2017 full year results: A successful European growth. 15 February 2018

Transcription

1 2017 full year results: A successful European growth 15 February 2018

2 CONTENTS >1. STRATEGIC POSITIONING >2. REAL ESTATE ACTIVITY >3. FINANCIAL RESULTS >4. OUTLOOK >APPENDIX FONCIÈRE DES RÉGIONS 2

3 1. Strategic positioning 3

4 A EUROPEAN OPERATOR WITH A UNIQUE BUSINESS MODEL European player leader in its markets & focusing on capital cities Property developer for its own account Client centric 21 bn portfolio at 100% 5.1 bn development pipeline Enhance client direct relationship 14 % Italy Offices Milan: 64% 42 % France Offices Greater Paris 84% 13 bn Group Share 6 % Non Strategic 2 24 % German Residential Berlin: 55% 14 % Hotels in Europe Major Cities 77% 1 Offer smart buildings Meet the demand Extract rental growth & value creation Build an environment to stimulate productivity and well-being Bring services and new real estate solutions 1 Major European cities with more than 2 million tourist arrivals per year 2 Retail in France and Italy, car parks, Residential France 4

5 GAME IS CHANGING, OUR STRATEGY IS MORE RELEVANT THAN EVER In a better economic prospect in our markets real-estate landscape is evolving: Users want new real estate 70% % of new/restructured offices in the take-up in Paris & Milan 1 x3 more flexibility Flex/Coworking spaces in Paris and more services/experiences Increasing convergence between hotels, residential and offices Reversibility Complementarity Synergies 1 Average Sources: CBRE, C&W; Arthur Loyd 5

6 2017: A MAJOR STEP TOWARDS OUR STRATEGIC TARGETS 1 Focus on capital cities bn investments Offices: 407 million More Paris, Milan & Lyon German Residential: 573 million More Berlin Hotels: 788 million More capital cities bn disposals 1 Offices: 519 million Telecom Italia exposure: -50% French non core assets: -50% German Residential: 367 million Ending NRW non core disposals Non strategic: 489 million French Retail & Residential EDO Issy-les-Moulineaux Total share figures 1 Disposals signed in

7 2017: A MAJOR STEP TOWARDS OUR STRATEGIC TARGETS 2 Accelerate the development pipeline Success of the 12 deliveries in ,000 m² of offices & 683 hotel rooms Already 98% let ~50% value creation A development pipeline already renewed and increased 4.0 bn +28% 5.1 bn Silex1 Lyon Total share figures 7

8 2017: A MAJOR STEP TOWARDS OUR STRATEGIC TARGETS 3 Intensify client centricity Internalize hotel know-how Direct contact with the final customer Synergies with offices & residential New flex-office/coworking offer Target >70,000 m² to be opened in Europe by % profit vs rents New coliving offer in Berlin Target 3,000 rooms by % in revenue vs traditional units The Line Paris 8 th 8

9 A SUCCESSFUL STRATEGY DRIVING A SUSTAINABLE FINANCIAL PERFORMANCE Over the past few years, we significantly improved the portfolio quality % of Green French Offices 61% 65% 73% and the financial profile 45.4% Loan to Value 79.4 while, at the same time, increasing our results EPRA NAV per share % of Milan in Italy Offices 49% 53% 64% % 2016 Recurring Net Income per share % 40.4% 2017 % of Berlin in German Resi. 48% %

10 2. Real Estate activities 10

11 Offices

12 OFFICES: MARKET TREND VALIDATES OUR STRATEGY Greater Paris office market Average economic rent for new/refurbished offices in Paris, La Défense, Western Crescent Milan office market Average economic rent for prime offices Rents are growing but selectively % % Source: CBRE Source: JLL Preferences for the best quality assets =70% of the total office take-up in Paris & Milan 1 0,80 0,75 0,70 0,65 0,60 0,55 0,50 0,45 0,40 0,35 0,30 Paris Region office take-up for new/refurbished (>5,000 m²) M. m² M. m² : +59% 2017: +28% 68% Source: CBRE 0,26 0,24 0,22 0,20 0,18 0,16 0,14 0,12 0,10 Milan take-up for grade A offices : +66% 2017: +3% Source: C&W 1 Take-up for new/refurbished offices in Paris Region and for Grande A offices in Milan 12

13 2017: BUOYANT LETTING ACTIVITY 113,300 m² new lettings 35 million of rents 1 218,500 m² renewed 33 million of rents 1 Success of the development pipeline 76,300 m² let or pre-let 2 Rents >~10% vs forecasts Good operating performances Renewals in France: +2.6% vs last rent Occupancy Italy: 95.1% 3 (+4.1 pts vs 2016) Principe Amedeo - Milan Carré Suffren - Paris 1 Group Share: 25 million & 22 million 2 Offices delivered in 2017 or under development 3 Offices ex Telecom Italia portfolio, let at 100% 13

14 2017: STRENGTHENING OF THE STRATEGIC POSITIONING 9 office deliveries 89,000 m² 438 million total cost 1 Focus on key cities Paris Lyon & Marseille Milan Preferred buildings for the clients 98% Occupancy rate Growth driver 50% Value creation +~10% IFRS Rents vs forecasts % Yield on cost vs 5,7% forecasted 2 EDO, Greater Paris 10,700 m² delivery Q Transdev HQ Via Cernaia, Milan 8,300 m² delivery Q Amundi Italian HQ 1 Including land value; 378 million Group Share 2 Excluding Euromed Hermione & Floréal, sold at delivery to an end-user 14

15 SELECTIVE ACQUISITION ACTIVITY IN MILAN 184 million acquisitions in % in Milan 39,180 m² 4,952/m² 5.9% yield 1 Qualitative reinforcement in Milan 83% of offices ex-telecom Italia in Milan M3 M5 Bicocca Sesto San Giovanni Cernusco / Vimodrone M1 Certosa Maciachini M1 M2 City Life M5 Semi-centre M1 Lorenteggio M4 Porta Nuova CBD Centre Lambrate / Forlanini M4 Segrate Linate Airport Corso Magenta Milano Milanofiori Navigli M2 Ripamonti Periphery M3 San Donato Milanese Leased assets in Milan Developments Acquisitions 2017 Business districts 1 Gross yield including potential yield on Principe Amedeo 15

