2006 Full-Year Results - Unibail

2006 Full-Year Results
This presentation has been prepared by Unibail for general circulation and is circulated for general information only. All reasonable care has been taken to ensure that the information contained herein is not untrue or misleading, but no
representation is made as to its accuracy or completeness. Any opinions expressed in this presentation are subject to change without notice and Unibail is not under any obligation to update or keep current the information contained herein. Unibail
accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this presentation.
The presentation should not be regarded by recipients as a substitute for the exercise of their own judgement. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific
person who may receive it. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this presentation and should understand that statements
regarding future prospects may not be realised. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally
invested. Past performance is not necessarily a guide to future performance.
Investor relations: Fabrice Mouchel - Tel.: 33 (0)1 53 43 73 03
> HIGHLIGHTS & ACHIEVEMENTS
Ä
STRONG LEASING ACTIVITY IN
ALL DIVISIONS
Ä
SUCCESSFUL DELIVERIES IN
FAVOURABLE MARKETS
Ä
SELECTIVE ACQUISITIONS
Ä
ON-GOING DISPOSAL OF
MATURE ASSETS
Ä
SIGNIFICANT STEPS FORWARD
IN EXISTING DEVELOPMENTS
Ä
STRONG INCREASE IN
DEVELOPMENT PIPELINE
Le Dôme, Les Quatre Temps
3
> 2006 FINANCIAL RESULTS
Capital 8 – Paris 8
> 2006 RESULTS BEYOND EXPECTATIONS
2006
2005
% Growth
% like-for-like
growth
- Shopping centres
220
199
+10.7%
+6.3%
- Offices
129
142
-9.5%
+9.6%
64
61
+6.1%
+6.1%
413
402
+2.8%
+7.2%
49
9
313
264
+18.4%
2,140
1,385
+54.5%
Recurring EPS (1)
6.81
5.81
+17.2%
Total distribution (2)
4.05
26.8
n.m.
31 Dec. 06
31 Dec. 05
140.6
94.8
€ Mn
- Convention and exhibition
Net rental income
Convention & exhibition Services NOI
Recurring Net Profit (group share)
Net profit (group share)
n.m.
Per share data (€)
Fully diluted liquidation NAVPS (3)
(1)
(2)
(3)
On the basis of an average number of shares in 2006 of 45,901,800 shares
Distribution during civil year
On the basis of a fully diluted number of shares as at 31 December 2006 of 48,004,323 shares
% Growth
+48.3%
¾ 2006 recurring EPS amounts to €6.81 per share, a 17.2% growth vs. 2005.
¾ This growth derives from:
• strong growth in net rents on a like-for-like basis in all 3 divisions: +7.2%;
• positive impact of deliveries (Capital 8, Les Quatre Temps);
• contained cost of debt of 3.5%;
• and despite on-going disposal of mature assets.
¾ IFRS Net profit (group share) of €2,140 million incorporates positive mark-to-market of
assets and hedging instruments of €1,729 million.
¾ Fully diluted liquidation NAVPS amounts to €140.6 per share at year-end 2006, a 48.3%
increase vs. year-end 2005.
7
> A SOUND FINANCIAL STRUCTURE
Unibail Hedging Portfolio
¾ A strong balance sheet:
€ Mn
4,000
5.0%
• 25% LTV as at 31 Dec. 2006 (1)
• 4.6x ICR in 2006 (2)
3,500
4.5%
3,000
¾ An efficient hedging policy:
• ensuring low cost of funding: 3.5%
cost of debt in 2006
4.0%
2,500
2,000
3.5%
• limited sensitivity to interest rates
1,500
3.0%
1,000
¾ Improved liquidity at year-end 2006
• €442 million of undrawn bank loan
2.5%
500
• €648 million of undrawn credit lines
2.0%
0
2007
Swap
(1)
(2)
2009
2011
Cap
2013
2015
2017
Average Cost of hedging
Loan-to-value as at 31 Dec. 2006: Net financial debt / Total portfolio valuation
Interest coverage ratio = (total recurring operating results + total general expenses less depreciation and amortization) / net financial expenses (including capitalised interest)
¾ Unibail has a strong balance sheet as at 31 December 2006 with a loan-to-value (1) of 25% based on a
total portfolio valuation of €10,856 million as at 31 December 2006.
¾ Interest coverage ratio (2) stands at 4.6x (vs. 3.5x in 2005).
¾ Thanks to an active hedging policy, cost of debt has been reduced to 3.5% in 2006 (vs. 3.8% in 2005).
¾ Hedging in place should ensure low cost of funding for coming years despite an increasing interest
rates environment.
¾ Access to liquidity has further improved with:
• €442 million undrawn as at year-end 2006 out of a €700 million 7-year syndicated bank loan;
• €648 million of undrawn confirmed credit lines.
(1)
(2)
Loan-to-value: Net financial debt / Total portfolio valuation
Interest coverage ratio = (total recurring operating results + total general expenses less depreciation and amortization) / net financial expenses (including capitalised interest)
9
> 06/05 NAVPS GROWTH:
A COMBINATION OF VARIOUS FACTORS
Breakdown of NAVPS increase in €/share
Rental growth (1)
STILL NOT VALUED IN THE NAV
Deliveries
€13.0
9 Development pipeline (valued at
cost)
€4.8
Cœur Défense
revaluation (2)
€3.2
€2.7
€13.9
Yield
compression (1)
9 Unauthorised extension
€2.6
€2.0€2.5
€1.1
Mark-to-market
of debt (3)
potential
9 Portfolio intrinsic value &
Retained
profit (4)
market share
Re-valuation of service
subsidiaries (5)
€94.8
Other Capital gains
on disposals
9 Unibail's corporate goodwill &
know-how
TOTAL = +45.8 €/share vs. year-end 2005
(1)
(2)
(3)
Impact on valuation on a like-for-like basis for offices and shopping centres
Coeur Défense is consolidated under the equity method
Including debt and financial instruments
(4)
(5)
Recurring net profit net of distribution – based on a fully diluted number of shares
Including Exposium and Espace Expansion
¾ Fully diluted liquidation NAVPS increased by 48.3% between 31 December 2005 and 31 December
2006, from 94.8 €/share to 140.6 €/share, i.e. a 45.8 €/share increase.
