GENERALI LAUNCHES 90,000 M² OF OFFICE SPACE IN LA DEFENSE

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Corporate real estate information letter N°145 - Tuesday 17th October 2006

	On the following pages: all information on corporate real estate. GENERALI LAUNCHES 90,000 M² OF OFFICE SPACE IN LA DEFENSE

Generali kicks off the plan to renovate La Défense promoted by the EPAD. The insurer has just announced the launch of a new tower with 90,000 m² of office space. The project was designed by architects Valode et Pistre, chosen based on an international competition, and will be realized by Vinci Immobilier. The new tower will be built on the foundation of the Iris building, a 12,000 m² unit that will be destroyed. The investment will be approximately €500 M.
"The lean silhouette of the Generali Tower will be a new feature in the skyline of La Défense. Its shape and location will contribute to the urban requalification of the pedestrian pavement and the circular boulevard that the EPAD wanted," explains Generali, which fully intends to compete for the Signal tour project launched by Bernard Bled.
The investor, which has made the development one of the strategic axes of its investment policy, places its real estate project under the banner of sustainable development. "The innovative design of the structure and shell of the building, and the choice of construction equipment will combine the comfort of its users with a systematic effort to reduce energy consumption. The tower will also integrate renewable energy sources," describes Generali.
The Generali tower project is part of an endeavor to revamp the La Défense business area. Several towers are currently being built or restructured. Colony and Sitq have begun work on the tower T1, a 70,000 m² building. La Société Générale has placed the cornerstone of its Tour Granite, a 68,000 m² building that the company will occupy. Axa Reim has entrusted Cogedim with the restructuration of its tower - rechristened CB 31 - which will provide 87,000 m² of office space. And Unibail plans to launch 150,000 m² next to the CNIT. The EPAD should be able to meet its goal of developing 300,000 m² of office space and renovating another 150,000 m² by 2013.

Topics of the week

		THE INTERVIEW : NICOLAS SIMON, SENIOR VICE PRESIDENT OF CREDIT AGRICOLE ASSET MANAGEMENT REAL ESTATE (CAAM RE)
		LATEST NEWS : The CDC SELLS 7% OF ITS STAKE IN ICADE
		TRANSACTIONS : PARIS 17: CBRE INVESTORS ACQUIRES 6,000 M²
		INTERNATIONAL : AAREAL ASSET MANAGEMENT ENLARGES ITS PORTFOLIO


THE INTERVIEW		French version

NICOLAS SIMON, SENIOR VICE PRESIDENT OF CREDIT AGRICOLE ASSET MANAGEMENT REAL ESTATE (CAAM RE)
"CAAM RE has planned €300 M in investments this year"

The branch of Crédit Agricole specializing in real estate asset management is initiating a new policy, with the confirmed desire to rejuvenate its portfolios and consolidate its assets. In this effort, CAAM RE has launched an arbitration program of approximately €250 M, counterbalanced by an investment strategy covering some €300 M this year. In this meeting, senior vice president Nicolas Simon of CAAM RE details the company's asset management structure policy.

BusinessImmo: Tell us a little bit about CAAM RE.
Nicolas Simon: Nicolas Simon: "CAAM RE is the subsidiary of the Crédit Agricole group's Asset Management segment, specializing in real estate asset management. As of June 30, 2006, we are managing €2.4 billion of projects on behalf of 108,000 clients, spread across 17 funds. This places CAAM RE second among SCPI management groups in France."

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LATEST NEWS		French version

The CDC SELLS 7% OF ITS STAKE IN ICADE
FINANCE

The CDC sells 7% of its stake in Icade
The French Consignments and Loans Fund (CDC) has sold more that 6.5 million Icade shares, which is nearly 7% of its competitive real estate subsidiary’s capital and voting rights. This transaction was carried out by selling 3% of the capital through accelerated book-building, building a book from institutional investors at the price of €41.50 per share. The balance was sold in a block trade to Paris North Real Estate Fund Limited for 3.47% of the capital in return for €135 million and for 0.51% of the capital at Forum European Realty Income GP for €20 million. After this transaction, the CDC retained the majority of Icade, holding 64.7% of the capital and voting rights of its subsidiary. The private sale was carried out by Société Générale Corporate & Investment Banking.

Foncia Pierre Rendement raises €13.5 million
On April 3, 2006 Foncia Pierre Gestion, a subsidiary of the Foncia Group specialized in real estate investment trust management, launched a 3^rd capital increase for Foncia Pierre Rendement, a retail REIT. All 20,000 shares put on the market were purchased at a unit price of €675, raising a total of €13.5 million, allowing for the expected transaction closing.
Furthermore, Foncia is aiming to have Terreïs, its property management company specialized in commercial properties, listed on the stock exchange by next December. Its net asset value is €75 million.

PROPERTY

Meyer Bergman plans to bring SQY West into its new listed property investment company

The Meyer Bergman property fund, via its subsidiary MB Retail, submitted a takeover bid for the balance of shares for the company "Chaîne et trame." It already holds 92% following a block trade from the founders of the listed company. The offeror says, "Chaîne et Trame uses its equity to acquire, build, hold, and manage real estate for the purpose of leasing. It will invest mainly in shopping centers and shopping center projects and will be located either in France or in the European Union." In the short term, Meyer Bergman plans to bring 100% of SQY Ouest’s shares into Chaîne et Trame. SQY Ouest holds the shopping center of the same name in Saint-Quentin-en-Yvelines (Yvelines). The shopping center is developing 33,000 m² of retail space and recreational facilities as well as 1,100 parking spaces.