16 NEW FLEX-OFFICES ACTIVITY: REINFORCE OUR CLIENT-CENTRICITY Our tenants needs are evolving: Complete our real estate offer with a new Flex/Coworking activity: Increase productivity Retain talents Optimise costs Meet a new and fast growing demand Enhance client relationship More flexibility More services More supports Leverage our hotel skills Upgrade our portfolio quality Keep value creation in-house High expected return : c. 30% margin vs rents Brand to be revealed on March 6 th 16

17 NEW FLEX-OFFICES ACTIVITY: A COMPLETE & DIFFERENTIATED OFFER Consolidate our partnerships & develop new ones Make our buildings even more attractive 1 st openings in Paris & Marseille in 2017 European expansion in Milan to come DIFFERENTIATED OFFER COMPLETE OFFER First openings PARIS EUROMED CENTER MARSEILLE Mix in the buildings classical leases & flexible offer Coworking, flex-offices & suite offices BORDEAUX LYON MARSEILLE MILAN 2,300 m²; OPEN THE LINE PARIS CBD 3,300 m²; OPEN Art&Co - GARE DE LYON PARIS 12 th 5,127 m²; Q Implement flexible offer on behalf of our clients Innovation rooms, Meeting rooms Project areas LAB 114 PARIS 18 th 1,420 m²; Q Enjoy cafe & Sociabilization areas 17

18 CASE STUDIES - ART&CO: MIX OF REGULAR LEASE & FLEXIBLE OFFER Art & Co Paris 12 th Gare de Lyon (13,450 m²; Q2 2018) 8,320 m² (62%) 5,130 m² (38%) Regular leases Flex/Coworking offer (500 workstations) ROOFTOP PROJECT ROOMS EVENTS & INNOVATION SPACE OFFICE RECEPTION DESK / BAR LOUNGE MEETINGS COWORKING OFFICE BAR / WORK CAFE 18

19 CASE STUDIES LAB 114: IMPLEMENT FLEXIBLE OFFER ON BEHALF OF OUR CLIENTS Orange Lab 114 Paris 18 th Montmartre (5,926 m²; Q3 2018) 4,500 m² (76%) 1,400 m² (24%) Lease extension with Orange +12 years firm Flex/Coworking offer 50% secured by Orange Win-win deal Secure Orange presence Give flexibility and innovative workspace environment Improve quality of the asset Increase economic terms 19

20 2018: ACCELERATION OF COMMITTED PIPELINE IN OFFICES 2018: Acceleration of the committed pipeline Expect to launch +~ 900 million 1 new projects A 1.3 billion 2 pipeline, up +80% ~ 1.3 billion 2 +80% France 63% 861 million France 56% 710 million France ~75% Committed pipeline Italy 37% million million million Italy 44% +~ 900 million 1 Italy ~25% End 2016 End 2017 End ~ 750 million Group Share; 2 ~ 1.0 billion Group Share 20

21 PIPELINE TO BE COMMITTED IN 2018 STRONG QUALITATIVE PROJECTS IN PARIS Omega Levallois 18,500 m² ~ 180 million H N 2 Paris 17 th 16,200 m² ~ 150 million 2021 PSA Paris St-Ouen 26,700 m² ~ 200 million H Neuilly Levallois Paris Batignolles St-Ouen Flow - Montrouge 24,500 m² 115 million H Paris ème Gobelins Paris 5 th 4,900 m² ~ 50 million H Montrouge-Malakoff 21

22 FLOW-MONTROUGE: A NEW URBAN CAMPUS IN THE HEART OF THE GRAND PARIS 25,581 m² in south of Paris 115 million development 1 >6.5% target yield on cost Delivery 2020 Well connected Highly productive Services: concierge, restaurant, business center, auditorium, lounge spaces, roof-top 2022 FLOW 1 Including land value 22

23 N2: A MIXED USED PROJECT IN A PROMISING NEW AREA OF PARIS 16,200 m² 9,400 m² offices 4,900 m² hotel 1,900 m² retail & events ~ 150 m development 1 In partnership with ACM (50/50) >5% target yield on cost Delivery 2021 Strategic location in a transforming area of Paris Mairie de Clichy Well connected Full of innovations, services & new concepts Gare de Clichy Levallois New Paris Courthouse Porte de Clichy N2 Pont Cardinet 1 Including land value; 75 million Group Share 23

24 Hotels in Europe

25 HOTELS: A LONGSTANDING GROWTH STORY TO BUILD A EUROPEAN LEADER 3 strategic pillars The 2 nd largest hotel owner worldwide, working with the best hotel operators in each of its country Focus on major European tourism & business centers cities >2 million nights per year Client centric: Be the preferred partner of the operators 18 partners across 28 brands, to choose the best operator for each hotel in each country Hotel Portfolio value # operators partners Skills bn 1 Leases bn 18 Developments Leases Franchise/Management contracts Target the best hotels upscale & midscale hotels EBITDAR margin >30% # countries 25

26 POSITIVE ENVIRONMENT FOR 2017 AND BEYOND Strong fundamentals, driver for further growth 2018: pursuit of the RevPar growth in Europe RevPar trend in Europe International tourists arrivals in Europe +8% ~+4% Better GDP growth in Europe GDP growth Eurozone +2.4% +2.3% Structural growth in tourism 1 2 Number of tourists in 2017 and worldwide ranking 89 million (+5% yoy) 82 million (+8%) Lisbon +6.8% London +2.5% Madrid +8.2% Amsterdam Paris +5.8% Barcelona +5.2% +2.2% Berlin +3.1% Frankfurt +3.0% Milan +1.7% Rome +1.2% Sources: ECB; WTO Source: PwC 26

27 2017: STRENGTHENING OF THE STRATEGIC POSITIONING Successful entry in Spain 17 hotels 4-5* 559 million 80% Barcelona & Madrid Strengthening in Germany & Netherlands 2 4 NH hotels 4* 111 million Berlin, Hamburg, Amsterdam & Amersfoort 691 million acquisitions realized & 111 million secured for % yield ; 164 K/room City-center location with strong profitability (>40% Ebitdar margin) Driver for growth: variable rents; asset management potential 1 Group Share: 343 million & 56 million 2 Secured in 2017, to be realized in

28 2017: ACCELERATED RENTAL GROWTH Lease properties 1 : Increase in like-for-like rents +3.2% -0.2% -1.0% % Variable rents +5.5% 100% Occupancy rate since the beginning 11-year Firm lease maturity Operating properties: Good performance EBITDA +2.8% +3.9% +2.3% +5.2% Hotel Bourgtheroulde - Rouen 1 Hotels only ; retail is included in non strategic activities 28