¾ The sources of this NAVPS growth are numerous and include:
• increase in valuations on a like-for-like basis for offices and shopping centres split between:
› impact of yield compression Ä +13.9 €/share;
› Impact of rental growth Ä + 13.0 €/share;
• deliveries (Capital 8 Phase 2) for 4.8 €/share, up until delivery, developments are valued at cost and
have therefore no impact on NAV calculation;
• revaluation of Coeur Défense for 3.2 €/share;
• mark-to-market of debt and financial instruments for 2.7 €/share reflecting a proactive hedging policy;
• retained recurring net profit for 2.6 €/share;
• first re-valuation of service subsidiaries (Exposium and Espace Expansion) for 2.5 €/share;
• capital gains on disposals for 2.0 €/share.
¾ In assessing Unibail's NAV, it is worth mentioning that:
• valuation of the portfolio may appear conservative in view of comparables (as shown by the premium
achieved on disposals);
• all development projects are valued at cost and therefore have a zero contribution to the NAV, despite
their significant value creation potential;
• unauthorised extension potential on successful shopping centres are not taken into consideration by
appraisers when valuing those centres;
• portfolio value and market share are not taken into account by appraisers;
• no value is placed on Unibail's goodwill and specific know-how.
11
> SHOPPING CENTRE PORTFOLIO VALUATION
Premium of Unibail's shopping centres' initial
yields vs. long-term real interest rates
Yield compression reflects:
9%
¾ Investors' demand for large and
dominant shopping centres
8%
7%
6.2%
6.0%
6%
6.3%
5.8%
5.3%
5%
4.6%
+260bp
¾ visible & regular NOI growth outlook
based on active management
4%
+280bp
3%
¾ increasing reversionary potential
2%
1%
0%
2001
(1)
(2)
2002
2003
2004
2005
2006
(1)
Unibail's shopping centre portfolio initial yield
(2)
10-yr OAT - French CPI
¾ scarcity of prime shopping centre
assets and strong barriers to entry
Initial yield = next twelve months expected net rents / year-end portfolio valuation (excluding transfer taxes calculated according to the anticipated disposal process in consistency with
NAV computation methodology)
Average 10-yr OAT yield less yearly French CPI
¾ Unibail's shopping centre portfolio valuation shows an initial yield (1) of 4.6%.
¾ This represents a significant 280 bps premium over 10-year OAT yield less French CPI at year end
2006.
¾ Unibail's portfolio valuation should be put in perspective with:
• the uniqueness of the portfolio made of large and prime quality assets (#1 portfolio in France);
• the reversionary potential embedded into the portfolio of 22% (after taking into account indexation as
at January 2007);
• growth potential, beyond the reversionary potential, from extensions and renovations.
(1)
Initial yield = next twelve months expected net rents / year-end portfolio valuation (excluding transfer taxes calculated according to the anticipated disposal process in
consistency with NAV computation methodology)
13
> UNIBAIL'S OFFICE PORTFOLIO VALUATION VS.
RECENT SIGNIFICANT TRANSACTIONS
Paris CBD
La Défense
Western CBD
5/7 Scribe
Défense Plaza
Cristal Park
Tour Adria
41 Ybry
96 Haussmann
20 place Vendôme
7/9 Messine
Palais du Hanovre
Unibail Western CBD (1)
Unibail La Défense (1)
Unibail Paris CBD (1)
0
5,000
10,000
15,000 0
5,000
10,000
Unibail's portfolio average price per SqMt of occupied office space (1)
(1)
Average price per SqMt (excl. estimated transfer taxes & parkings)
Source: Unibail - DTZ Eurexi for comparable transactions
€/SqMt
€/SqMt
€/SqMt
15,000
0
5,000
10,000
Recent significant transactions (price per SqMt)
15,000
¾ Unibail’s portfolio of occupied office space was appraised as at 31 December 2006 by experts, on
average at:
• 8,065 €/SqMt (1);
• 5.6% initial yield (2).
¾ These valuations are to be put in perspective with market comparables
• In terms of price/SqMt:
› Paris CBD, where transactions show valuations above 14,000 €/SqMt vs. market valuation of Unibail’s
Paris CBD occupied offices of 11,946 €/SqMt (1);
› La Défense where transactions show valuations above 11,000 €/SqMt vs. market valuation of Unibail’s
La Défense occupied offices of 7,474 €/SqMt (1);
› Western CBD where transactions show valuations above 11,000 €/SqMt vs. market valuation of
Unibail’s Western CBD occupied offices of 5 553€/SqMt (1).
• In terms of initial yield:
› 4.0% initial yield for prime offices in Paris CBD (vs. 5.2% (2) for Unibail's portfolio of occupied offices);
› 4.6% initial yield for prime offices in La Défense (vs. 5.8% (2) for Unibail's portfolio of occupied offices);
› 5.0% initial yield for prime offices in Western CBD (vs. 6.1% (2) for Unibail's portfolio of occupied offices).
¾ These valuations should also be put in perspective with:
• the reversionary potential on the portfolio representing €11 million;
• disposals completed by Unibail in 2006 which show a 26% premium on last appraisals as at year-end 2005.
(1)
Average price per SqMt (excl. estimated transfer taxes & parkings)
(2)
Initial yield = net rents / valuation (excluding transfer taxes calculated according to the anticipated disposal process in consistency with NAV)
Source: CBRE Market View Q4 2006 for yield data and DTZ Eurexi for comparable transactions
15
> STRONG LIKE-FOR-LIKE NET RENTAL GROWTH
Offices
Shopping Centres
New leases (1)
+1.5%
Indexation
+1.0%
Miscellaneous (2)
+1.3%
-4.2%
Like-for-like net rental growth (06/05): +6.3%
(1)
(2)
(3)
+8.9%
Renewals
+4.8%
Indexation
+2.3%
Miscellaneous
+0.9%
+6.7%
Renewals
Departures
New leases
Departures (3)
-7.3%
Like-for-like net rental growth (06/05): +9.6%
Including indemnities received in conjunction with new leases spread over the firm duration of the leases
Including 0.8% from other rental income + 0.5% from a decrease in non refundable service charges
Net of indemnities received from departing tenants
¾ In 2006, like-for-like net rental growth was strong in both shopping centres and offices:
• for shopping centres, a net rental growth on a like-for-like basis of 6.3% with a 1.0% contribution from
indexation;
• for offices, net rental growth on a like-for-like basis of 9.6% with a 2.3% contribution from indexation.
¾ This growth derives from an outstanding leasing activity in these two divisions in terms of:
• surfaces and leases signed;
• rental uplift achieved on renewals and relettings.
