2017 full year results: A successful European growth 15 February 2018
CONTENTS
>1. STRATEGIC POSITIONING >2. REAL ESTATE ACTIVITY >3. FINANCIAL RESULTS >4. OUTLOOK >APPENDIX
FONCIÈRE DES RÉGIONS
FY 2017 RESULTS
2
1. Strategic positioning
3
A EUROPEAN OPERATOR WITH A UNIQUE BUSINESS MODEL European player leader in its markets & focusing on capital cities
1
2
Property developer for its own account
3
Client centric
€21 bn
€5.1 bn
portfolio at 100%
development pipeline
Enhance client direct relationship
Offer smart buildings
Build an environment to stimulate productivity and well-being
14 % Italy Offices Milan: 64% €13 bn Group Share 42 % France Offices 6% Greater Paris Non Strategic2 84%
24 % German Residential Berlin: 55% 14 % Hotels in Europe Major Cities 77%1
Meet the demand
Extract rental growth & value creation 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 FY 2017 RESULTS
4
GAME IS CHANGING, OUR STRATEGY IS MORE RELEVANT THAN EVER In a better economic prospect in our markets … … real-estate landscape is evolving:
70% Users want new real estate…
% of new/restructured offices in the take-up in Paris & Milan1
x3 …more flexibility…
…and more services/experiences
Flex/Coworking spaces in Paris 2015-2017
Increasing convergence between hotels, residential and offices Reversibility | Complementarity | Synergies 1 Average FY 2017 RESULTS Sources: CBRE, C&W; Arthur Loyd
5
2017: A MAJOR STEP TOWARDS OUR STRATEGIC TARGETS 1
Focus on capital cities
+€1.8 bn investments Offices: €407 million More Paris, Milan & Lyon German Residential: €573 million More Berlin Hotels: €788 million More capital cities
-€1.4 bn disposals1 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
1
Total share figures Disposals signed in 2017
FY 2017 RESULTS
6
2017: A MAJOR STEP TOWARDS OUR STRATEGIC TARGETS 2
Accelerate the development pipeline
Success of the 12 deliveries in 2017 89,000 m² of offices & 683 hotel rooms Already 98% let ~50% value creation
A development pipeline already renewed and increased
+28% €4.0 bn 2016
€5.1 bn 2017
Silex1 – Lyon
FY 2017 RESULTS Total share figures
7
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 2022 +30% profit vs rents
New coliving offer in Berlin Target 3,000 rooms by 2022 +50% in revenue vs traditional units The Line – Paris 8th
FY 2017 RESULTS
8
A SUCCESSFUL STRATEGY DRIVING A SUSTAINABLE FINANCIAL PERFORMANCE Over the past few years, we significantly improved the portfolio quality…
…and the financial profile…
…while, at the same time, increasing our results EPRA NAV per share
73% % of Green French Offices
€86.8 Loan to Value
65% 61%
€79.4
45.4% 64%
% of Milan in Italy Offices
2015
Recurring Net Income per share
44.6%
€5.31
2016
53% €5.27
49% 55% % of Berlin in German Resi.
40%
€94.5
40.4%
2017
2017
48% 2016
2017
€5.07
2016
2015
2015 FY 2017 RESULTS
9
2. Real Estate activities
10
Offices
OFFICES: MARKET TREND VALIDATES OUR STRATEGY Milan office market Average economic rent for prime offices
Greater Paris office market Average economic rent for new/refurbished offices in Paris, La Défense, Western Crescent
Rents are growing but selectively
320 €
480 €
315 €
460 €
310 €
440 €
+8.0% +5.0%
305 €
420 €
300 €
400 € 2013
2014
2015
2016
2017
2013
2014
2015
2016
Source: CBRE
M. m²
Paris Region office take-up for new/refurbished (>5,000 m²)
Source: JLL
M. m²
0,80
0,26
0,75
0,24
2013-2017: +59%
0,70
Preferences for the best quality assets
0,65
=70% of the total office take-up in Paris & Milan1
0,50
2017: +28%
0,60
2017
Milan take-up for grade A offices 2013-2017: +66% 2017: +3%
0,22 0,20 0,18
0,55
68%
0,45
0,16 0,14
0,40 0,12
0,35
0,10
0,30 2013
2014
2015
2016
2013
2017 Source: CBRE
2014
2015
2016
2017 Source: C&W
1 Take-up
FY 2017 RESULTS for new/refurbished offices in Paris Region and for Grande A offices in Milan
12
2017: BUOYANT LETTING ACTIVITY 113,300 m² new lettings €35 million of rents1 218,500 m² renewed €33 million of rents1
Success of the development pipeline
Good operating performances
76,300 m² let or pre-let2
Renewals in France: +2.6% vs last rent
Rents >~10% vs forecasts
Occupancy Italy: 95.1%3 (+4.1 pts vs 2016)
Carré Suffren - Paris
Principe Amedeo - Milan 2
1 Group Share: €25 million & €22 million Offices delivered in 2017 or under development 3 Offices ex Telecom Italia portfolio, let at 100%
FY 2017 RESULTS
13
2017: STRENGTHENING OF THE STRATEGIC POSITIONING 9 office deliveries 89,000 m² €438 million total cost1 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 forecasts2