29 MERGER BETWEEN FDM & FDM MANAGEMENT: A TRANSFORMATIONAL DEAL TO MOVE PORTFOLIO UPMARKET & STRENGTHEN GROWTH PROSPECTS 1 The hotel market is undergoing fundamental transformation Increasing opportunities in operating hotel properties Need for more asset management skills & more flexibility between lease and operating properties Ownership structure post merger : launch of FDM Management, to only invest in operating properties alongside FDM, lease hotels subsidiary of Foncière des Régions Since then, FDM Management successfully set up a top quality portfolio of 1.3 billion mainly in Germany (especially Berlin) with a >30% Ebitda margin Foncière des Régions 42% 1 st shareholder & limited partner FDM (hotel lease properties) 100% FDMM (hotel operating properties) 4 January 2018: merger of FDM & FDM Management following its success and the need for more simplification and flexibility to accelerate growth 29

30 A 4.8 BILLION 1 BETTER QUALITY COMBINED PORTFOLIO 44,445 rooms 18 hotel operator partners 28 brands France 40% Balanced geographic exposure % by value (post merger) Netherlands 2% Portugal 1% Germany 33% Strong quality portfolio (by value) 68% Upscale & midscale Spain 14% Belgium 10% Tenant diversification Breakdown by operator (by value) Revenue profile to benefit from the growing hotel market trend Hotel revenue breakdown The Westin Grand Berlin B&B 17% AccorHotels 29% NH 6% Carlson Rezidor 12% Sunparks 5% Hotusa 4% Starwood 7% Barcelo 3% Others 17% Variable leases 24% Management contracts 31% Fixed leases 45% 1 Hotels only; 1.8 billion Group Share 30

31 REINFORCED VALUE CREATION CAPACITY Strengthened status of the operators real estate partner More property development capabilities Partner of the operators: Meininger Paris, Lyon, Milan, Munich Additional constructability: Hotel Ibis Lyon Increased asset management potential Stronger hotel skills for better bargaining power & more synergies with residential & offices Asset management leverage: Hotel Ibis Dresden Growth potential: Paseo Del Arte Madrid 31

32 German Residential

33 GERMAN RESIDENTIAL: A SOUND MARKET SUPPORTING OUR STRATEGY Continued positive outlook for rental growth Strong potential for property development activity Not enough residential construction Housing permits down 8% in first ten months 2017 Berlin: New flats expected for 2017: 16,000 Expected demand: 20,000 Dynamic demographic growth Household growth: +3.5% by 2020 Berlin population growth : +80,000 inhabitants by 2020 Positive macroeconomic trend 1.9% GDP growth in 2016; 3.7% unemployment Berlin: 2.7% GDP growth in 2016 Source : Federal Statistical Office, Engel & Völkers Residential; Land of Berlin rating report 33

34 2017: STRONG RENTAL DYNAMIC IN ALL OF OUR MARKETS Strong rental growth fuelled by Berlin driven by re-letting & indexation with still significant potential for future growth Berlin Total 4.9% 1.8% Like-for-like rental growth 4.4% 4.6% 2.4% 1.4% 1.6% 3.6% 2.8% % 4.2% 3.1% 44 % Indexation Rents LfL +4.2% 50 % Reletting 6 % Modernization Reversionary potential In place rent NRW 7.8 m²/month +35% Berlin +15% 5.9 Dresden & Leipzig +27% 9.1 Hambourg Hamburg +16% 5.8 NRW Strong performance rewarding our strategy 34

35 2017: STRENGTHENING OF THE STRATEGIC POSITIONING 556 million acquisitions Selective acquisitions at 85% in Berlin Reinforcing our footprint in Berlin with a 2.8 billion 1 unique portfolio 16 portfolios bought Average price: 2,010 /m² 4.4% yield after reletting +44% reversionary potential 367 million disposals secured Ending the non core disposal plan in NRW Starting first disposals in Berlin Crystalizing value creation & improving portfolio quality: 249 million in NRW 16% average margin vs million in Berlin 69% average margin Owned assets Prime location 73% of the portfolio Good location 22% of the portfolio Average location 5% of the portfolio Basic location Green area billion Group Share 35

36 STRONG VALUE CREATION IN 2017 Increased exposure to Berlin (Geographic breakdown of the portfolio in value) driving performance up: +15% like-for-like value growth (Like-for-like value growth in 2017) 55% Berlin +17% +7 pts vs % Dresden & Leipzig +23% 6% Hamburg +13% 29% -8 pts vs 2016 NRW +10% +~ 1.0 billion of portfolio value in 2017, up to 5.0 billion billion Group Share 36

37 2017: EXTENSION OF THE DEVELOPMENT PIPELINE IN BERLIN 488 million 1 development pipeline identified In the best areas of Berlin X2.4 vs end % in Berlin Prime location Good location 2,300 units for 157,500 m² 3,100 average cost per m² Average location ~50% for lease 5.3% average yield on cost Basic location ~50% for sale >40% average margin Green area Developments projects million Group Share

38 SUPPORTING NEW TRENDS: NEW COLIVING & FURNISHED APARTMENT OFFER A fast growing demand from students and business travellers +20% of students in Berlin since 2011 (number in 000) +20% to address with two new offers Coliving Furnished apartments Furnished rooms and shared spaces Large flats (80+ m²) in trendy areas Full services Target rent: 19/m² Turnkey furnished apartments Small surface (30 m²) Full services Target rent: 17/m² Target 3,000 rooms by 2022 with high returns: revenues>50% vs regular rents Source : Berlin Brandeburg Statistiks Office data

39 3. Financial results 39

40 2017 ACTIVITY REWARDED BY GROWING OPERATING RESULTS 17.7 A 21 billion portfolio billion in 2 years At 100% +8% 11.0 Group Share % 11.9 Group Share 21.2 bn 12.8 bn Group Share Strong like-for-like value growth % +4.8% +4.4% Like-for-like rental growth starting over 1 High & sustained occupancy rate -0.1% 96.3% +0.2% 96.7% +2.0% 97.9% Group Share 40

41 AND GROWING FINANCIAL RESULTS Strong NAV growth EPRA NAV; billion 1 Lower leverage LTV 1 Increase in Recurring Net Income Group Share, million +19% 7.1 Bn 94.5 /share 45.4% 44.6% +10% 391 million 5.31 /share /share +13% +9% /share +9% 40.4% /share +7% +4% /share +1% Group Share 41