17
> STRONG LEASING ACTIVITY FOR SHOPPING CENTRES
Carré Sénart
¾ Strong leasing activity:
• 314 leases signed (+15% vs. 2005)
¾ Strong rental uplift:
• +29.7% on renewals & relettings
¾ Limited vacancy (1): 1.8%
¾ Stable occupancy cost ratio (2): 10.8%
(1)
(2)
Financial vacancy = potential rent on vacant space divided by the sum of total passing rent signed and potential rent on vacant space
Occupancy cost ratio = (invoiced rents + services + taxes) / tenants' sales. Including all shops and medium size units (MSU), excluding hypermarkets
¾ Leasing activity has been impressive, with 314 leases signed in 2006 vs. 272 leases signed in
2005 (+15%).
¾ This leasing activity illustrates the fierce appetite of retailers to lease space in large/dominant
shopping centres. Consequently, the vacancy rate remains limited at 1.8% at year-end 2006 (vs.
1.2% at year-end 2005). Excluding Chelles 2, sold in January 2007, the financial vacancy rate
stands at 1.4%.
¾ A strong rental uplift has been achieved, with an increase of 29.7% on renewals and relettings in
2006.
¾ Despite this rental increase, the occupancy cost ratio remains stable at 10.8% (vs. 10.7% in 2005),
a sustainable level for retailers.
19
> SIGNIFICANT TENANTS' TURNOVER GROWTH
Labège 2 Toulouse ¼ +8.9% in tenants' sales
Carrousel du Louvre ¼ +9.2% in tenants' sales
+ 4% overall in 2006
tenants' sales versus
+ 2.4% in French
consumption (1)
CMK Bordeaux ¼ +9.1% in tenants' sales
(1)
Nice Étoile ¼ +12.9% in tenants' sales
Indice champ petit commerce – Banque de France – Commerce de détail, statistical survey of January 2007
¾ Unibail experienced a strong growth in its tenants' sales, +4.0% (1) in 2006 vs. a 2.4% overall
increase in French consumption (2).
¾ This overperformance results from the prime quality of the assets combined with very active
asset management, in particular with an ongoing adaptation of tenant mix.
¾ As an illustration of this policy, Unibail signed major leases in 2006 in Labège 2 & CMK with:
¾ Thanks, in particular, to those lettings, total tenants' sales in these two centres increased
significantly in 2006:
• +9.1% in CMK;
• +8.9% in Labège 2.
¾ The renovation of Nice Étoile in 2005 and the establishment of new fashionable impact retailers
led to a significant increase in tenants' sales of 12.9% between 2005 and 2006.
¾ Carré Sénart is again overperforming for the 4th consecutive year, with a 6.6% increase in tenants'
sales in 2006 after three years of double digit growth.
(1)
(2)
According to scope of consolidation – Excluding hypermarkets and Chelles 2 shopping centre which was sold in January 2007
Indice champ petit commerce – Banque de France – Commerce de détail, statistical survey of January 2007
21
> SUCCESSFUL DELIVERY IN 2006 OF
LE DOME AT LES QUATRE TEMPS
Successful completion of the leisure area
Completion of the second phase under way
¾
15,000 SqMt delivered in April 2006
¾
DIY store of 9,500 SqMt (1):
¾
#6 cinema in France 8 months after opening
¾
Estimated delivery: July 2007
¾
5.7% increase in tenant's sales in 2006
¾
Yield on cost of renovation/extension: 10.6%
(1)
In sales surface
¾ The extension of the restaurant-cinema area of Les Quatre Temps was completed in April 2006,
with the opening of:
• a 16-screen cinema complex;
• 14 restaurants.
¾ This extension has been highly successful with the cinema complex in #6 position out of all
cinemas in France.
¾ This extension has been highly beneficial to the entire shopping centre which saw a 5.7%
increase in tenants' sales in 2006, despite disturbances generated by renovation/extension
works.
¾ The second part of the extension of Les Quatre Temps is under way and will be completed in
2007 with the delivery of a 9,500 SqMt DIY store.
¾ In total, the shopping centre which will encompass 130,000 SqMt GLA will benefit from the La
Défense development planning with:
• increased catchment area (+20,000 expected new customers);
• new transportation network;
• renovation of parkings.
23
> OUTSTANDING OFFICE RENTAL PERFORMANCE
Ä Ca. 130,000 SqMt let or renewed in 2006, i.e. 30% of the office portfolio
Lettings
Renewals
Tour Ariane
Michelet Galilée
41 Ybry
Capital 8
39/41 Cambon
Palais du Hanovre
62/82 Maine
Le Wilson
34/36 Louvre
11/15 St Georges
Issy-Guynemer
¾ Rental activity has been very strong in the office division with ca. 130,000 SqMt let or relet, i.e. 30%
of the portfolio in operation.
¾ Major new lettings include lettings achieved with:
• the Marsh Group on 18,960 SqMt in Tour Ariane on a 12-year firm lease;
• Gaz de France on 12,828 SqMt at Capital 8 on a 9-year firm lease;
• British Telecom on 7,489 SqMt in Tour Ariane on a 9-year firm lease.
¾ Renewals were significant, including:
• Full renewal with Total at Michelet Galilée (La Défense) on 30,337 SqMt;
• Full renewal with Ernst & Young at 41 Ybry (Neuilly) on 13,978 SqMt, before the disposal of the asset;
• Renewal with Euronext at 39/41 Cambon (Paris 1) on 13,518 SqMt.
¾ Total 2006 renewals were achieved with a 27.1% increase in rents.
¾ Palais du Hanovre, fully restructured in May 2006 (representing a total surface of 18,115 SqMt), was
sold to BNP Paribas as owner-occupier in June 2006.
25
> CAPITAL 8: A SUCCESS STORY
Capital 8: 63,422 SqMt (1)
¾
39,800 SqMt (1) let to date, ie ca 2/3 of surfaces
¾
Prime tenants on long leases
Aforge
Rothschild & Cie
AMB
Property
Eurazeo
GDF
(1)
Gross leasable area
Vacant
Marionnaud
¾ Six months following full delivery of Capital 8, 2/3 of the surfaces have been taken-up i.e
39,800 SqMt (1)(2).
¾ Leasing has been very active in 2006, with major leases signed covering 21,877 SqMt (2) and
including:
• GDF, 12,828 SqMt (2) on a 9-year firm lease;
• Eurazeo, 3,307 SqMt (2) on a 9-year firm lease;
• Marionnaud, 2,817 SqMt (2) on a 9-year firm lease.
