Excluding the value of the B&B hotels acquired in October 2007, the value of ANF’s historical estate amounted to €921 million excluding transfer taxes. This is a 40% increase on estimates at 31 December 2006 (at constant scope). This sharp increase is mainly the fruit of work by ANF’s people to realise the value of the Company's properties.
At constant scope, the value of existing buildings amounted to €2,760 per m2 excluding transfer taxes.
The various development projects with potential of 136,000 m2 and deliveries due to roll out between 2008 and 2012, were valued at €166 million at 31 December 2007.
The car parks had a total valuation of €27 million excluding transfer taxes.
The 159 hotels acquired from the B&B hotel chain were valued at €460 million excluding transfer taxes, compared with €450 million excluding transfer taxes on acquisition in October 2007.
There are still significant short-term sources of value among ANF’s assets, enabling the company to continue the uprating, thanks in particular to:
- Continuing rent increases
- A reduced vacancy rate in Marseilles
- The end of marketing of the first tranche of the Rue de la République in Marseilles
- Finalisation of work on common areas
- An increase in building work on all projects