42 SUCCESSFUL ASSET ROTATION: 1.4 BILLION OF NEW AGREEMENTS SIGNED IN 2017 Exit non-strategic activities 489 million 280 million Group Share 1% margin Selective disposal of mature assets 429 million 317 million Group Share 17% margin Disposal of the Quick Restaurants, in France Non-core Residential - NRW Accelerate non-core disposals 520 million 376 million Group Share 10% margin Mature asset - Victor Hugo Issy-les-Moulineaux Mature asset - San Nicolao - Milan 42

43 KEY ACHIEVEMENTS TO OUR STRATEGIC TARGETS Acceleration of the non-core disposals in France Exposure to non-core assets halved % of non-core assets in the French offices portfolio (in market value) Increased tenant diversification in Italy Exposure to Telecom Italia almost halved, 3 years in advance % of TI assets in the Italian offices portfolio (in market value) 11% 11% % % 5% 0% Target % 23% June <20% Target million disposals of which 202 million & 91 non core assets (10% average margin) 758 million 2 equivalent disposal, at appraisal value: June: Crédit Agricole Assurances & EDF Invest buy 40% of the TI portfolio February 2018: disposal of an additional 9% of the portfolio 1 Proforma of the disposals signed, to be cashed in million Group Share 43

44 OUR STRATEGIC MOVES DRIVE SUPERIOR RETURNS Portfolio value: +6.2% like-for-like in 2017 driven by our strategic priorities ( million, excluding duties) Value 100% Value Group Share Like-forlike value growth Yield 2017 Offices France % 5.3% 42% Offices Italy % 5.5% 14% Residential Germany % 4.7% 24% Hotels in Europe % 5.5% 14% Strategic activities % 5.2% 94% Non-strategic % 5.0% 6% Total % 5.2% 100% % More development pipeline (French Offices deliveries) More Milan offices More Berlin More European exposure in Hotels Like-for-like value growth in % +5% +17% Spain: +7% 44

45 A DEBT STRUCTURE, HEALTHIER THAN EVER 45.4% 2015 Lower LTV 44.6% 2016 Longer debt maturity 6.2-year 5.7-year Debt maturities under control 6.2 years maturity (in million) % 5.0-year Higher ICR Lower cost of debt Strong diversification in financing 4.4x % % Investor mortgages 3.0x x % % 41% Bank mortgage loans 55% unsecured debt 39% Bonds 16% Corporate credits 45 Group share data

46 + 1.1 BILLION INCREASE IN NAV IN 2017 EPRA NAV 7.1 billion (+ 1.1 bn) +18.6% 94.5/share +8.9% EPRA NNNAV 6.5 billion (+ 1.2 bn) +21.8% 86.3/share +11.8% 6.0 billion 86.8/share +18.6% - 45 million Others 7.1 billion 94.5/share Strong value increase: million Group Share Longstanding support of our shareholders to finance internal growth: million RNI million Dividend million Increase in capital + 627million Property values increase million capital increase in 2017 (+8.8% of the share capital) million capital increase since end-2014 (18% of the share capital) EPRA NAV End-2016 EPRA NAV End

47 2017 REVENUES: ACCELERATION OF RENTAL GROWTH IN ALL OUR MARKETS Accelerated rental growth Like-for-like evolution of the rents +2.0% million Rental income 100% Rental income Group Share Change Change like-forlike basis Occupancy rate Firm lease maturity (in years) 2017 Offices - France % +1.0% 97.4% % % 2016 Offices - Italy % +1.1% 97.2% 7.6 Residential Germany % +4.2% 98.4% n.a. Hotels in Europe % +3.2% 100% 11.2 Non strategic (Residential France, Retail Fr & Italy) % n.a. n.a. n.a. Occupancy: 0.4% Renewals: 0.9% Indexation: 0.7% Total % +2.0% 97.9% 6.6 Offices German Residential Hotels (variable rents) German Residential Offices in Milan: +2.4% Residential in Berlin: +5.8% Hotels in variable lease: +5.5% 47

48 +10% INCREASE IN RECURRING NET INCOME IN Δ Recurring Net Income in million /share Average # of shares 67,633,972 73,656, % +0.8% +8.9% Non-recurring costs (- 4.3 m) Amortized cost of debt and discounting effects ( m) Amortization & provisions ( m) EPRA Earnings million /share % +0.2% Other non cash charges (- 6.8 m) 48

49 INCREASE IN DIVIDEND TO 4.5 PER SHARE Dividend 2017: 4.50 per share % vs 2016 Dividend yield: 5.2% 2 A longstanding & growing dividend policy +2.3% % % Proposed by the 19 April 2018 Shareholders Meeting; 2 Based on a stock-market price of 86.7 as of February 13 th 2018

50 GUIDANCE OF 2018 EPRA EARNINGS PER SHARE OF ~+3% Well positioned to take full benefit of the rental growth What does it mean for 2018? Positive rental trend in all our markets Like-for-like rents ~+2.5% Most of the qualitative strategic repositioning is behind us Lower leverage, low & secured cost of debt Guidance of EPRA Earnings per share: ~+3% 50

51 4. Outlook 51

52 YEAR 2017, A KEY MILESTONE IN A WINNING STRATEGY Bolstering the leadership status of our local platforms, always in motion Offices: Increasing development capacity and client centricity Italy: Success of the transformation plan 3 years in advance Hotels: From 1 operator in 1 country to a global and integrated European leader Residential in Germany: Creating a leader in Berlin with a unique prime portfolio 52

53 SINGULAR IN-HOUSE CAPACITY TO FUEL TOMORROW S GROWTH 1. IN PARIS Orange portfolio: 15 buildings in Paris with a unique potential for growth & value creation 1.0 billion Portfolio Pereire Levallois Maillot Neuilly Carnot Laborde Montmartre Jemmapes Montmartre Renovation & Flex-office 100% Occupancy Anjou Provence Gutenberg Voltaire Ménilmontant 8,200 Value/m² Keller Philippe Auguste Ménilmontant Renovation 370/m² Rent Raspail Bobillot Gobelins Projects 2018 Managed pipeline Gobelins- Full regeneration 53