¾ Surfaces have also been taken-up by Rothschild & Cie as an extension of surfaces let in
2005, and by AMB Property.
¾ These lettings show the capacity of Capital 8 to attract demanding tenants seeking:
• efficient buildings in the CBD of Paris;
• large surfaces with extension capacity.
(1)
(2)
Excluding intercompany restaurant
Gross leasable area
27
> CAPITAL 8: STRONG RENT ROLL AND INCREASING RENTS
Ä +12% increase in rents/SqMt achieved over one year
€760/SqMt
Rent roll € Mn (1)
45
40
35
30
25
€680/SqMt
20
15
10
5
0
July 2005
(1)
Jan. 2006
Rent roll on a full year basis
Mar. 2006
July 2006
Oct. 2006
Dec. 2006
Targeted
¾ As a result of strong leasing activity, the current rent roll on Capital 8 is already as high as €28 million.
¾ Rental values achieved on Capital 8 have increased by 12% since the beginning of lettings, paving the
way for further increases.
¾ Consequently, targeted rent roll is expected to exceed €43 million.
¾ This would imply a yield on cost in excess of 11%.
¾ The re-valuation impact of Capital 8 phase 2 delivery was €230 million as at 31 December 2006.
¾ Further re-valuation is to be expected as the leasing of Capital 8 progresses
• the potential yield (1) on Capital 8 phase 2 is 5.4% as at December 2006.
•
In addition, initial yield (2) of 4.9% on Capital 8 phase 1 remains conservative in view of comparables
and of the quality of tenants / duration of leases.
(1)
(2)
(Passing net rents + potential rents on vacant space) / valuation excluding transfer taxes calculated according to the anticipated disposal process in consistency with NAV
computation methodology
Passing net rents / valuation excluding transfer taxes calculated according to the anticipated disposal process in consistency with NAV computation methodology
29
> FURTHER GROWTH TO COME IN 2007 FOR OFFICES
Over 60,000 SqMt of prime surfaces for let in 2007
7 Adenauer – Paris 16
7 Adenauer – Significant reversion to capture on a prime asset
¾
12,133 SqMt in Paris CBD – Paris 16
¾
Appraised market rent: 50% above passing rent (1)
(1)
Based on appraiser's estimate as at 31 December 2006
¾ Unibail should continue to benefit from tenants' appetite for large and efficient office assets in
the Paris CBD and Western CBD with over 60,000 SqMt for let in 2007, including:
• over 40,000 SqMt of vacant space, representing potential rents of € 26.7 million, i.e. a financial
vacancy of 14.2%. This financial vacancy is made up of:
› unlet surfaces of Capital 8 for about half of the financial vacancy;
› unlet surfaces of Les Villages 5 (La Défense);
› 44 Lisbonne (Paris 8) delivered in H2 2006;
• ca. 20,000 SqMt of leases terminating in 2007;
The major part of it is 7 Adenauer in Paris CBD. This asset of 12,133 SqMt is currently let to Alcan.
It has a reversionary potential of +50%.
¾ In addition, Unibail will work on the pre-letting of a 13,500 SqMt office development in Clichy to
be delivered in Q1 2008.
31
> PARIS: THE OFFICE MARKET WITH STRONGEST
FUNDAMENTALS IN EUROPE
Office vacancy rates
20
10%
9.1%
Frankfurt
8%
7.5%
15
6%
5.7%
5.6%
5.0%
10
4.4%
4%
London
5
Paris
0
2%
0%
1990
1992
1994
1996
1998
2000
2002
2004
2006
Paris CBD
2004
¾ The Paris office market shows the strongest
fundamentals in Europe
Source: JLL, CBRE
La Défense
2005
2006
¾ 2.9 million SqMt taken up in 2006 (+32% vs. 05)
¾ Declining vacancy in prime areas
UNIBAIL OPERATES IN FAVOURABLE UNDERLYING MARKETS
¾ The Paris office market is one of the best markets in Europe thanks to its strong fundamentals :
• a large and liquid market of 45 million SqMt, comparable only to London;
• a declining vacancy rate driven by strong demand and limited supply;
• a lower volatility than other markets with limited increase in vacancy along cycles.
¾ Vacancy rate in the Paris region (5.2%) is among the lowest rates in Europe, compared to other
large cities (London 5.5%, Milan 7.8%, Frankfurt 17.0%).
¾ In 2006, office take-up in the Paris region reached a 2.9 million SqMt record level, i.e.
• + 32% vs. 2005 take-up;
• above the 2.8 million SqMt record year in 2000;
• 627,000 SqMt taken-up in Paris CBD, +28% in 06 vs. 05;
• 278,000 SqMt taken-up in La Défense, +48% in 06 vs. 05.
¾ This lead to a significant decrease in vacancy rates in central business districts:
• 5.2% in Paris region in 2006 vs 5.8% in 2005;
• 4.4% in Paris CBD in 2006 vs 5.0% in 2005;
• 5.7% in La Défense in 2006 vs 7.5% in 2005.
¾ Due to strong take-up and limited supply, certain one-year forward supply has declined by:
• 35% in Paris CBD;
• 40% in La Défense.
Source: CBRE - JLL
33
> DISPOSALS
Ä Unibail continues its longstanding policy of selling properties with limited forward
asset management angles
Ä Achieved disposal prices show substantial premiums over latest appraised values
Disposal Date
Asset
Net Proceeds (1)
(€mn)
Premium over last appraisals
before price agreement (2)
31/01/2006
31 Colisée - Paris 8
55
+12%
30/06/2006
189 Malesherbes - Paris 17
62
+11%
30/06/2006
Palais du Hanovre - Paris 2
210
+48%
27/07/2006
41 Ybry - Neuilly-sur-Seine
139
+11%
27/12/2006
70 Courcelles - Paris 17
55
+42%
Other (3)
9
+19%
Total 2006
530
+26%
Chelles 2 shopping centre
88
+18%
Total
618
+24%
19/01/2007
(1)
(2)
(3)
Excluding transfer taxes and transaction costs
Disposal prices vs. last externally appraised value as at 31 December 2005, taking into account transfer taxes and restructuring expenditures
Mainly includes Massy – X% lots and a minor exhibition
¾ In 2006, the investment market improved further with €23 billion invested in French real estate, i.e.
a 47% increase vs 2005 (1).
¾ Unibail pursued its policy of selling assets which have limited further asset management angles,
particularly in the office division.
