Press Release 9 June 2011 ALTAREA COGEDIM at the SIEC 2011 retail real estate event (Stand D1): CONTROLLED DEVELOPMENT FOR ALTAREA COGEDIM S RETAIL ACTIVITIES Altarea Cogedim, a REIT focused on shopping centres and a multi-product developer, is presenting at the SIEC 2011 summit its projects at the development and letting stage representing close to 340,000 sqm in retail GLA. As France s third-largest REIT with a portfolio worth 2.6 billion, Altarea Cogedim delivers controlled growth in its asset base through the development of projects on a proprietary basis, as well as through acquisitions of assets as opportunities arise. The Group s investment pipeline is worth 881 million. Close to 85% of the projects in this pipeline are located in geographical regions enjoying very strong population growth (Paris region, south-eastern France and northern Italy). The Group predominantly develops two formats geared to the shift in consumption trends, i.e. major shopping centres and retail parks, with its Family Village concept. Altarea Cogedim is thus in the process of adjusting its strategy through developments, restructuring and sale transactions with a view to building a portfolio focused on larger-sized assets. Expansion in major shopping centres During 2011, Altarea Cogedim continues to pursue its investment plan in a dynamic yet secure manner. The Group has undertaken co-investments to develop major projects: Villeneuve-la-Garenne regional shopping centre (92) (due to open in late 2013). With its 86,000 sqm of net floor area, it represents the largest regional shopping centre under development in the Ile-de-France (Greater Paris) region. It will comprise a 22,000 sqm Carrefour hypermarket, 150 stores, restaurants with terraces offering panoramic views of the Seine, 12 specialised medium-sized stores and 3,000 free car parking spaces on three levels. Just 4 km from Paris, this centre is located strategically in the Hauts-de- Seine department at the intersection between the A86 motorway and the Seine riverbank route, giving it maximum visibility (400 metres long and 25 metres high facing the A86), with 6 million vehicles passing it every month. In a catchment area of one million inhabitants where three departments intersect, the project is part of a fast-changing environment 1
with a population forecast to grow by close to 9% out to 2015. The project has received the relevant permits (building permit, CDEC authorisation). Ten months after letting began, 50% of the space has already been let to tenants including Carrefour, Mango, C&A, Sephora, La Grande Récré, JD Sport, Le Tanneur, Jules, Brice, Bizzbee, Etam, Etam Lingerie, Undiz, Camaïeu, Pimkie, Accessorize, Pandora, Adidas Original, Hylton, Kiko, and Geox. Cap 3000. Ranked as the eighth-largest shopping centre in France, CAP 3000 is a core shopping centre with 65,000 sqm in GLA. Thanks to its exceptional location within a catchment area in which it is undeniably one of the main shopping centres, CAP 3000 offers an attractive range of retail tenants, including national and international chains, around Galeries Lafayette and Lafayette Gourmet. Acquired in 2010 by the Altarea-ABP-Predica consortium, Cap 3000 represents a key asset. The facility s positioning will be overhauled in two stages. Firstly, it will be remodelled a process that is currently being finalised and then it will be extended to house new chains, as well as restaurant and leisure facilities. Toulon La Valette shopping centre (opening 2014). Ideally located at the historic Barnéoud site, at the heart of one of the most power retail offerings in the south of France, this retail programme with 40,000 sqm in net floor area will feature 10 medium-sized specialised stores (fashion, beauty, multimedia, sport, home furnishings, etc.) and 50 smaller stores. A range of restaurant and snack facilities will also be developed around food courts and terrace area. Structured as a shopping street crossed by public transport, it will also have a 1,350 place car park. The complex designed by J.M. Wilmotte is part of an urban renewal project (Semexval) also incorporating a hotel, housing and offices. The CDAC permit has been secured. Deployment of the Family Village concept Family Villages, a concept developed by Altarea in the early 2000s, represent a quality-driven approach to out-of-town retail developments. These shopping centres have a strong emphasis on environmental aspects with carefully thoughtout architecture, a high-quality mass-market range of retailers and events coordinated by the lessor to build a truly unique identity. They require highquality locations and a targeted catchment area. Since Altarea firmly believes that it is possible to develop quality-driven and functional projects at out-of-town locations that can attract retail chains with moderate rents and good accessibility and that a mass-market range of retailers meets genuine demand from consumers, it intends to roll out this concept with a highly selective approach to locations. Projects under development include: Les Hunaudières shopping centre Ruaudin (close to Le Mans) Altarea Cogedim is to expand its existing Family Village with the Les Hunaudières shopping centre representing around 34,377 sqm in net floor area and 21,800 sqm in total sales space. It will complement the existing line-up of tenants (C&A, Esprit, MEXX, Celio, Kiabi, La Halle, Intersport, Darty, Casa, etc.), with an Auchan hypermarket, seven medium-sized stores (fashion, beauty, home entertainment, home furnishings, etc.) and 50 smaller units. The CDAC permit has already been obtained, and the centre is due to open in 2013. Total sales space will be increased to 63,000 sqm south of Le Mans and will complement the existing offering. 2