+6.4%
Yield on cost vs 5,7% forecasted2
EDO, Greater Paris
Via Cernaia, Milan
10,700 m² | delivery Q2 2017 Transdev HQ
8,300 m² | delivery Q4 2017 Amundi Italian HQ
2 Excluding
1 Including land value; €378 million Group Share Euromed Hermione & Floréal, sold at delivery to an end-user
FY 2017 RESULTS
14
SELECTIVE ACQUISITION ACTIVITY IN MILAN €184 million acquisitions in 2017 85% in Milan 39,180 m² €4,952/m² | 5.9% yield1
Qualitative reinforcement in Milan 83% of offices ex-Telecom Italia in Milan
Sesto San Giovanni Cernusco / Vimodrone
M3
M5
Bicocca M1
Certosa
M1
M2
Maciachini
City Life M5 Semi-centre
Porta Nuova CBD
Lambrate / Forlanini
Segrate
Corso Magenta – Milano
M4 M1
Lorenteggio
Linate Airport
Centre
M4
Navigli
Ripamonti Periphery
M2
Milanofiori
M3
San Donato Milanese
Leased assets in Milan Developments Acquisitions 2017 Business districts 1 Gross
FY 2017 RESULTS yield including potential yield on Principe Amedeo
15
NEW FLEX-OFFICES ACTIVITY: REINFORCE OUR CLIENT-CENTRICITY Our tenants’ needs are evolving: Increase productivity
Retain talents
Optimise costs
Complete our real estate offer with a new Flex/Coworking activity:
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 6th
16
NEW FLEX-OFFICES ACTIVITY: A COMPLETE & DIFFERENTIATED OFFER Consolidate our partnerships & develop new ones
1st openings in Paris & Marseille in 2017
Make our buildings even more attractive
European expansion in Milan to come
DIFFERENTIATED OFFER
COMPLETE OFFER
First openings EUROMED CENTER MARSEILLE
PARIS
2,300 m²; OPEN
Coworking, flex-offices & suite offices
THE LINE PARIS CBD
LYON BORDEAUX
Mix in the buildings classical leases & flexible offer
MILAN
Art&Co - GARE DE LYON PARIS 12th MARSEILLE
Implement flexible offer on behalf of our clients
3,300 m²; OPEN
Innovation rooms, Meeting rooms Project areas
5,127 m²; Q2 2018 LAB 114 PARIS 18th
1,420 m²; Q3 2018
Enjoy cafe & Sociabilization areas
FY 2017 RESULTS
17
CASE STUDIES - ART&CO: MIX OF REGULAR LEASE & FLEXIBLE OFFER Art & Co Paris 12th – 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
OFFICE BAR / WORK CAFE COWORKING FY 2017 RESULTS
18
CASE STUDIES – LAB 114: IMPLEMENT FLEXIBLE OFFER ON BEHALF OF OUR CLIENTS Orange Lab 114 Paris 18th – 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 √
FY 2017 RESULTS
19
2018: ACCELERATION OF COMMITTED PIPELINE IN OFFICES 2018: Acceleration of the committed pipeline Expect to launch +~€900 million1 new projects
~€1.3 billion2 +80%
A €1.3 billion2 pipeline, up +80%
€861 million
€710 million France 63%
France 56% -€438 million
Committed pipeline Italy 37%
End 2016
France ~75%
+€286 million Italy 44%
-€325 million
+~€900 million1
End 2017
Italy ~25%
End 2018
1
FY 2017 RESULTS ~€750 million Group Share; 2 ~€1.0 billion Group Share
20
PIPELINE TO BE COMMITTED IN 2018 – STRONG QUALITATIVE PROJECTS IN PARIS PSA – Paris St-Ouen Omega – Levallois 18,500 m² ~€180 million H2 2020
N2
– Paris
26,700 m² ~€200 million H1 2021
17th
16,200 m² ~€150 million 2021
Neuilly Levallois
Paris Batignolles – St-Ouen Gobelins – Paris 5th
Flow - Montrouge
Paris 5-6-7ème
4,900 m² ~€50 million H2 2020
24,500 m² €115 million H1 2020
Montrouge-Malakoff
FY 2017 RESULTS
21
FLOW-MONTROUGE: A NEW URBAN CAMPUS IN THE HEART OF THE GRAND PARIS
25,581 m² in south of Paris
€115 million development1 >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 FY 2017 RESULTS
22
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 development1 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
N2
Gare de Clichy Levallois
New Paris Courthouse
Porte de Clichy
Pont Cardinet
1 Including
land value; €75 million Group Share
FY 2017 RESULTS
23
Hotels in Europe
HOTELS: A LONGSTANDING GROWTH STORY TO BUILD A EUROPEAN LEADER The 2nd largest hotel owner worldwide, working with the best hotel operators in each of its country
3 strategic pillars 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
Target the best hotels upscale & midscale hotels EBITDAR margin >30%
2005
2017
€1.1 bn
€4.8 bn
# operators partners
1
18
Skills
Leases
Hotel Portfolio value
Developments Leases Franchise/Management contracts
# countries
FY 2017 RESULTS
25
POSITIVE ENVIRONMENT FOR 2017 AND BEYOND 2018: pursuit of the RevPar growth in Europe
Strong fundamentals, driver for further growth
RevPar trend in Europe
Better GDP growth in Europe GDP growth Eurozone
+2.4%
+2.3%