¾ In doing so in 2006, Unibail generated a 26% premium over appraisals before price agreement as at
31 December 2005.
¾ In addition, and in line with this strategy, Unibail sold Chelles 2 shopping centre in January 2007,
showing:
• a 18% premium on valuation as at 31 December 2005;
• a 15% unlevered IRR since acquisition in 2002.
¾ As part of the Chelles 2 disposal, the deal included an asset swap allowing Unibail to acquire a
retail unit of 1,888 SqMt in the Vélizy 2 area.
(1)
Source: CBRE – Market view Q4 2006
35
> A NUMBER OF SELECTIVE NEW ACQUISITIONS
¾ In 2006, Unibail acquired the Etrembières
shopping centre in partnership with AXA
Etrembières
¾ Unibail has also reinforced its position through
acquisitions of lots in:
• Labège 2 (lots for 5,238 SqMt)
• Rosny 2 (lots for 6,392 SqMt)
• Vélizy 2 area (a 1,888 SqMt lot) in 2007
¾ Unibail has gained a foothold in a couple of
situations with potential for further
reinforcement
¾ In the exhibition organising business, Unibail
has acquired a number of promising exhibitions
¾ In total, €535 million have been invested in
2006, including over €150 million in acquisitions
and €385 million in capital expenditures
Vélizy 2
¾ In 2006, Unibail has acquired in partnership with AXA, the Etrembières shopping centre which is
close to the Franco-Swiss border (Unibail owning 50.02% and AXA the remaining part).
This acquisition was made on the basis of a 6.0% initial yield. Besides, this asset has a strong
growth potential through:
• reversion;
• an extension, already planned, enabling access to regional status.
¾ Unibail acquired lots and reinforced its position in several of its centres:
• 5,238 SqMt in Labège 2;
• 6,392 SqMt in Rosny 2;
• 1,888 SqMt of lots in front of the Vélizy 2 shopping centre and therefore benefiting from its
attractiveness (18 million visits a year), acquired in 2007 on the basis of a 7.6% initial yield.
¾ In the exhibition organising business, Unibail has acquired a number of shows with good franchise
and operating improvement potential such as Le Salon du Meuble (furniture show), Milipol (state
home security). Total amount invested in acquired shows was €45 million.
37
> ROSNY 2: THE 360° EXTENSION POLICY IN MOTION
1. ACQUISITION OF 6,392 SQMT OF LOTS IN 2006
Acquired lots
Lots owned/managed by Unibail (1)
2. A 20,000 SQMT EXTENSION PLANNED
(1)
Lots owned by Unibail or managed by Unibail for its partner in the centre (IMFRA)
¾ Unibail has implemented a 360° extension policy in all centres which aims to reinforce its position in
its existing shopping centres through:
• acquisition of additional co-ownership lots;
• extensions.
¾ Rosny 2 is an example of the successful implementation of this policy with the acquisition in 2006 of
lots representing 6,392 SqMt.
¾ These lots:
• represent 6.2% of the co-ownership in Rosny;
• have allowed Unibail (with its partner IMFRA) to gain the majority in the co-ownership of Rosny 2.
¾ An extension is planned for 20,000 SqMt in the Rosny 2 shopping centre. This extension is already
supported by the co-ownership.
¾ The 360° policy has also been implemented successfully at Labège 2 with:
• the acquisition of lots representing 5,238 SqMt and 9.7% of co-ownership;
• a planned extension of 3,825 SqMt (CDEC obtained in January 2007).
¾ In Labège 2, part of lots acquired have been let to H&M which has had a positive impact on the
whole centre performance.
¾ Indeed, these centres registered strong sales performance following adjustment of tenant mix:
• +8.9% in tenants' sales in Labège 2 in 2006 vs. 2005;
• +7.7% in tenants' sales in Rosny 2 in 2006 vs. 2005.
39
> CONVENTION & EXHIBITIONS:
A STRONG PERFORMANCE IN 2006
€ Mn
2006
2005
2004
% growth
2006/2005
% growth
2006/2004
Paris Expo recurring NOI
66.8
59.7
59.0
+11.8%
+13.1%
Hotels recurring NOI
11.4
11.0
11.0
+2.8%
+2.8%
Venues recurring NOI
78.2
70.8
70.1
+10.4%
+11.4%
Exhibitions organising recurring NOI
35.4
-1.6
n.m.
n.m.
n.m.
Depreciation & Other
-8.7
-6.6
-5.5
n.m.
n.m.
104.9
62.6
64.5
+68.0%
n.m.
(1)
Recurring result of the division
(1)
Over 9 months from acquisition date to year-end 2005
n.m.: non meaningful
Sums may not add up due to roundings
¾ 2006 has been a strong year for Paris Expo with:
• a 11.8% growth in NOI vs. 2005;
• a 13.1% growth in NOI vs. 2004, a more comparable year.
¾ In 2006, Paris Expo benefited from customary biennial shows (Mondial de l'Automobile...).
¾ The occupancy ratio amounted to 43.1% in 2006 vs. 41.6% in 2005.
¾ Regarding the exhibition organising business, 2006 performance has been strong with a €35.4
million NOI (vs. -€1.6 million in 2005 over 9 months from acquisition date), due to a combination of
biennial and triennial shows.
¾ Furthermore, Exposium acquired in 2006 new shows with strong upside but limited impact in 2006
accounts due to the timing of acquired shows.
41
> BASED ON SUCCESSFUL TRADE SHOWS
Emballage 2006: floor plan of one of the six halls
Emballage
Emballage: World Packaging Exhibition
•
108,000 visitors (38.4% from foreign countries)
•
2,200 exhibitors from 49 countries
43
> STRATEGY
Nice Étoile
> A FULLY INTEGRATED INVESTOR - OPERATOR
A strong set of operating expertise…
ED
S
U
C
FO
P
P
A
H
C
A
O
R
Marketing
BO
TT
OM
-U
P
&
…dedicated to a prime portfolio
Ä #1 owner, operator & developer
AN
A
Leasing
of large French shopping
centres
LY
SI
S
Ä #1 owner, operator & developer
Extension
Property
Management
&
Development
ASSETS
of large offices in Paris CBD &
Western CBD
&
Ä #1 owner, operator & developer
PROJECTS
in La Défense
Legal & Tax
Engineering
&
Construction
TEAM WORK
Ä #1 owner & operator of
convention & exhibition venues
in France
¾ Unibail has developed strong positions in real estate markets which are structurally undersupplied.
