AFFINE (EPA:IML) Les Jardins des Quais: Affine consolidates its presence in Bordeaux

Transparency directive : regulatory news

19/12/2013 17:40

Paris, 19 December 2013, 05:40 p.m.

      Les Jardins des Quais: Affine consolidates its presence in Bordeaux

Affine has just acquired the 50% stake held by its Belgian subsidiary Banimmo in
the SNC Les Jardins des Quais joint venture, in which it already held 50% of the
capital. Les Jardins des Quais operates a 25,000 sqm. complex of retail outlets
and offices located on the banks of the Garonne River, quai de Bacalan and quai
des Chartrons, on the edge of the Bordeaux city centre.

This internal reallocation of Les Jardins des Quais shares within the Affine
group strengthens its long-term position in a dynamic regional large town. The
transaction also provides Banimmo with rapid access to the financial resources
required to implement the new developments that are currently pending while
generating a good return on its initial investment.

The retail areas on the ground floor, which contain over 70 mid to upmarket
brands (mainly personal and household goods), have the particularity of hosting
the only Quai des Marques factory outlet in a city centre. The appeal of the
outlet concept, compounded by its location in a touristic and recreational
district with over ten restaurants and bars and the embankment walk, make it a
favourite outing destination for the city's residents.

The growing success of Les Jardins des Quais, which has a 97% occupancy rate,
can be explained, aside from its relevant commercial offering, by:

8 the easy access to public transport with 3 stops on the tramway B line, or
by car with a parking lot for 632
cars,

* the opening in March 2013 of the new Chaban-Delmas bridge, which provides
direct access from the right
bank,

* the development perspectives of the next Mixed Development Zone "Bassins à
Flot".

The transaction was completed on the basis of the fair value of the property
complex at the end of June 2013, of around EUR51m, confirmed by a buy offer
received by the company which could not be completed within the planned time
frames. For Affine, the transaction represents 25% of its three-year investment
budget. Its impact on the EPRA earnings will be limited, since the asset is
already 75% consolidated under the equity method, but its full consolidation
will allow the recognition (for the full year) of an additional rental income of
more than EUR4m. The transaction will also raise the occupancy rate of the
Affine property holdings at 31 December 2013 by nearly 1%.

Furthermore, Les Jardins des Quais has arranged a EUR30m property leasing
agreement with a consortium
comprised of Généfim and Locindus, to ensure the refinancing of the works
carried out on the property complex.

ABOUT AFFINE GROUP

Affine is a property company specializing in commercial property. At the end of
June 2013 Affine owned 60 buildings with a total value of EUR571m inclusive of
taxes, and a total surface area of 504,000 sqm. The company owns office
properties (60%), retail properties (14%) and warehouses and industrial premises
(26%). Its activity is distributed more or less equally between Ile-de France
and the other French regions.

Affine is also the reference shareholder of Banimmo, a Belgian property
repositioning company with activities in Belgium and France, and of which Affine
holds 49.5%. The firm owns 21 properties in office and retail properties worth
EUR396m. The two companies jointly own the Jardins des Quays in Bordeaux.
Finally, It also has a 99.9%-owned subsidiary Concerto European Developer
specializing in logistics development operations.

Total Group assets are EUR994m.

In 2003, Affine opted for the French real estate investment trusts (SIIC)
status. The Affine share is listed on NYSE Euronext Paris (Ticker: IML
FP/BTTP.PA; ISIN code: FR0000036105) and admitted to the deferred settlement
system (long only). It is included in the CAC Mid&Small, SIIC IEIF and EPRA
indexes. Banimmo is also listed on NYSE Euronext Brussels. www.affine.fr

CONTACT
INVESTOR RELATIONS            PRESS RELATIONS
Frank Lutz                    Watchowah - Didier Laurens
+33 (0)1 44 90 43 53 -        +33 (0)6 85 38 03 62 -
frank.lutz@affine.fr          didier.laurens@watchowah.com

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14/12/2018 18:00

AFFINE (EPA:IML) Les Jardins des Quais: Affine consolidates its presence in Bordeaux

Transparency directive : regulatory news

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