2017
2018
London +2.5%
Amsterdam +2.2%
Berlin +3.1%
Frankfurt
Structural growth in tourism
Paris
+3.0%
+5.8%
Number of tourists in 2017 and worldwide ranking
International tourists arrivals in Europe
1 +8%
~+4%
2017
2018
Milan +1.7%
89 million (+5% yoy)
Rome Barcelona
2
Lisbon 82 million (+8%)
+6.8%
Madrid
+1.2%
+5.2%
+8.2%
Sources: ECB; WTO FY 2017 RESULTS Source: PwC
26
2017: STRENGTHENING OF THE STRATEGIC POSITIONING
Strengthening in Germany & Netherlands2
Successful entry in Spain
17 hotels 4-5* | €559 million
4 NH hotels 4* | €111 million
80% Barcelona & Madrid
Berlin, Hamburg, Amsterdam & Amersfoort
€691 million acquisitions realized & €111 million secured for 20181 5.5% yield ; €164 K/room City-center location with strong profitability (>40% Ebitdar margin) Driver for growth: variable rents; asset management potential
1 2
Group Share: €343 million & €56 million Secured in 2017, to be realized in 2018
FY 2017 RESULTS
27
2017: ACCELERATED RENTAL GROWTH Lease properties1: Increase in like-for-like rents +3.2% 2017 -0.2% 2014
-1.0% 2015
-3.9% 2016
100%
Variable rents +5.5%
Occupancy rate since the beginning
11-year Firm lease maturity
Operating properties: Good performance +3.9%
EBITDA +2.8%
+2.3% +5.2% Hotel Bourgtheroulde - Rouen 1
FY 2017 RESULTS Hotels only ; retail is included in non strategic activities
28
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 Foncière des Régions
2
3
2014: 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
42% 1st 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
FY 2017 RESULTS
29
A €4.8 BILLION1 BETTER QUALITY COMBINED PORTFOLIO Balanced geographic exposure % by value (post merger)
44,445 rooms
Netherlands 2%
18 hotel operator partners 28 brands
Strong quality portfolio (by value)
Portugal 1% Germany 33%
France 40%
68% Upscale & midscale
Belgium 10%
Spain 14%
Tenant diversification Breakdown by operator (by value) NH 6% B&B 17%
The Westin Grand Berlin
AccorHotels 29%
Carlson Rezidor 12% Sunparks 5% Hotusa 4%
Revenue profile to benefit from the growing hotel market trend Hotel revenue breakdown
Variable leases 24% Fixed leases 45%
Starwood 7% Barcelo 3% Others 17%
Management contracts 31%
1 Hotels
FY 2017 RESULTS only; €1.8 billion Group Share
30
REINFORCED VALUE CREATION CAPACITY
Strengthened status of the operators’ real estate partner
More property development capabilities
Partner of the operators: Meininger
Additional constructability:
Paris, Lyon, Milan, Munich
Hotel Ibis – Lyon
Asset management leverage:
Growth potential:
Hotel Ibis – Dresden
Paseo Del Arte – Madrid
Increased asset management potential
Stronger hotel skills for better bargaining power & more synergies with residential & offices
FY 2017 RESULTS
31
German Residential
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
FY 2017 RESULTS Source : Federal Statistical Office, Engel & Völkers Residential; Land of Berlin rating report
33
2017: STRONG RENTAL DYNAMIC IN ALL OF OUR MARKETS Strong rental growth
…driven by re-letting
…with still significant
fuelled by Berlin…
& indexation
potential for future growth
50 % Reletting
Like-for-like rental growth
+35%
5.8%
Berlin
4.9%
Total 1.8%
4.4% 2.4%
4.6% 3.6%
4.2% 3.1%
2.8%
NRW 1.4%
1.6%
2014
2015
2016
+27%
Reversionary potential
44 % Indexation
Rents LfL +4.2%
6% Modernization 2017
+15% In place rent €7.8
€9.1
+16%
m²/month
€5.9 Berlin
Dresden & Leipzig
€5.8 Hamburg Hambourg
NRW
Strong performance rewarding our strategy FY 2017 RESULTS
34
2017: STRENGTHENING OF THE STRATEGIC POSITIONING €556 million acquisitions
Reinforcing our footprint in Berlin with a €2.8 billion1 unique portfolio
Selective acquisitions at 85% in Berlin Prime location
16 portfolios bought Average price: 2,010€/m²
73% of the portfolio
4.4% yield after reletting | +44% reversionary potential
Good location 22% of the portfolio
€367 million disposals secured
Average location
Ending the non core disposal plan in NRW Starting first disposals in Berlin
5% of the portfolio
Basic location
Crystalizing value creation & improving portfolio quality: €249 million in NRW | 16% average margin vs 2016
Green area
€68 million in Berlin | 69% average margin Owned assets
1 €1.7
FY 2017 RESULTS billion Group Share
35
STRONG VALUE CREATION IN 2017 Increased exposure to Berlin…
…driving performance up:
(Geographic breakdown of the portfolio in value)
+15% like-for-like value growth (Like-for-like value growth in 2017)
55%
Berlin