54 SINGULAR IN-HOUSE CAPACITY TO FUEL TOMORROW S GROWTH 2. IN MILAN SYMBIOSIS A new part of the city c. 110,000 m² 20,500 m² committed Stimulate productivity & well-being Delivery Q M 3 M 1 ~ 490 million development 1 94 million committed Fondazione Prada M 1 M 5 Semi Center M 5 Porta Nuova M 2 7% target yield on cost 7.2% on committed Rented portfolio Developments Center Symbiosis Periphery M 3 M 2 1 Including land value; 257 million Group Share 54

55 SINGULAR IN-HOUSE CAPACITY TO FUEL TOMORROW S GROWTH 3. IN BERLIN ALEXANDERPLATZ Galvanize Berlin city-center ~200,000 1 m² Land bank around Park Inn AlexanderPlatz 1 st mixed-use project to start in 2019 Alexanderplatz ~ 1.0 billion development 2 1 Including the hotel Park Inn, for 45,000 m²; 2 Including land value; 420 million Group Share 55

56 EUROPEAN HUMAN CAPITAL, KEY TO THE GROUP S SUCCESS STORY A European group of >800 people To locally manage a 21 billion portfolio and strongly supportive of the strategy and its management Barometer survey conducted by Kantar TNS institute in France bn (44%) 0.6 bn (3%) bn (30%) bn (20%) 87% Support and firmly believe in the strategic orientations (vs 47% for the benchmark) 82% Are proud to work for FdR (vs 56% for benchmark) Others: 0.6 bn (3%) Platforms Number of people Portfolio (%) Branches 1 Barometer survey conducted by Kantar TNS on 82% of the FdR French employees Between April 24 and May Benchmark includes 2000 employees working in the private sector 56

57 EUROPEAN HUMAN CAPITAL, KEY TO THE GROUP S SUCCESS STORY A stable and well-experienced management committee to drive the strategy 44 years old on average 10-year average seniority at Foncière des Régions Thierry Beaudemoulin Residential Dominique Ozanne Deputy CEO Hotels Laurie Goudallier Chief Digital Officer Alexeï Dal Pastro Italy Christophe Kullmann CEO Olivier Estève Deputy CEO Offices Audrey Camus Property Development Yves Marque Chief Corporate Officer Marielle Seegmuller French Offices Marjolaine Tugdual Alquier Millet Audit and CFO Internal Control 57

58 FINANCIAL AGENDA General Meeting: 19 April 2018 Q1 2018: 26 April 2018 H1 2018: 19 July

59 Appendix

60 APPENDIX CONTENTS > 2017 REVENUES & FINANCIAL RESULTS > 2017 INVESTMENTS & DISPOSALS > PIPELINE: COMMITTED AND MANAGED PROJECTS > GEOGRAPHICAL BREAKDOWN OF OUR ACTIVITIES > GREATER PARIS & MILAN OFFICE MARKETS > ORGANIZATION STRUCTURE 60

61 Appendix Revenues and financial results

62 RENTAL INCOME 2017 ( million) % Group Share Var. (%) Var. (%) Change (%) LfL 1 France Offices 274,8 272,1-1,0% 249,7 246,9-1,1% 1,0% 42% Paris 84,4 81,9-3% 79,8 77,3-3% 1,2% 13% Greater Paris 132,0 136,0 3% 111,4 115,3 3% 1,0% 20% Other French regions 58,4 54,3-7% 58,5 54,3-7% 0,8% 9% Italy Offices 180,2 187,0 3,8% 92,2 87,3-5,4% 1,1% 15% Offices - excl. Telecom Italia 81,4 88,4 9% 41,5 46,3 12% 1,9% 8% Offices - Telecom Italia 98,8 98,6 0% 50,8 40,9-19% 0,4% 7% Germany Residential 212,5 230,1 8,3% 131,6 144,2 9,6% 4,2% 24% Berlin 84,3 103,4 23% 52,2 70,6 35% 5,8% 12% Dresden & Leipzig 17,8 21,3 19% 11,1 14,0 25% 3,3% 2% Hamburg 13,0 14,2 9% 8,5 9,2 8% 3,8% 2% North Rhine-Westphalia 97,4 91,3-6% 59,8 50,5-16% 3,1% 9% Hotels in Europe 143,9 174,1 21,0% 59,3 76,8 29,5% 3,2% 13% France 98,5 89,7-9% 38,0 34,9-8% 3,1% 201% Germany 17,3 22,3 29% 7,9 10,8 37% 1,4% 62% Spain 0,5 33,3 n.a 0,3 16,6 n.a n.a 96% Others 27,6 28,9 5% 13,1 14,4 10% 4,4% 83% Total strategic activities 811,4 863,4 6,4% 532,8 555,2 4,2% 2,1% 94% Non-strategic 81,8 64,1-21,6% 41,6 33,8-18,8% n/a 6% Retail Italy 20,0 17,8-11% 10,2 9,3-9% -1,2% 2% Retail France & healthcare 46,6 34,8-25% 22,1 17,4-21% 0,2% 3% Other (France resi., car parks, logistics) 15,2 11,4-25% 9,3 7,0-25% n.a 1% Total rents 893,2 927,4 3,8% 574,4 588,9 2,5% 2,0% 100% 1 LfL : Like-for-Like % of rent 62

63 A STRATEGY SUPPORTED BY SOUND INDICATORS Historically high occupancy rates Record firm term of leases 95.4% 94.8% 95.8% 95.5% 96.0% 97.1% 96.3% 96.7% 97.9% > Ability to keep the tenant in place > Occupancy rate track record in the development pipeline > Anticipate disposals > Partnership strategy > Lease maturity in Hotels: 11.2 years 2015 Firm lease expirations as % of annualised rental income Commercial portfolio (75% of total rents Group Share) % +0.6% Rent: at like-for-like scope Change in like-for-like vs N % +2.1% +1.2% +0.2% -0.1% +0.2% +2.0% -3.6% +5.3% Growth in value Change in like-for-like vs N % +4.8% +4.4% +1.3% -0.3% +0.5% +2.1% > Stable occupancy rate > Low inflation environment > Dynamic investment market > Improving rental markets > Asset management and development pipeline value creation Group share data 63