¾ Unibail believes that strong local market share is key to provide superior returns through:
• better growth prospects;
• lower volatility.
¾ In addition, thanks to its diversified know-how, Unibail adds value to its assets as an owner and
operator through different / complementary angles, including:
• tenant optimization;
• renovation and restructuring;
• extension & development;
• development of supplemental marketing revenues.
¾ Unibail has a unique know-how in development projects for offices and shopping centres, which
has allowed Unibail to be the leading developer of large shopping centres in France and large
offices in Paris CBD and Western CBD.
¾ Unibail is dedicated to selling assets which have exhausted all possible asset management angles
allowing for incremental operating re-valuation.
¾ Unibail's know-how results from an efficient organisation based on:
• a bottom-up approach with strong impetus from management;
• team work combining complementary know-how in different fields;
• capacity to work on a "project mode" and to energize staff on given goals;
• human resources policy favouring alignment of interest with shareholders, training and cross-divisional
career management.
47
> THE COMBINATION OF UNIBAIL'S SKILLS, APPLIED TO A
CONTROLLED NUMBER OF DOMINANT ASSETS, PROVIDES
INVESTORS WITH REGULAR SUPERIOR RENTAL GROWTH
Evolution of Unibail's like-for-like
shopping centre rental growth
200
Evolution Unibail's like-for-like
office rental growth
CAGR (1)
(1997-2006) 200
190
CAGR (1)
(1997-2006)
+7.6%
190
+7.3%
180
180
170
170
160
160
150
150
140
+3.7% (3)
140
+3.9% (3)
130
+2.9%
130
+2.9%
120
120
110
110
100
100
90
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
like-for-like compounded net rental growth - Unibail shopping centres
IPD "Rent Passing Growth" (Retail)
Cost of Contruction Index (rebased)
(1)
(2)
(3)
(2)
CAGR: Compounded Annual Growth Rate
Based on annual like-for-like net rental growth starting from a 100 basis in 1997
Based on the 1997-2005 period as 2006 figures have not been released yet
90
1997
1998
1999
2000
2001
2002
2003
2004
2005
like-for-like compounded net rental growth - Unibail offices (2)
IPD "Rent Passing Growth" (Office)
Cost of Contruction Index (rebased)
2006
49
> STRONG RETURNS WITH LIMITED RISKS THROUGH
SELECTIVITY AND ACTIVE MANAGEMENT
IRR
22%
20%
15%
14%
15%
13%
13%
10%
10%
5%
0%
Palais du Hanovre
From acquisition
to disposal
Tour Ariane
Carré Sénart
Chelles 2
From acquisition
to date
From development
to date
From acquisition
to disposal
Achieved unlevered IRR (1)(2)
(1)
(2)
(3)
Unlevered pre-tax internal rate of return
Based on last appraisals for assets in portfolio to date
As at 31 December 2006
Office Development
Portfolio
Shopping Centre
Development Portfolio
Targeted unlevered IRR on
projects (1)(3)
¾ Unibail's investment criteria are based on demanding internal rate of return (IRR) before leverage,
while taking into account risks connected to projects.
¾ Unibail has a strong track record to generate high IRR on assets with limited risks due to:
• selection of prime locations in structurally undersupplied markets;
• strong asset positioning due to their efficiency for users;
• active asset management injected in these projects.
¾ Consequently, over the long run Unibail creates value thanks to selective acquisition and active
asset management.
¾ Unibail's projects in progress should deliver high IRR based on conservative assumptions:
• 10% for its office development portfolio;
• 13% for its shopping centres development portfolio.
¾ Based on its track record, Unibail's management expects to exceed these targets.
51
> A STRATEGY AIMED AT DELIVERING SUPERIOR RETURNS
FOR SHAREHOLDERS
1,600
1,200
¾ Strong NOI growth
12-year stock price performance vs. EPRA (1)
Unibail
EPRA Eurozone
800
400
0
Jan-1995
400
300
¾ Demanding IRR achieved
on projects
Jan-1997
Jan-1999
Jan-2001
Jan-2003
Jan-2005
3-year stock price performance vs. EPRA
Jan-2007
(1)
Unibail
EPRA Eurozone
200
100
0
Jan-2004
190
170
¾ Strong development
capacity
150
Jan-2005
Jan-2006
1-year stock price performance vs. EPRA
Jan-2007
(1)
Unibail
EPRA Eurozone
130
110
90
Jan-2006
(1)
Share price performance 100 rebased (dividend reinvested)
Apr-2006
Jul-2006
Oct-2006
Jan-2007
¾ Unibail has a strong know-how throughout the "value creation chain" in real estate.
¾ Thanks to its model of "integrated player", Unibail is able to capture value at all stages of the life of
an asset:
• In development:
Unibail has a 37-year track record (through its 100% subsidiary Espace Expansion), in the
development area with a strong franchise, and can source new deals early.
• In deal execution:
being a niche player, Unibail is used to dealing with the constraints related to administrative
processes. Unibail is therefore able to handle successfully complex processes involving various
issues and different parties (local authorities, administrations, neighbours...).
• In construction management and control:
Unibail's construction management teams are dedicated to the coordination of engineering &
construction companies and architects. This organisation enables Unibail to monitor works progress
and to ensure deadline of deliveries and absence of overruns.
• In marketing, leasing and property management:
Special care is taken on ultimate customers to increase number of visits of its sites and loyalty of
visitors. To this aim, Unibail implements in particular a "welcome attitude" for visitors and an active
animation policy.
• In proactive asset management:
Unibail seeks to improve all of its assets to extract value from them, through improvement of tenant
mix, restructuring, renovation and extension.
53
> OUTLOOK: A UNIQUE DEVELOPMENT PIPELINE
Docks 76 – Rouen
55
> THE ABILITY TO DOUBLE THE SHOPPING CENTRE
PORTFOLIO
SqMt
1,400,000
Development of prime new centres
200,000 (3)
1,200,000
1,000,000
¾
Large centres
¾
In undersupplied markets
528,200 (2)
800,000
600,000
Extensions on existing successful centres
400,000
593,000 (1)
200,000
0
Surfaces in operation
(1)
(2)
(3)
Development / Extension
pipeline
Excluding Chelles 2
Signed development and extension projects
Other projects
¾
Benefit from well established demand
¾
Increase further the attractiveness of the
centres
¾ Unibail's development expertise dates back from 1969, with:
• over 1 million SqMt of retail surfaces developed since then;
• a focus on large and innovative shopping centres integrated in the city.