+17%
+7 pts vs 2016
9%
Dresden & Leipzig
+23%
6%
Hamburg
+13%
29%
NRW
+10%
-8 pts vs 2016
+~€1.0 billion of portfolio value in 2017, up to €5.0 billion1 1 €3.1
FY 2017 RESULTS billion Group Share
36
2017: EXTENSION OF THE DEVELOPMENT PIPELINE IN BERLIN €488 million1 development pipeline identified X
In the best areas of Berlin Prime location
2.4 vs end-2016 81% in Berlin
Good location
2,300 units for 157,500 m² €3,100
Average location
average cost per m²
~50% for lease
5.3%
~50% for sale
>40% average margin
average yield on cost
Basic location
Green area
Developments projects
1
FY 2017 RESULTS €301 million Group Share
37
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%
180
150
2011
2012
2013
2014
2015
2016
…to address with two new offers Coliving Furnished rooms and shared spaces Large flats (80+ m²) in “trendy” areas Full services Target rent: €19/m²
Furnished apartments 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 FY 2017 RESULTS Source : Berlin Brandeburg Statistiks Office – data 2015
38
3. Financial results
39
2017 ACTIVITY REWARDED BY GROWING OPERATING RESULTS
A €21 billion portfolio +€3.4 billion in 2 years At 100% +10%
Strong like-for-like value growth1
€21.2 bn
Like-for-like rental growth starting over1 High & sustained occupancy rate +2.0%
+6.2%
€12.8 bn Group Share +8%
17.7
11.9 Group Share
+0.2%
+4.8%
-0.1%
+4.4%
11.0 Group Share
2015
97.9%
19.2
96.7% 96.3%
2016
2017
2015
2016
2017
2015
2016
2017
FY 2017 RESULTS 1 Group Share
40
AND GROWING FINANCIAL RESULTS
Strong NAV growth EPRA NAV; €billion1
€7.1 Bn
+13%
5.3
6.0
€391 million
45.4% 44.6%
94.5€ /share
+19%
Increase in Recurring Net Income Group Share, €million
Lower leverage LTV1
+9% +7%
86.8€ /share
40.4% 333
+9%
+4%
356
+1%
€5.27 /share
€5.07 /share
€79.4 /share 2015
€5.31 /share
+10%
2016
2017
2015
2016
2017
2015
2016
2017
FY 2017 RESULTS 1 Group Share
41
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
Disposal of the Quick Restaurants, in France
Non-core Residential - NRW
Mature asset - Victor Hugo – Issy-les-Moulineaux
Mature asset - San Nicolao - Milan
€429 million €317 million Group Share | 17% margin
Accelerate non-core disposals €520 million €376 million Group Share | 10% margin
FY 2017 RESULTS
42
KEY ACHIEVEMENTS TO OUR STRATEGIC TARGETS Acceleration of the non-core disposals in France Exposure to non-core assets halved
Increased tenant diversification in Italy Exposure to Telecom Italia almost halved, 3 years in advance
% of non-core assets in the French offices portfolio (in market value)
% of TI assets in the Italian offices portfolio (in market value)
11% 2015
11%
41%
2016
2015 5% 20171
38% 2016
0% Target 2020
25% June 2017
23% 20171
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 France1
87% 400 €6.4 bn (30%) 268 €9.3 bn (44%)
Support and firmly believe in the strategic orientations (vs 47% for the benchmark)
138 €4.2 bn (20%)
82% Are proud to work for FdR (vs 56% for benchmark)
€0.6 bn (3%) Others: €0.6 bn (3%) Platforms Number of people Portfolio (%) Branches
1Barometer
survey conducted by Kantar TNS on 82% of the FdR French employees Between April 24 and May 12 2017 Benchmark includes 2000 employees working in the private sector
FY 2017 RESULTS
56
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 Christophe Kullmann CEO Olivier Estève Deputy CEO Offices Audrey Camus Property Development Yves Marque Chief Corporate Officer
Dominique Ozanne Deputy CEO Hotels Laurie Goudallier Chief Digital Officer
Thierry Beaudemoulin Residential
Marielle Seegmuller French Offices
Alexeï Dal Pastro Italy Marjolaine Tugdual Alquier Millet Audit and CFO Internal Control
FY 2017 RESULTS
57
FINANCIAL AGENDA
General Meeting: 19 April 2018 Q1 2018: 26 April 2018 H1 2018: 19 July 2018
FY 2017 RESULTS
58
Appendix
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
FY 2017 RESULTS
60
Appendix Revenues and financial results
RENTAL INCOME 2017 100% (€ million) France Offices Paris Greater Paris Other French regions Italy Offices Offices - excl. Telecom Italia Offices - Telecom Italia Germany Residential Berlin Dresden & Leipzig Hamburg North Rhine-Westphalia Hotels in Europe France Germany Spain Others Total strategic activities Non-strategic Retail Italy Retail France & healthcare Other (France resi., car parks, logistics) Total rents 1 LfL : Like-for-Like
Group Share
2016
2017
Var. (%)
2016
2017
Var. (%)
Change (%) LfL 1
% of rent
