A particularly rigorous and value-adding investment strategy.
The creation of real estate development projects is an integral part of ANF Immobilier’s strategy to create value for its shareholders. Close to 57,480 sqm in new developments on ANF Immobilier’s land reserves or major restructuring projects will be completed over the medium term.
Such developments ensure a pipeline 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 the marketing has been partly or fully completed and financing has been secured
Complementary to the various renovation programs throughout ANF Immobilier’s portfolio, the program of projects underway is based on major investment in both the construction of new buildings on the Company’s land reserves, but also the total rehabilitation of certain blocks. New development projects consist of developing ANF Immobilier’s land reserves. For all of its new developments, ANF Immobilier has already obtained the necessary permits to proceed with the construction work. The total investment for these projects amounts to €108.0 million. Rental income estimated for 2017 is €14.9 million.
Ilot 34, Marseille
Pursuing its active policy of investing in Marseille, ANF Immobilier will develop on its land (Îlot 34) adjacent to the new Ambroise Paré Hospital a program of 26,000 sqm of residential units, offices, hotels, retirement accommodation, retail premises, and parking. HQE certification has already been obtained for this project. The official permits connected with this project have all been cleared and the future rental income is estimated at €4.0 million. Work started in April 2011 and is due to be complete in the second half of 2013.
In this district near the Boulevard du Prado, ANF Immobilier can build an office building offering 3,780 sqm after 13 months of work. The estimated rental income should be around €0.6 million. For this project as well ANF Immobilier is applying the HQE standard and the building has already obtained HQE certification.
TAT Project, Lyon
Studies are underway with a view to restructuring a property complex of over 20,000 sqm. This could help increase the appeal of Place de la République and attract new brand names. This project also includes reconfiguring Le Printemps department store (lease renewed in 2011). Works will take place over a period of two and a half years and represent €7.5 million in potential rent over time.
For its plots of land in this sector, ANF Immobilier sought, in collaboration with a development planner, to elaborate a program that would be adapted to the development of this area. The conclusion of this collaboration envisaged a solution that would see the merging of the Ambroise Paré and Paul Desbief hospitals to create a new hospital at the heart of the Euroméditerranée area. ANF Immobilier supported this major initiative by exchanging in 2009 its land on which the new 450-bed Ambroise Paré hospital complex will be built for the land currently occupied by the Desbief hospital, close to Place de la Joliette. Once the Desbief hospital has been vacated, ANF Immobilier will then develop a program of offices and retail premises on the Desbief site with a net floor space of 21,000 sqm. The building permit for this project has already been granted and cleared. Following two and a half years of work, the rental income from this project could amount to €5.3 million.
ANF Immobilier is conducting advance research into building two residential buildings covering a total area of about 6,700 sqm. One of these would be intended for sale and the other for rental to young civil servants in the police force. Delivery is scheduled for H2 2014. The estimated rental income should be around €0.8 million.
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.
ANF Immobilier has already completed and delivered five projects in Marseille.
The Mazenod and Joliette projects were completed in 2007, while the Trinquet project was delivered in 2009. Two projects were completed in 2010: the Fauchier and Forbin projects. The Company delivered a 312-space parking lot in 2004.