¾ As a result of successes achieved in obtaining new development projects, Unibail's shopping
centre portfolio is geared increasingly towards development with:
• 528,200 SqMt of signed shopping centre development and extension projects;
• representing 89% of surfaces in operation;
• 200,000 SqMt of other projects are under review.
¾ Development projects are made of prime and large assets in undersupplied markets.
¾ Extensions show low risks and attractive returns as:
• they already benefit from flows of visitors of the existing centre;
• demand from potentail tenants and visitors is identified;
• they reinforce the overall attractiveness of these shopping centres.
57
> MAJOR EXTENSION / RENOVATION PROJECTS UNDER WAY
Rennes-Alma: CDEC obtained for a 9,000 SqMt extension (1)
Vélizy 2: Renovation to be completed in 2007
18 centres to be
renovated / extended in
the next 5 years
Over 107,000 SqMt
to be added
La Toison d'Or – Dijon: 20,000 SqMt extension planned (1)
(1)
Subject to authorisations
Cnit: 18,900 SqMt of new / renovated retail surfaces (1)
¾ Following the success of:
• Les Quatre Temps restaurant and cinema extension;
• the renovation of Nice Etoile (where tenants' sales increased by 12.9% in 2006);
Unibail will pursue the intensification of its renovation and extension policy.
¾ Over the next 5 years, 18 shopping centres will undergo a renovation/extension.
¾ These extensions will create over 107,000 SqMt in additional surfaces. Extension authorisations
covering 34,000 SqMt are to be filed in 2007, in addition to the 20,000 SqMt surfaces which have
already obtained a CDEC or a building permit.
¾ These projects include:
• Rosny 2 and Labège 2;
• the renovation at Velizy 2 to be completed in 2007;
• a 9,000 SqMt extension in Rennes-Alma, for which the CDEC has already been obtained;
• a 20,000 SqMt in Dijon Toison d'Or to reinforce further this leading 58,600 SqMt shopping centre in
the Burgundy region;
• a renovation and a 18,900 SqMt extension in Cnit.
59
> CARRE SENART II – RETAIL PARK
¾ 46,000 SqMt including:
• a leisure area
• a 15,300 SqMt retail park
• a premium outlet centre
C
on Un
st de
ru r
ct
io
n
Carré Sénart II
¾ 82% of pre-let surfaces on the retail park
¾ Expected delivery of retail park: Q2 2007
¾ Part of the leisure area was delivered in
2006 and is fully let with:
• 2,020 SqMt of restaurants;
• a 5,138 SqMt bowling alley.
Major leases signed with:
¾ Unibail's development projects are well on track and have progressed significantly in 2006.
¾ Following the success of Carré Sénart, Unibail has launched a second phase (Carré Sénart II)
including:
• a leisure area with restaurants and a bowling alley;
• a retail park and a premium outlet centre.
¾ The leisure area was delivered in 2006 and is fully let with:
• 2,020 SqMt of restaurants;
• a 5,138 SqMt bowling alley.
¾ The retail park covering 15,300 SqMt has obtained its building permit and construction is
under way for a delivery planned for Q2 2007.
¾ Pre-lettings of the retail park are highly successful with 82% of surfaces already pre-let.
61
> RIVETOILE – STRASBOURG
C
on Un
st de
ru r
ct
io
n
Rivétoile – Strasbourg
¾
A 27,900 SqMt shopping centre in
Strasbourg
¾
Construction launched in 2005
¾
Expected delivery: Q1 2008
¾
Leasing process for stores started in
November 2006
¾
Already 34% of total surfaces pre-let:
•
Leclerc on 7,649 SqMt;
•
H&M on 1,883 SqMt.
¾ Rivétoile in Strasbourg, a 27,900 SqMt shopping centre, is under construction for an expected
delivery in Q1 2008.
¾ Active letting phase has started in November 2006.
¾ 34% of surfaces have already been prelet.
¾ This centre is ideally located as it benefits from:
• the attractiveness of the UGC cinema complex nearby, one of the largest complexes in France with
1.5 million tickets sold in 2006;
• the proximity of Germany.
63
B
ui
ld
o b in g
ta p
in e r
ed m
it
> DOCKS 76 – ROUEN
¾
Building permit obtained in November 2006
¾
35,800 SqMt
¾
Expected delivery: Q4 2008
Docks 76 – Rouen
¾ The building permit has been obtained in November 2006 for Docks 76 in Rouen.
¾ Docks 76 will develop 35,800 SqMt.
¾ Leases have been signed on 29% of surfaces.
¾ Construction is due to start in 2007 for an expected delivery in Q4 2008.
65
B
ui
ld
ob ing
ta p
in er
ed m
it
> LYON CONFLUENCE
¾
Building permit obtained in October 2006
¾
51,700 SqMt
¾
Expected delivery: Q1 2009
Lyon-Confluence
¾ The building permit has been obtained in October 2006 for Lyon Confluence.
¾ The building will develop 51,700 SqMt.
¾ 26% of total surfaces have already been pre-let to UGC and Monoprix.
¾ Construction is due to start in 2007 for an expected delivery in Q1 2009.
¾ Located at the heart of Lyon peninsula, this project is part of a wider redevelopment scheme
including offices and residential areas.
67
> AFTER CŒUR DÉFENSE AND CAPITAL 8, UNIBAIL IS PROUD TO
INTRODUCE ITS NEW LARGE OFFICE DEVELOPMENT SCHEME "PHARE"
LA DEFENSE MARKET:
LA DEFENSE MARKET:
Ä A strong potential rental increase (1)
Ä A limited supply (2)
Office construction in
La Défense as a % of
existing surfaces
€/SqMt
900
10% 20%
La Défense Prime Rents (in real terms)
9%
La Défense vacancy Rate
800
8%
700
15%
7%
600
6%
500
5% 10%
400
4%
300
3%
5%
200
2%
1%
0
0%
1998
1999 2000
(1)
(2)
2001
2002 2003
2004
2005 2006
Evolution of "prime" rents in La Défense (excluding indexation)
Office construction in La Défense as a % of existing surfaces
Source: EPAD , JLL and CBRE
0%
19
81
19
83
19
85
19
87
19
89
19
91
19
93
19
95
19
97
19
99
20
01
20
03
20
05
20
07
e
20
09
e
20
11
e
100
¾ As part of its highly selective approach to development, Unibail has decided to develop two major
projects in La Défense.