274,8 84,4 132,0 58,4 180,2 81,4 98,8 212,5 84,3 17,8 13,0 97,4 143,9 98,5 17,3 0,5 27,6 811,4 81,8 20,0 46,6 15,2 893,2
272,1 81,9 136,0 54,3 187,0 88,4 98,6 230,1 103,4 21,3 14,2 91,3 174,1 89,7 22,3 33,3 28,9 863,4 64,1 17,8 34,8 11,4 927,4
-1,0% -3% 3% -7% 3,8% 9% 0% 8,3% 23% 19% 9% -6% 21,0% -9% 29% n.a 5% 6,4% -21,6% -11% -25% -25% 3,8%
249,7 79,8 111,4 58,5 92,2 41,5 50,8 131,6 52,2 11,1 8,5 59,8 59,3 38,0 7,9 0,3 13,1 532,8 41,6 10,2 22,1 9,3 574,4
246,9 77,3 115,3 54,3 87,3 46,3 40,9 144,2 70,6 14,0 9,2 50,5 76,8 34,9 10,8 16,6 14,4 555,2 33,8 9,3 17,4 7,0 588,9
-1,1% -3% 3% -7% -5,4% 12% -19% 9,6% 35% 25% 8% -16% 29,5% -8% 37% n.a 10% 4,2% -18,8% -9% -21% -25% 2,5%
1,0% 1,2% 1,0% 0,8% 1,1% 1,9% 0,4% 4,2% 5,8% 3,3% 3,8% 3,1% 3,2% 3,1% 1,4% n.a 4,4% 2,1% n/a -1,2% 0,2% n.a 2,0%
42% 13% 20% 9% 15% 8% 7% 24% 12% 2% 2% 9% 13% 201% 62% 96% 83% 94% 6% 2% 3% 1% 100%
FY 2017 RESULTS
62
A STRATEGY SUPPORTED BY SOUND INDICATORS Record firm term of leases
Historically high occupancy rates 95.4% 94.8% 95.8% 95.5% 96.0% 97.1% 96.3% 96.7%
2009
2010 2011
2012 2013
2014 2015
97.9%
2016
5.8
2017
2009
6.1
6.0
2010 2011
5.5
5.8
2012 2013
2014
>
Occupancy rate track record in the development pipeline
>
Partnership strategy
>
Anticipate disposals
>
Lease maturity in Hotels: 11.2 years
Rent: at like-for-like scope Change in like-for-like vs N-1
+0.6% 2009
2010
2011
2012
2013
+0.2% 2014
2016 2017
Growth in value Change in like-for-like vs N-1 +5.3%
+2.0% +1.2%
2015
6.6
Firm lease expirations as % of annualised rental income Commercial portfolio (75% of total rents Group Share)
Ability to keep the tenant in place
+2.2% +2.1%
7.2
5.8
>
+3.3%
7.3
-0.1% 2015
+0.2% 2016
-3.6%
+4.4% +1.3%
-0.3%
+0.5%
+4.8%
+6.2%
+2.1%
2017
2009
2010 2011 2012 2013
2014
2015 2016
2017
>
Stable occupancy rate
>
Low inflation environment
>
Dynamic investment market
>
Improving rental markets
>
Asset management and development pipeline value creation Group share data
FY 2017 RESULTS
63
RECURRING NET INCOME: +10% IN 2017
%
(€ million, Group share)
2016
2017
Change
Net rental income
526,3
539,4
13,1
2,5%
Net operating costs
-60,3
-59,7
0,6
-1,1%
9,6
7,0
-2,6
-27,4%
-129,1
-110,8
18,3
-14,2%
Less property development fees Lower cost of debt
Recurring net income from equity affiliates Income from non consolidated affiliates
13,6
19,5
5,9
43,7%
Hotel operating properties
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
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 Profits or losses on discontinued operations
-34,3
-64,6
-30,3
88,5%
Income from other activities Cost of net financial debt
Recurring net income
Net income Diluted average number of shares
-4,6
0,0
4,6
n.a
782,8 67 633 972
914,1 73 656 016
131,4 6 022 044
16,8% 8,9%
Growth in all our markets
Increase in shares following January 2017 capital increase
FY 2017 RESULTS
64
NET INCOME TO EPRA EARNINGS (€million)
2016
2017
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
4,6 328,4
0,0 358,2
4,86
4,86
1,6
4,3
Amortized costs of debt and discounting effects
10,0
10,4
Amortization and provisions
11,6
11,5
4,6 356,2
6,8 391,2
Profits or losses on discontinued operations EPRA Earnings EPRA Earnings/€-shares Specific FdR adjustments: Non-recurring cost
Other non cash charges FDR Recurring Net Income (Financial data §3.3)
FY 2017 RESULTS
65
Appendix Investments & Disposals
2017 ACQUISITIONS: €1.4 BILLION IN STRATEGIC LOCATIONS
Acquisitions 2017 realized (€ million Including Duties)
Acquisitions 2017 secured
Acquisitions 100%
Acquisitions Group share
Yield Group share
Acquisitions 100%
Acquisitions Group share
Yield Group share
3
3
6,7%
-
-
-
Italy Offices
184
96
5,9% ¹
27
14
6,0% ¹
Germany Residential
556
357
4,4% ²
178
115
3,9% ²
Hotels in Europe
691
344
5,5%
111
56
5,7%
1 435
800
5,0%
316
185
4,6%
France Offices
Total 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
FY 2017 RESULTS
67
ITALY OFFICES: €211 MILLION OF ACQUISITIONS IN 2017 Acquisitions 2017 realized
Acquisitions 2017 secured
Location
Acq. price 100%
Acq. Price GS
Potential Gross Yield
Acq. price 100%
Acq. Price GS
Potential Gross Yield
Via Principe Amedeo
Milan
42
22
5,2%
-
-
-
Via Marostica
Milan
25
13
6,9%
-
-
-
Portfolio Creval
Milan
118
62
6,0%
-
-
-
Portfolio FPU
Milan
-
-
-
27
14
6,0%
184 1
96 1
5,9%
27
14
6,0%
(€ million, Including Duties)
Total 1
Excluding €9 million (€5 million Group share) of land acquisition related to the Symbiosis project, classified as Capex.