Increasing the appeal of existing facilities Altarea Cogedim is continuing its efforts to harness greater value from its portfolio in order to prevent the risk of obsolescence and safeguard as high a return as possible on its assets. Restructuring and extension projects on a proprietary basis and for third parties help to strengthen the appeal of existing centres. For example, Altarea Cogedim is to develop close to 120,000 sqm in GLA to boost the shopping centres in the portfolio, at the following locations in particular: Jas de Bouffan in Aix-en-Provence The project consists in renovating and extending the shopping mall now close to 30 years old so that it again becomes a leading retail driver in its catchment area and in Aix-en-Provence, a rapidly changing city. The existing mall will be renovated and extended through the addition of 5,200 sqm in GLA by Altarea and Immobilière Groupe Casino, which both have a 50% interest in the project. The merchandising mix for this project will be diverse, including apparel, a medium-sized home furnishings store and a wide range of catering facilities. The CDAC permit has been secured. MyMassy in Massy The project consists in modernising and overhauling the retail mix of this out-of-town centre- X%, built in Massy during the 1980s and owned by the Group since 2005. The aim of the operation is to capitalise on the new urban fabric of this high-potential town at the heart of the south of the Ile de France region and adapt to the economic potential of the new Massy Atlantis urban renewal project located nearby. The conversion and extension of this shopping centre, to be rebranded MyMassy based on a Jean Paul Viguier design, is intended to give the facility a strong profile in the region. The opening is slated for 2012. 3
Toulouse Gramont Strategically located northeast of Toulouse at one of the principal gateways to the city and at the end of line A of the metro system, Toulouse Gramont was extended for the first time in 2009. A second extension is planned to take place by 2012, making it the largest shopping centre in Toulouse. Two openings slated for 2011 During 2011, Altarea Cogedim is keeping up the pace at which it opens new shopping centres, with the delivery of 21,000 sqm in retail space in France. Espace Saint-Christophe in Tourcoing (opened in April 2011). The city-centre Espace Saint-Christophe shopping centre (13,100 sqm in GLA) features an Auchan City, a new store concept, plus a 5-screen multiplex cinema and 30 or so smaller stores. Its prime location is served by the city s urban transport systems (tram, metro), which set down their passengers right outside the centre. La Cour des Capucins in Thionville (opening in August 2011). This retail complex with 7,900 sqm in GLA will be supplemented by a 3-star hotel, a 100-unit residential programme and an office building with 950 sqm in net floor area. The fully-let centre is due to open on 24 August, including retail chains such as Carrefour Market and Espace Culturel Leclerc. Work on the La Cour des Capucins ZAC (urban renewal zone) is due to be completed in autumn 2011. Further sustainable development As part of its Altagreen sustainable development strategy, Altarea Cogedim has undertaken to make progress, notably by enhancing the environmental performance of its shopping centres. The Group plans to certify 140,000 sqm in net retail space by year-end 2011, with 126,000 sqm in net retail space achieving both NF Tertiaire Démarche HQE and BREEAM accreditation. We firmly believe that innovation and planning ahead for consumer trends represent key factors for the coming years. Rather than acting purely as a property company, we need to pay very close attention to adjusting the retail approach of our shopping centres. They are living spaces and meeting places where services, leisure, entertainment and pleasure activities will increasingly co-exist commented Gilles Boissonnet, Chairman of Altarea France s Management Board. About Altarea Cogedim Altarea Cogedim is a leading property investment and development company and is the only group active in all three main property markets: retail, office, and residential. It has the skills and experience to effectively design, develop, sell, and manage customised property assets in each of these markets. The company s risk exposure is aligned with its long-term vision, and it creates value by designing and building attractive assets and by seizing profitable opportunities in the property sector. 4
Altarea Cogedim operates in France and Italy and manages a property portfolio worth 2.6 billion. The company has a market capitalisation of 1.3 billion and is listed in Compartment A of NYSE Euronext Paris. Press contacts Nathalie Bardin Valérie Jardat Head of Corporate Communications Agence Côté Jardat +33 156 26 25 36 / +33 685 26 15 29 + 33 141 05 94 10 / +33 612 05 18 35 nbardin@altareacogedim.com valerie.jardat@cote-jardat.fr 5