64 RECURRING NET INCOME: +10% IN 2017 ( million, Group share) Change % Net rental income 526,3 539,4 13,1 2,5% Net operating costs -60,3-59,7 0,6-1,1% Income from other activities 9,6 7,0-2,6-27,4% Cost of net financial debt -129,1-110,8 18,3-14,2% Recurring net income from equity affiliates 13,6 19,5 5,9 43,7% Income from non consolidated affiliates 0,0 0,0 0,0 n.a Recurring tax -4,3-4,2 0,1-1,6% Profits or losses on discontinued operations 0,4 0,0-0,4 n.a Recurring net income 356,2 391,2 35,0 9,8% Recurring net income per share 5,27 5,31 0,04 0,8% Fair value adjustment on real estate assets 465,2 627,2 162,0 34,8% Fair value adjustment on financial instruments 31,4-0,5-31,9-101,6% Net Result on disposals 34,6 26,6-8,0 n.a Other -65,6-65,8-0,2 0,2% Non-recurring tax -34,3-64,6-30,3 88,5% Profits or losses on discontinued operations -4,6 0,0 4,6 n.a Net income 782,8 914,1 131,4 16,8% Diluted average number of shares ,9% Growth in all our markets Less property development fees Lower cost of debt Hotel operating properties Increase in shares following January 2017 capital increase 64

65 NET INCOME TO EPRA EARNINGS ( million) Net income Group share (Financial data 3.3) 782,8 914,1 Change in asset values -465,2-627,2 Income from disposal -45,8-24,4 Acquisition costs for shares of consolidated companies 11,2 2,2 Changes in the values of financial instruments -31,4 0,5 Deferred tax liabilities 32,6 61,4 Taxes on disposals 1,7 3,6 Adjustment to amortisation, depreciation and provisions 1,8 0,0 Adjustments from early repayments of financial instruments 48,3 44,7 RNI adjustments for associates -12,1-16,7 Profits or losses on discontinued operations 4,6 0,0 EPRA Earnings 328,4 358,2 EPRA Earnings/ -shares 4,86 4,86 Specific FdR adjustments: Non-recurring cost 1,6 4,3 Amortized costs of debt and discounting effects 10,0 10,4 Amortization and provisions 11,6 11,5 Other non cash charges 4,6 6,8 FDR Recurring Net Income (Financial data 3.3) 356,2 391,2 65

66 Appendix Investments & Disposals

67 2017 ACQUISITIONS: 1.4 BILLION IN STRATEGIC LOCATIONS Acquisitions 2017 realized Acquisitions 2017 secured ( million Including Duties) Acquisitions 100% Acquisitions Group share Yield Group share Acquisitions 100% Acquisitions Group share Yield Group share France Offices 3 3 6,7% Italy Offices ,9% ¹ ,0% ¹ Germany Residential ,4% ² ,9% ² Hotels in Europe ,5% ,7% Total ,0% ,6% 1 Potential yield on acquisitions. 2 Yield after reletting of vacant spaces. Immediate yield is 4.0% on acquisitions realized and 3.6% on acquisitions secured. Italy: 88% in Milan Hotels in Europe: 82% in Spain, 18% in Germany German Residential: 85% in Berlin 67

68 ITALY OFFICES: 211 MILLION OF ACQUISITIONS IN 2017 Acquisitions 2017 realized Acquisitions 2017 secured ( million, Including Duties) Location Acq. price 100% Acq. Price GS Potential Gross Yield Acq. price 100% Acq. Price GS Potential Gross Yield Via Principe Amedeo Milan ,2% Via Marostica Milan ,9% Portfolio Creval Milan ,0% Portfolio FPU Milan ,0% Total ,9% ,0% 1 Excluding 9 million ( 5 million Group share) of land acquisition related to the Symbiosis project, classified as Capex. M3 M5 Bicocca Sesto San Giovanni Cernusco / Vimodrone M1 Certosa Maciachini M1 M2 211 million realized & secured 45,200 m² of Offices 90% in Milan City Life M5 Semi-centre M1 Lorenteggio M4 Navigli Porta Nuova CBD Centre Ripamonti Lambrate / Forlanini M4 Segrate Linate Airport Milanofiori M2 Periphery M3 San Donato Milanese Acquisitions 2017 Business districts 68

69 2017 DISPOSALS: IMPROVE QUALITY 1.4 billion signed in billion realized ( million) Disposals (agreements as of end of 2016 closed) Agreements as of end of 2016 to close New disposals 2017 New agreements billion new disposals signed in 2017: 34% non strategic (mainly retail France) 36% non core (mainly offices in France & Residential in NRW) 30% mature (mainly offices in France & Italy) Total 2017 Margin vs 2016 value Yield Total Realized Disposals = 2+3 = France Offices 100 % ,4% 5,1% 359 Group share ,1% 5,8% 370 Italy Offices 100 % ,2% 3,9% 206 Group share ,1% 4,0% 430 Germany Residential 100% ,6% 5,5% 251 Group share ,3% 5,5% 150 Hotels in Europe % ,7% 5,5% 58 Group share ,4% 5,5% 20 Non-strategic (France 100 % ,8% 5,0% 302 Residential, Logistics, Retail in France) Group share ,7% 4,8% 186 Total 100 % ,9% 5,0% Including disposals on hotel operating properties Group share ,2% 5,3%

70 Appendix Development pipeline

71 OFFICES: A RECORD YEAR OF DELIVERIES 9 office deliveries 89,000 m² 438 million total cost 1 100% let 100% sold 85% let 91% let Focus on key cities Paris Lyon & Marseille Milan Preferred buildings for the clients 98% Occupancy rate Driver for growth Silex 1 - Lyon 10,700 m² 100% let Hermione & Floréal Euromed Marseille 10,400 m² & 13,400 m² 100% let Thaïs Levallois-Perret 5,500 m² 100% let O rigin - Nancy 6,300 m² 100% let 50% Value creation +~10% IFRS Rents vs forecasts % Yield on cost vs 5,7% forecasted 2 Edo Issy-les- Moulineaux 10,800 m² New S t Charles Reims 10,300 m² Art & Co - Paris 13,500 m² Via Cernaia, Milan 8,300 m² 1 Including land value; 378 million Group Share 71

72 SILEX ², A NEW DEVELOPMENT FOLLOWING THE SUCCESS OF SILEX 1 A longstanding partnership and development story in a prime location in Lyon Part-Dieu 2001: Sale-and-leaseback with EDF > 2 buildings of 7,200 m² and 15,300 m² > Price: 22.1 million; 11% yield : Departure of EDF and development of Silex 1 > Development-extension of 10,700 m² (+3,500 m²) > 100% let to BNP Paribas and Nextdoor reaching a new step: launch of Silex 2 & financial partnership agreement Launch of Silex 2 new development > New tower of 30,900 m² (+15,600 m² extension) > Total cost: 166 million; ~6% yield on cost Share Silex 1 and 2 with ACM > Disposal of 49.9% of Silex 1 and Silex 2 to ACM > At an average yield of 4.7% Participate in the renewal of the 2 nd French business district Work the portfolio to extract value and growth Mitigate the development risk and crystallise the value creation 72