Sesto San Giovanni
M3
M5
Cernusco / Vimodrone
Bicocca M1
Certosa
M1
City Life M5 Semi-centre
€211 million realized & secured 45,200 m² of Offices 90% in Milan
M2
Maciachini
Porta Nuova CBD
Lambrate / Forlanini
Segrate
M4 M1
Lorenteggio
Linate Airport
Centre
M4
Navigli Ripamonti Periphery M2
M3
San Donato Milanese
Milanofiori
Acquisitions 2017 Business districts FY 2017 RESULTS
68
2017 DISPOSALS: IMPROVE QUALITY €1.4 billion signed in 2017 €1.2 billion realized Disposals Agreements (agreements as as of end of end of 2016 of 2016 to closed) close
(€ million)
France Offices Italy Offices Germany Residential Hotels in Europe
1
Non-strategic (France Residential, Logistics, Retail in France) Total 1
100 %
1 80
Group share
New New disposals agreements 2017 2017
Total 2017
Margin vs 2016 value
Yield
Total Realized Disposals
27
2 279
3 86
= 2+3 365
8,4%
5,1%
=1+2 359
80
27
290
86
376
11,1%
5,8%
370
100 %
79
-
127
27
154
-0,2%
3,9%
206
Group share
364
-
66
12
77
-0,1%
4,0%
430
100%
22
-
229
138
367
23,6%
5,5%
251
Group share
13
-
137
81
217
23,3%
5,5%
150
100 %
12
3
46
18
64
4,7%
5,5%
58
Group share
6
1
14
9
23
5,4%
5,5%
20
100 %
41
-
262
227
489
0,8%
5,0%
302
Group share
24
-
162
118
280
0,7%
4,8%
186
100 %
234
29
941
497
1 438
7,9%
5,0%
1 175
Group share
488
28
667
306
973
9,2%
5,3%
1 155
Including disposals on hotel operating properties
€1.4 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) FY 2017 RESULTS
69
Appendix Development pipeline
OFFICES: A RECORD YEAR OF DELIVERIES 9 office deliveries 89,000 m² €438 million total cost1
100% sold
100% let
85% let
91% let
Focus on key cities Paris | Lyon & Marseille | Milan
Preferred buildings for the clients
98%
Silex1 - Lyon 10,700 m²
Occupancy rate
Thaïs Levallois-Perret
10,400 m² & 13,400 m²
5,500 m²
100% let
100% let
Driver for growth
50%
Hermione & Floréal Euromed Marseille
O’rigin - Nancy 6,300 m²
100% let
100% let
Value creation
+~10%
IFRS Rents vs forecasts2
+6.4%
Yield on cost vs 5,7% forecasted2
Edo Issy-lesMoulineaux
New St Charles Reims
Art & Co - Paris 13,500 m²
10,300 m²
10,800 m² 1 Including
Via Cernaia, Milan 8,300 m² FY 2017 RESULTS land value; €378 million Group Share
71
SILEX², A NEW DEVELOPMENT FOLLOWING THE SUCCESS OF SILEX1 A longstanding partnership and development story in a prime location in Lyon Part-Dieu… 2001: Sale-and-leaseback with EDF
2013-2017: Departure of EDF and development of Silex1
>
2 buildings of 7,200 m² and 15,300 m²
>
Development-extension of 10,700 m² (+3,500 m²)
>
Price: €22.1 million; 11% yield
>
100% let to BNP Paribas and Nextdoor
…reaching a new step: launch of Silex2 & financial partnership agreement Launch of Silex2 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 Silex1 and Silex2 to ACM
>
At an average yield of 4.7%
Participate in the renewal of the 2nd French business district Work the portfolio to extract value and growth Mitigate the development risk and crystallise the value creation FY 2017 RESULTS
72
COMMITTED PIPELINE: €934 MILLION AT 100% - 1/3
Surface 1 (m²)
Target rent (€/m²/year)
Pre-leased (%)
Total Budget 2 (M€, 100%)
Total Budget 2 (M€, Group Share)
104,200 m²
229
44%
394
244
6.5%
24%
170
Total Italy Offices
92,100 m²
279
59%
317
166
6.2%
54%
38
Total German Residential
13,510 m²
n.a
na
36
22
5.5%
n.a
n.a
1,516 rooms
n.a
100%
188
79
6.4%
56%
35
n.a
56%
934
512
6.3%
38%
244
Projets in Group share
Total France Offices
Total Hotels in Europe Total
Target Yield 3 Progress
Capex to be invested (M€, Group Share)
1100%
usable area excl. car park Total cost including land value & financial costs 3 Yield on total rents including car parks, restaurants, etc. 2
FY 2017 RESULTS
73
COMMITTED PIPELINE: €934 MILLION AT 100% - 2/3
France Offices
Capex to be invested Progress (M€, Group Share)
Projects in Group share
Location
Project
Riverside
Toulouse
Construction
11,000 m²
185
0%
32
32
7.0%
66%
9
Ilot Armagnac (35% share)
Bordeaux
Construction
31,700 m²
190
39%
102
36
6.5%
32%
16
42,700 m²
188
20%
134
68
6.6%
48%
25
Lille
Construction
9,000 m²
160
100%
23
23
>7%
59%
8
9,000 m²
160
100%
23
23
>7%
59%
8
Total deliveries 2018
Hélios Total deliveries 2019 Meudon Ducasse
Target rent Pre-leased (€/m²/year) (%)
Target Yield 3
Greater Paris
Construction
5,100 m²
260
100%
22
22
6.4%
2%
19
Silex II (50% share)
Lyon
Construction
30,900 m²
312
0%
166
83
6.0%
15%
74
Montpellier Orange
Montpellier
Construction
16,500 m²
165