¾ La Défense enjoys strong fundamentals:
• efficient high rise buildings;
• efficient and modern transportation infrastructures to be further improved with the EPAD plan;
• La Défense is a well established business area of 3.5 million SqMt hosting mainly headquarters in a
large variety of sectors (financial services, utilities, industry, accounting firms, oil companies,
consulting firms, telecom companies...);
• future supply is limited.
¾ In view of these features, La Défense take-up increased significantly in 2006 (+48% vs. 2005) which
led to a significant decrease in vacancy from 7.5% to 5.7%.
¾ La Défense has a strong potential for further increase in rental values.
¾ The EPAD plans to create a maximum estimated surface of 450,000 SqMt over the next 7 years,
which represents only 13% of potential increase in surfaces.
69
> THE PHARE PROJECT
¾
130,000 SqMt of prime office space representing a natural extension to Le Cnit
¾
A cutting edge project
¾
Estimated cost: €800 million
Photographic credit: EPAD (Etablissement Public pour l'Aménagement de La Défense) – The Public Body for the Development of La Défense
¾ Taking into account the strong structural fundamentals of La Défense, Unibail is working on
two large projects in the core of La Défense, i.e.:
• the Phare project covering 130,000 SqMt;
• the Majunga project covering 65,400 SqMt.
¾ The Phare project is a 130,000 SqMt tower designed by US architect Thom Mayne, selected by a
jury including the EPAD, local authorities and Unibail.
¾ This project is:
• a direct extension to Le Cnit;
• a cutting edge project, with high environmental standards and efficiency, creating a differentiation
from existing office assets in La Défense.
¾ Development costs are estimated at around €800 million.
¾ The tower is expected to be delivered by 2012 (1).
(1)
Subject to authorisations
71
> THE MAJUNGA PROJECT
Ä Majunga: 65,400 SqMt of office space in La Défense
Phare
Majunga
¾ Majunga is a 65,400 SqMt office tower project, ideally located on a piece of land owned by
Unibail in the centre of La Défense.
¾ Estimated costs amount to €400 million.
¾ The estimated delivery of this project is 2011 (1).
(1)
Subject to authorisations
73
> A €3.5 BN DEVELOPMENT PIPELINE FURTHER
REINFORCED IN 2006
€ billion
DEVELOPMENT PIPELINE (1)
4.0
3.5
+€1.9 bn of additional
projects in 2006
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2002
& before
(1)
2003
Based on total estimated capital expenditure as at 31 December
2004
2005
2006
¾ Unibail has significantly increased its development pipeline in 2006, with new projects representing
an additional €1.9 billion of future investment (including €1.7 billion captured over the last six
months).
¾ These projects fit in Unibail's unique portfolio of prime development projects aimed at providing:
• attractive returns;
• in a controlled risk environment.
¾ In total, Unibail's development projects represent:
• ca. 850,000 SqMt;
• €3.5 billion of additional investments;
• €320 million of additional rents;
• 8.6% estimated yield on cost.
¾ To finance these projects, Unibail will benefit from:
• strong balance sheet with a 25% LTV;
• proceeds from disposal of mature assets.
¾ Unibail's strong balance sheet provides flexibility for additional selective acquisitions.
75
> OUTLOOK
Operations
Recurring EPS
¾ €41 million of additional rents
linked to vacancy (1)
¾ 2007: Double-digit growth
target
¾ €66 million of additional rents
linked to reversion
¾ For 2007 and beyond:
a 4-year business plan
ensuring double digit
average annual growth of
recurring EPS
¾ €320 million of additionnal
rents linked to new
development and extensions
implying €3.5bn of additional
capital expenditures
Dividend
¾ €5 proposed dividend (2) for
fiscal year 2006: +25% vs.
2005
¾ Dividend growth beyond
2007: evolving in line with
recurring EPS growth
¾ Interim dividend: 1.25 €/share
to be paid on:
• 15th October 2007
• 15th January 2008
• 15th April 2008
(1)
(2)
Including Cnit office under restructuring
Subject to General Meeting approval
76
THE END
Investor relations: Fabrice Mouchel - Tel.: 33 (0)1 53 43 73 03
> APPENDIX
> STRONG GROWTH POTENTIAL
SHOPPING CENTRES
OFFICES AND C&E PROJECT (6)
323,200 SqMt (1)(6)
528,200 SqMt (1)
¾ Current Valuation: €189 mn
¾ Additional Capex: €1.8 bn
Development &
Extensions
¾ Additional Capex: €1.7 bn
¾ Additional rents: €153 mn
¾ Additional rents: €167 mn
405,000 SqMt
593,000 SqMt
¾ Current Valuation: €5.0 bn
¾ Current Valuation: €57 mn
(2)
¾ Rents in place: €240 mn
¾ Vacancy: €3 mn
¾ Current Valuation: €3.5 bn (4)
Assets in
operation (3)
¾ Vacancy: €38 mn (5)
¾ Reversion: €11 mn
¾ Reversion: €55 mn
(1)
Subject to authorisations
(2)
Excluding Chelles 2 sold in January 2007
(3)
Including assets under restructuring
Data as at 31 December 2006 – Valuation excluding transfer taxes
¾ Rents in place: €162 mn
¾ Additional Capex: €83 mn
(4)
(5)
(6)
Including CNIT office under restructuring
Including vacancy for €27 mn and rents on CNIT office under restructuring
Including Convention & Exhibitions project and excluding Convention & Exhibitions assets in operation
> DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2006
Shopping Centres
Surfaces SqMt Estimated delivery date (1)
Carré Sénart II
Rivétoile – Strasbourg
Les Passages CMK – Bordeaux
Docks 76 – Rouen
Lyon Confluence
Versailles-Chantiers
Aéroville
Green Center – Toulouse
Centre Eiffel – Levallois
Ris-Orangis
38,500
27,900
7,300
35,800
51,700
21,100
65,000
32,000
49,200
72,000
Q2 2007-2010
Q1 2008
Q1 2008
Q4 2008
Q1 2009
Q1 2012
Q3 2011
Q4 2009
Q2 2012
Q3 2010
Romorantin
20,000
Q3 2009
Extension projects
107,700
2007/2012
TOTAL
528,200
Offices and C&E project
Clichy
Versailles-Chantiers
Centre Eiffel – Levallois
Majunga
Phare
13,500
14,600
29,700
65,400
130,000
C&E project
70,000
TOTAL
323,200
Administrative authorisations obtained
Authorisations to be obtained
(1)
Q1 2008
2012
2011
2011
2012
Subject to authorisations for unauthorised projects