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TRANSACTIONS		French version

PARIS 17: CBRE INVESTORS ACQUIRES 6,000 M²
INVESTMENT
BUREAU

Paris 17 : CBRE investors acquires 6,000 m²
CB Richard Ellis Investors has acquired, from Klepierre, on behalf of the CB Richard Ellis Strategic Partners Europe II fund, and 6 000 m² 11 storey building mainly used for offices, situated at 138-144, boulevard Malesherbes in Paris 17 . This transaction, whose value has not been disclosed, was carried out by CB Richard Ellis.
With an investment capacity of 450 M€, CB Richard Ellis Strategic Partners Europe II is signing its 4^th acquisition in France. The fund is also finalising, the acquisition of a 22 000 m² tertiary property development in Brussels, and has acquired, as a VEFA future completion project, a 10,000 m² office building in Milan.

RETAIL

Immorente buys 40 shops from the Beryl footwear chain
Immorente, the leading French SCPI quoted property fund in shop premises with a capitalisation of 625M€, has just bought from the Beryl footwear chain, following a tendering process, a portfolio comprising about forty town centre stores (including 30 operated by Beryl). Mainly grouped in the North East quarter of the country, they correspond to prime locations, such as Place Kléber in Strasbourg, rue Saint Jean in Nancy or rue Neuve in Lille. The seller was advised by King Sturge and the Chevreux notaries office. The amount of the transaction has not been disclosed.
Immorente bought a portfolio of 36 agencies from Nouvelles Frontières two years ago.

Le Chesnay: Foncia Pierre Rendement invests €2.3 million
The real estate investment trust Foncia Pierre Rendement purchased a retail complex with a 700 m² gross floor area and 8 parking places situated at 84, rue de Versailles in Le Chesnay (Yvelines). The asset consists of 6 retail leases and yields an annual rent of €175,000 excl. tax and charges. The amount of the transaction was €2,316,000 excl. fees and lease rights, and it generates an initial net yield of 7%. In this transaction, Draco Partners acted on behalf of the seller and the purchaser as part of an exclusive brokerage contract.

Continuation...

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INTERNATIONAL		French version

AAREAL ASSET MANAGEMENT ENLARGES ITS PORTFOLIO
GERMANY

Aareal Asset Management enlarges its portfolio
Aareal Asset Management GmbH, subsidiary of Aareal Bank AG, has acquired a portfolio comprised of 1,400 residential units and 60 retail units for Geres SARL held by Aareal German Residential Fund. The seller, Allianz Immobilien GmbH, is a subsidiary of the Allianz Group. The portfolio will be managed by Deutsche Bau- und Grundstücks AG, a subsidiary of Aareal Bank, a specialist in residential portfolio management.
The fund has €800 million to invest and an approximate duration of 7 years.

BELGIUM

"Sicafi 2006": process suspended
The Belgium government had chosen Cofinimmo as real estate partner for "Sicafi 2006." However the decision to grant Cofinimmo the Belgian State's real estate services contract for the establishment of a new Sicafi has been suspended following a " subpoena to the State Council. " The property company said, " Cofinimmo has taken notice of the State Council’s subpoena and is waiting for the federal government’s decisions concerning the disputed procedure. "

SPAIN

Jones Lang LaSalle acquires areAZero
Jones Lang LaSalle has acquired areAZero, the leader in development in Spain. The company does business across Spain and employs 35 people based in Barcelona and Madrid. Its clientele is comprised mainly of large, local and international customers.

ITALY

Cordea Savills invests €105 million
Cordea Savills has acquired a portfolio of 27 assets, across 13 regions in Italy, for Italian Opportunities No. 1, a Luxemburg SOPARFI for institutional investors. The portfolio was sold by Beni Stabili for €105.6 million and is comprised of 25,763 m² of office and retail space.

UNITED KINGDOM

Atisreal enters the top 10
Atisreal, a BNP Paribas Immobilier subsidiary, is pursuing its European development strategy and acquiring 100% of Fuller Peiser, business property player in the United Kingdom. The new unit will be named Atisreal UK and will thus become the leading Atisreal subsidiary in Europe.
Fuller Peiser employs 220 people in 6 cities across the United Kingdom, and declared a gross annual turnover of £19.1 million (€28.3 million) in 2005.
traduction 26Atisreal UK will have 880 employees, in 11 cities throughout the United Kingdom: London, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Manchester, Newcastle, Sheffield and Southampton. It will produce an estimated gross annual turnover for 2006 of £83.2 million (€122.8 million). The company will be managed by a new team comprising managers from both companies: Greg Cooke, president and Mark England, Chief Executive, with Martin Coles, current Managing Partner of Fuller Peiser, who will join the board of Atisreal UK.

Beacon Capital Partners and Land Securities invest €741 million
Beacon Capital Partners LLC and Land Securities have created a 50/50 joint venture to build One New Change in London EC4. This €741 million development will create 52,024 m² of office and retail space (20,440 m² of retail) and will be designed by Jean Nouvel .

RUSSIA

Second Morgan Stanley investment
Morgan Stanley Real Estate has acquired about 15% of RGI International Limited, an active retail, residential, and business real estate developer in Moscow, for its Special Situations Fund III. This is Morgan Stanley’s second transaction in Russia.

SWEDEN

Niam Fund III invests €400 million in retail
Niam Fund III has acquired a large part of Acta Kapitalförvaltning’s retail assets. The 135,000 m² portfolio was acquired for €400 million. The assets are located in Stockholm and Lund.

Last letters of the real estate

		BUREAU : UN NOUVEAU RAPPORT DE FORCE DANS PARIS QCA Letter N°318 - Wednesday, September 1st, 2010
		LES SIIC AVANCENT DE SOLIDES RÉSULTATS SEMESTRIELS Letter N°317 - Wednesday, August 25th, 2010
		INVESTISSEMENT : DU CORE RIEN QUE DU CORE Letter N°316 - Tuesday, July 20th, 2010