73 COMMITTED PIPELINE: 934 MILLION AT 100% - 1/3 Projets in Group share Surface 1 (m²) Target rent ( /m²/year) Pre-leased (%) Total Budget 2 (M, 100%) Total Budget 2 (M, Group Share) Target Yield 3 Progress Capex to be invested (M, Group Share) Total France Offices 104,200 m² % % 24% 170 Total Italy Offices 92,100 m² % % 54% 38 Total German Residential 13,510 m² n.a na % n.a n.a Total Hotels in Europe 1,516 rooms n.a 100% % 56% 35 Total n.a 56% % 38% % usable area excl. car park 2 Total cost including land value & financial costs 3 Yield on total rents including car parks, restaurants, etc. 73

74 Italy Offices France Offices COMMITTED PIPELINE: 934 MILLION AT 100% - 2/3 Projects in Group share Location Project Surface 1 (m²) Target rent ( /m²/year) Pre-leased (%) Total Budget 2 (M, 100%) Total Budget 2 (M, Group Share Target Yield 3 Progress Capex to be invested (M, Group Share) Riverside Toulouse Construction 11,000 m² 185 0% % 66% 9 Ilot Armagnac (35% share) Bordeaux Construction 31,700 m² % % 32% 16 Total deliveries ,700 m² % % 48% 25 Hélios Lille Construction 9,000 m² % >7% 59% 8 Total deliveries ,000 m² % >7% 59% 8 Meudon Ducasse Greater Paris Construction 5,100 m² % % 2% 19 Silex II (50% share) Lyon Construction 30,900 m² 312 0% % 15% 74 Montpellier Orange Montpellier Construction 16,500 m² % % 0% 44 Total deliveries 2020 and beyond 52,500 m² % % 9% 137 Total France Offices 104,200 m² % % 24% 170 Via Colonna Milan Regeneration 3,500 m² % % 80% 1 Piazza Monte Titano (Meininger hotel) Milan Regeneration 6,000 m² % % 65% 2 Symbiosis (buildings A&B) Milan Construction 20,500 m² % >7% 63% 12 Principe Amedeo Milan Regeneration 7,000 m² % % 28% 6 Total deliveries ,000 m² % % 54% 21 Corso Ferrucci Turin Regeneration 45,600 m² % % 75% 5 The Sign (building A) Milan Construction 9,500 m² 285 0% >7% 3% 13 Total deliveries ,100 m² % % 53% 18 Total Italy Offices 92,100 m² % % 54% % usable area excl. car park 2 Total cost including land value & financial costs 3 Yield on total rents including car parks, restaurants, etc. 74

75 Hotels in Europe Germany Residential COMMITTED PIPELINE: 934 MILLION AT 100% - 3/3 Committed Projects Location Project Surface 1 (m²) Target rent ( /m²/year) Pre-leased (%) Total Budget 2 (M, 100%) Total Budget 2 (M Group share) Target Yield 3 Progress Capex to be invested (M, Group share) Konstanzer Berlin Extension 400 m² n.a n.a % n.a n.a Total deliveries m² n.a n.a % n.a n.a Genter Strasse 63 Berlin Construction 1,500 m² n.a n.a % n.a n.a Pannierstrasse 20 Berlin Construction 890 m² n.a n.a % n.a n.a Breisgauer Strasse Berlin Extension 1,420 m² n.a n.a % n.a n.a Birkbuschstraße Berlin Extension 4,200 m² n.a n.a % n.a n.a Magaretenhöhe Essen Extension 5,100 m² n.a n.a % n.a n.a Total deliveries 2019 and beyond 13,110 m² n.a n.a % n.a n.a Total German Residential 13,510 m² n.a na % n.a n.a B&B Berlin Berlin Construction 140 rooms n.a 100% % 78% 1 B&B Chatenay Malabry (50% share) Greater paris Construction 127 rooms n.a 100% % 81% 0 Motel One Porte Dorée (50% share) Paris Construction 255 rooms n.a 100% % 100% 0 Meininger Munich Munich Construction 173 rooms n.a 100% % 90% 1 Total deliveries rooms n.a 100% % 90% 3 Meininger Porte de Vincennes Paris Construction 249 rooms n.a 100% % 51% 12 B&B Bagnolet (50% share) Greater Paris Construction 108 rooms n.a 100% % 15% 2 Meininger Lyon Zimmermann Lyon - France Construction 169 rooms n.a 100% % 32% 6 Meininger Marseille Marseille - France Construction 211 rooms n.a 100% % 0% 12 B&B Cergy (50% share) Greater Paris Construction 84 rooms n.a 100% % 24% 1 Total deliveries 2019 and beyond 821 rooms n.a 100% % 33% 32 Total Hotels in Europe 1,516 rooms n.a 100% % 56% % usable area excl. car park 2 Total cost including land value & financial costs 3 Yield on total rents including car parks, restaurants, etc. 75

76 Italy France Offices MANAGED PIPELINE : 4.1 BILLION AT 100% & 3.0 BILLION GROUP SHARE Projects sorted by estimated total cost at 100% Location Project Surface 1 (m²) Delivery timeframe Cap 18 Paris Construction 50,000 m² >2020 Rueil Lesseps Rueil-Malmaison - Greater Paris Regeneration-Extension 43,000 m² >2020 Citroën PSA - Arago Paris Regeneration 26,700 m² >2020 Canopée Meudon - Greater Paris Construction 49,300 m² >2020 Omega Levallois - Greater Paris Regeneration-Extension 18,500 m² >2020 N2 (50% share) Paris Construction 16,200 m² >2020 Anjou Paris Regeneration 11,000 m² >2020 Opale Meudon - Greater Paris Construction 29,000 m² 2019 Philippe Auguste Paris Regeneration 13,200 m² >2020 Flow Montrouge - Greater Paris Construction 24,500 m² 2020 Montpellier Majoria (other buildings) Montpellier Construction 35,700 m² Campus New Vélizy Extension (50% share) Vélizy - Greater Paris Construction 14,000 m² 2020 DS Campus Extension 2 (50% share) Vélizy - Greater Paris Construction 11,000 m² >2020 Gobelins Paris Regeneration 4,900 m² >2020 Cœur d'orly (bâtiment 2-50% share) Greater Paris Construction 22,600 m² 2019 Cité Numérique Bordeaux Regeneration-Extension 19,200 m² 2019 Total France Offices 388,800 m² The Sign (buildings B & C) Milan Regeneration 15,900 m² 2019 Symbiosis (other buildings) Milan Construction 90,000 m² 2022 Total Italy Offices 105,900 m² German Residential Berlin Extensions & Constructions c.145,000 m² Hotels in Europe - Alexanderplatz Berlin Construction c.150,000 m² Total 789,700 m² 1 100% usable area excl. car park 76