100%
48
48
6.8%
0%
44
52,500 m²
258
46%
237
154
6.3%
9%
137
104,200 m²
229
44%
394
244
6.5%
24%
170
Total deliveries 2020 and beyond Total France Offices
Italy Offices
Total Total Budget 2 2 Budget (M€, Group (M€, 100%) Share
Surface 1 (m²)
Via Colonna
Milan
Regeneration
3,500 m²
270
100%
18
9
5.1%
80%
1
Piazza Monte Titano (Meininger hotel)
Milan
Regeneration
6,000 m²
190
100%
22
12
5.0%
65%
2
Symbiosis (buildings A&B)
Milan
Construction
20,500 m²
310
88%
94
49
>7%
63%
12
Principe Amedeo
Milan
Regeneration
7,000 m²
490
57%
57
30
5.2%
28%
6
37,000 m²
346
81%
191
100
6.2%
54%
21
Total deliveries 2018 Corso Ferrucci
Turin
Regeneration
45,600 m²
130
36%
87
46
5.7%
75%
5
The Sign (building A)
Milan
Construction
9,500 m²
285
0%
38
20
>7%
3%
13
Total deliveries 2019
55,100 m²
177
25%
126
66
6.2%
53%
18
Total Italy Offices
92,100 m²
279
59%
317
166
6.2%
54%
38
1100%
usable area excl. car park Total cost including land value & financial costs 3 Yield on total rents including car parks, restaurants, etc. 2
FY 2017 RESULTS
74
COMMITTED PIPELINE: €934 MILLION AT 100% - 3/3 Committed Projects
Germany Residential
Konstanzer
Pre-leased (%)
Total Budget 2 (M€, 100%)
Total Budget 2 Target Progress (M€ Yield 3 Group share)
Capex to be invested (M€, Group share)
Location
Project
Berlin
Extension
400 m²
n.a
n.a
1
1
5.3%
n.a
n.a
400 m²
n.a
n.a
1
1
5.3%
n.a
n.a
Total deliveries 2018 Genter Strasse 63
Berlin
Construction
1,500 m²
n.a
n.a
4
3
5.3%
n.a
n.a
Pannierstrasse 20
Berlin
Construction
890 m²
n.a
n.a
3
2
5.2%
n.a
n.a
Breisgauer Strasse
Berlin
Extension
1,420 m²
n.a
n.a
5
3
4.7%
n.a
n.a
Birkbuschstraße
Berlin
Extension
4,200 m²
n.a
n.a
14
8
5.1%
n.a
n.a
Magaretenhöhe
Essen
Extension
5,100 m²
n.a
n.a
9
6
6.8%
n.a
n.a
Total deliveries 2019 and beyond
13,110 m²
n.a
n.a
34
22
5.5%
n.a
n.a
Total German Residential
13,510 m²
n.a
na
36
22
5.5%
n.a
n.a
B&B Berlin
Hotels in Europe
Target rent (€/m²/year)
Surface 1 (m²)
Berlin
Construction
140 rooms
n.a
100%
11
6
7.0%
78%
1
B&B Chatenay Malabry (50% share)
Greater paris
Construction
127 rooms
n.a
100%
9
2
6.3%
81%
0
Motel One Porte Dorée (50% share)
Paris
Construction
255 rooms
n.a
100%
37
9
6.2%
100%
0
Munich
Construction
173 rooms 695 rooms
n.a n.a
100% 100%
29 86
15 32
6.4% 6.4%
90% 90%
1 3
Paris
Construction
249 rooms
n.a
100%
47
24
6.2%
51%
12
B&B Bagnolet (50% share)
Greater Paris
Construction
108 rooms
n.a
100%
8
2
6.3%
15%
2
Meininger Lyon Zimmermann
Lyon - France
Construction
169 rooms
n.a
100%
18
9
6.1%
32%
6
Marseille - France
Construction
211 rooms
n.a
100%
23
12
6.9%
0%
12
Greater Paris
Construction
84 rooms
n.a
100%
5
1
5.9%
24%
1
821 rooms
n.a
100%
102
48
6.4%
33%
32
1,516 rooms
n.a
100%
188
79
6.4%
56%
35
Meininger Munich Total deliveries 2018 Meininger Porte de Vincennes
Meininger Marseille B&B Cergy (50% share) Total deliveries 2019 and beyond Total Hotels in Europe 1100% 2 3
usable area excl. car park Total cost including land value & financial costs Yield on total rents including car parks, restaurants, etc.
FY 2017 RESULTS
75
MANAGED PIPELINE : €4.1 BILLION AT 100% & €3.0 BILLION GROUP SHARE Location
Project
Surface 1 (m²)
Delivery timeframe
Paris Rueil-Malmaison - Greater Paris Paris
Construction Regeneration-Extension Regeneration
50,000 m² 43,000 m² 26,700 m²
>2020 >2020 >2020
Canopée
Meudon - Greater Paris
Construction
49,300 m²
>2020
Omega
Levallois - Greater Paris
Regeneration-Extension
18,500 m²
>2020
Projects sorted by estimated total cost at 100%
France Offices
Cap 18 Rueil Lesseps Citroën PSA - Arago
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
Paris
Regeneration
13,200 m²
>2020
Montrouge - Greater Paris
Construction
24,500 m²
2020
Montpellier
Construction
35,700 m²
2018-2020
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
Philippe Auguste
Flow Montpellier Majoria (other buildings)
Gobelins Cœur d'Orly (bâtiment 2 - 50% share) Cité Numérique
Paris
Regeneration
4,900 m²
>2020
Greater Paris
Construction
22,600 m²
2019
Bordeaux
Regeneration-Extension
19,200 m²
2019
Italy
Total France Offices The Sign (buildings B & C) Symbiosis (other buildings)
388,800 m² Milan Milan
Regeneration Construction
German Residential
Berlin
Extensions & Constructions
c.145,000 m²
Hotels in Europe - Alexanderplatz
Berlin
Construction
c.150,000 m²
Total Italy Offices
Total 1
15,900 m² 90,000 m²
2019 2022
105,900 m²
789,700 m²
100% usable area excl. car park
FY 2017 RESULTS
76
Appendix Geographical breakdown of our activities
FRANCE OFFICES BREAKDOWN A €6.4 billion portfolio at 100% (€5.4 billion in Group Share) at end-2017
26% Western Crescent and La Défense
18% Inner Ring
7% Paris North-East
2% Outer Ring 12% Paris South
19 % Paris Center West
The strategic locations in Paris, the Inner Ring and the Major regional cities represent 94% of the portfolio
12% Major Regional Cities 4% Regions
FY 2017 RESULTS
78
ITALY OFFICES BREAKDOWN
A €3.9 billion at 100% (€1.7 billion Group Share1) at end-2017
Milan: a €1.1 billion1 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
1Offfices
FY 2017 RESULTS only; excluding Retail (non strategic)
79
GERMANY RESIDENTIAL BREAKDOWN
A €5.0 billion portfolio at 100% (€3.1 billion Group Share)
Berlin: a €2.8 billion1 portfolio focused on the best locations
at end-2017 9% Dresden & Leipzig 73% 6% Hamburg
Good location
6% Duisburg (NRW )
55% Berlin
10% Essen (NRW )
Prime location
22%
Average location
5%
Basic location
3% Mülheim (NRW )
7% Others (NRW )
3% Oberhausen (NRW )
Green area
Source: Engel & Völkers Residential
Assets at end-2016 Acquisitions 2017 Developments projects
1€1.7
FY 2017 RESULTS billion Group Share
80
HOTEL REAL ESTATE PORTFOLIO BREAKDOWN
A €4.8 billion hotel portfolio at 100%1 (€1.8 billion Group Share) at end-2017
33% Germany 33% Economic
10% Belgium
40 % France
45 % Midscale
14% Spain
22% Upscale
3% Others
1Hotels
FY 2017 RESULTS only. Proforma of the merger of FDM and FDM Management realized in January 2018
81
MERGER FDM-FDM MANAGEMENT: A TRANSFORMATIONAL DEAL TO MOVE PORTFOLIO UPMARKET & STRENGTHEN GROWTH PROSPECTS Foncière des Murs
Lease properties
1st shareholder: FdR (50%, limited partner)
FDM Management Merger of FDM with FDM Management in January 2018
Operating properties (franchise/management contracts)
A combined hotel portfolio of €4.8 bn3
1st shareholder: Foncière des Murs (40.7%)
1st shareholder: Foncière des Régions (42%)
> Portfolio: €3.5 bn1
> Portfolio: €1.3 bn2
> 44,445 rooms
> 346 hotels; 38,469 rooms
> 31 hotels; 5,976 rooms
> 18 operators partners / 28 hotel brands
> 17 operator partners / 24 hotel brands
> 4 operator partners / 11 hotel brands
48% of the value
40% of the value
17%
33% 75% of the value
14%
20% 11%
18%
10%
6%
2%
2%
2%
1%
1 Hotels
only, excluding stake in FDM Management; €1.5 bn Group Share 2 €0.3 bn Group Share 3 €1.8 bn Group Share
FY 2017 RESULTS
82
Appendix Grand Paris & Milan office markets
PARIS & GRAND PARIS OFFICE MARKET Ligne 17
RER C
RER B
Gennevilliers
Key figures Nanterre > 56 million m² of offices in the Greater Paris market
17 million m² in Paris
7.9 million m² in the Inner ring 18.7 million m² in the Outer ring
La Défense Ligne 15
Neuilly
Paris CBD
T2
Suresnes
M2 M1
Vincennes
M6
BoulogneBillancourt
Paris CBD
Issy-les-Moulineaux Montrouge
1,1 million m² in Paris 180,000 m² in La Défense
Clamart Vélizy-Meudon
M14
Charenton-Le-Pont Ivry-sur-Seine RER A
Arcueil
Paris West Paris South Paris North-East
Péri-Défense
284,000 m² in the Outer ring
RER D Vélizy-Meudon
ChatenayMalabry
> Vacancy rate 6.2%
Antony
2.9% in Paris
Neuilly Levallois
Rungis Orly
7.9% in la Défense 11.1% in the Western Crescent 5.8% in the Outer ring
Ligne 15
La Défense
RER C
Cachan
413,000 m² in the Inner ring
8.6% in the Inner ring
Bagnolet
Saint-Cloud
> Take-up of 2.6 million m² in 2017 (+8% vs 2016)
660,000 m² in the Western Crescent
Ligne 16
Aubervilliers
Clichy
Rueil-Malmaison
3.3 million m² in La Défense 9.2 million m² in Western Crescent
Saint-Denis
Asnières
South bend North bend 1st ring North
Ligne 18
1st ring East 1st ring South 2nd ring South FY 2017 RESULTS Sources: C&W, Immostat
84
MILAN OFFICE MARKET
> A stock of c.12 million m² of offices
78k sqm 6.8% 540 €/m²
17k sqm 6.3% 420 €/m²
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) > 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 4.7% 320 €/m²
117k sqm 16.1% 240 €/m²
FY 2017 RESULTS Sources: C&W; 1 €1.2 billion Group Share
85
Appendix Organization structure
ORGANIZATION CHART AT JANUARY 2018
Foncière des Régions
France Offices
52.4%
61.7%
Italy Offices
German Residential
(Beni Stabili)
(Immeo)
42%
Hotels in Europe (Foncière des Murs)
Consolidated subsidiaries
FY 2017 RESULTS
87
Contact Paul Arkwright Tel.: +33 1 58 97 51 85 Mobile: +33 6 77 33 93 58
[email protected]
Paris 30, avenue Kléber 75116 Paris Tel.: +33 1 58 97 50 00
