’s land reserves or major restructurings will be completed over the medium-term. Such developments accordingly ensure a pipe-line of rental income growth over the coming years. ANF has adopted a particularly rigorous investment strategy with regard to the management of its developments. Accordingly, all developments are on land fully controlled by ANF and in prime locations. Building work only begins once marketing has been partly or fully completed and financing secured. ANF has never undertaken any speculative developments. These developments are financed in part by a €250 million credit facility arranged in July 2007 on favourable terms.

To round off the financing, ANF also plans to arrange development- specific loans. It is in this way that the Forbin development was funded in partnership with the Marseilles bank Martin Maurel.