77 Appendix Geographical breakdown of our activities

78 FRANCE OFFICES BREAKDOWN A 6.4 billion portfolio at 100% ( 5.4 billion in Group Share) at end % Western Crescent and La Défense 7% Paris North-East 12% Paris South 18% Inner Ring 2% Outer Ring 12% Major Regional Cities The strategic locations in Paris, the Inner Ring and the Major regional cities represent 94% of the portfolio 19 % Paris Center West 4% Regions 78

79 ITALY OFFICES BREAKDOWN A 3.9 billion at 100% ( 1.7 billion Group Share 1 ) at end-2017 Milan: a 1.1 billion 1 portfolio focused on the best locations 7% Turin 5% Rome 64% Milan 15% North of Italy 9% Other 10% Center & Semi-Center 29% Periphery 61% CBD & Porta Nuova 1 Offfices only; excluding Retail (non strategic) 79

80 GERMANY RESIDENTIAL BREAKDOWN A 5.0 billion portfolio at 100% ( 3.1 billion Group Share) Berlin: a 2.8 billion 1 portfolio focused on the best locations at end % Dresden & Leipzig 6% Hamburg 73% Prime location 6% Duisburg (NRW) Good location 55% Berlin 10% Essen (NRW) 22% Average location 3% Mülheim (NRW) 7% Others (NRW) 3% Oberhausen (NRW) 5% Basic location Green area Assets at end-2016 Acquisitions 2017 Developments projects Source: Engel & Völkers Residential billion Group Share 80

81 HOTEL REAL ESTATE PORTFOLIO BREAKDOWN A 4.8 billion hotel portfolio at 100% 1 ( 1.8 billion Group Share) at end % Germany 33% Economic 40 % France 10% Belgium 45 % Midscale 14% Spain 22% Upscale 3% Others 1 Hotels only. Proforma of the merger of FDM and FDM Management realized in January

82 MERGER FDM-FDM MANAGEMENT: A TRANSFORMATIONAL DEAL TO MOVE PORTFOLIO UPMARKET & STRENGTHEN GROWTH PROSPECTS Foncière des Murs Lease properties FDM Management Operating properties (franchise/management contracts) Merger of FDM with FDM Management in January 2018 A combined hotel portfolio of 4.8 bn 3 1 st shareholder: FdR (50%, limited partner) 1 st shareholder: Foncière des Murs (40.7%) 1 st shareholder: Foncière des Régions (42%) > Portfolio: 3.5 bn 1 > 346 hotels; 38,469 rooms > 17 operator partners / 24 hotel brands > Portfolio: 1.3 bn 2 > 31 hotels; 5,976 rooms > 4 operator partners / 11 hotel brands > 44,445 rooms > 18 operators partners / 28 hotel brands 48% of the value 17% 20% 11% 2% 2% 75% of the value 18% 6% 40% of the value 33% 14% 10% 2% 1% 1 Hotels only, excluding stake in FDM Management; 1.5 bn Group Share bn Group Share bn Group Share 82

83 Appendix Grand Paris & Milan office markets

84 PARIS & GRAND PARIS OFFICE MARKET RER C Ligne 17 Key figures > 56 million m² of offices in the Greater Paris market 17 million m² in Paris 3.3 million m² in La Défense 9.2 million m² in Western Crescent 7.9 million m² in the Inner ring 18.7 million m² in the Outer ring > Take-up of 2.6 million m² in 2017 (+8% vs 2016) 1,1 million m² in Paris 180,000 m² in La Défense 660,000 m² in the Western Crescent 413,000 m² in the Inner ring 284,000 m² in the Outer ring > Vacancy rate 6.2% 2.9% in Paris 7.9% in la Défense Nanterre La Défense Rueil-Malmaison T2 Suresnes Saint-Cloud Vélizy-Meudon Boulogne- Billancourt Gennevilliers Asnières Neuilly M6 Paris CBD Issy-les-Moulineaux Montrouge Clamart Clichy Chatenay- Malabry Antony Saint-Denis Arcueil Cachan M1 M14 Rungis Aubervilliers M2 Ivry-sur-Seine Orly RER C Bagnolet Vincennes RER D RER B Ligne 15 Charenton-Le-Pont RER A Ligne 15 Ligne 16 Paris CBD Paris West Paris South Paris North-East La Défense Péri-Défense Vélizy-Meudon Neuilly Levallois South bend North bend 11.1% in the Western Crescent 8.6% in the Inner ring 5.8% in the Outer ring Ligne 18 1 st ring North 1 st ring East 1 st ring South 2 nd ring South Sources: C&W, Immostat 84

85 MILAN OFFICE MARKET > A stock of c.12 million m² of offices 2.2 million m² (18%) in the CBD and Porta Nuova; 710,000 m² in (10%) in the Centre 2.8 million m² (19%) in the Semi-centre 3.5 million m² (19%) in the Periphery ~3 million m² outisde the Periphery (Hinterland) 17k sqm 6.3% 420 /m² 78k sqm 6.8% 540 /m² > New increase in take-up in 2017 of 347,000 m² (+5% vs 2016) 70% of the volume on Grade A buildings > Vacancy rate stable at 10.6% Only 24% of new surfaces in the vacant stock 98k sqm 117k sqm 4.7% 16.1% 320 /m² 240 /m² Sources: C&W; billion Group Share 85

86 Appendix Organization structure

87 ORGANIZATION CHART AT JANUARY 2018 Foncière des Régions 52.4% 61.7% 42% France Offices Italy Offices (Beni Stabili) German Residential (Immeo) Hotels in Europe (Foncière des Murs) Consolidated subsidiaries 87

88 Contact Paul Arkwright Tel.: Mobile: paul.arkwright@fdr.fr Paris 30, avenue Kléber Paris Tel.: