AFFINE (EPA:IML) Affine sells a portfolio of warehouses to CORELOG, the TwentyTwo Real Estate and Massena Partners' new OPPCI logistics platform

Transparency directive : regulatory news

02/11/2015 18:00

Paris, 02 November 2015, 6:00 pm

Affine sells a portfolio of warehouses to CORELOG, the TwentyTwo Real Estate and
Massena Partners' new OPPCI logistics platform

Affine has completed the sale of a portfolio of five warehouses to the OPPCI
CORELOG for a total consideration of EUR42.2m.

CORELOG is an OPPCI (French private REIT) dedicated to investments in logistic
and industrial properties and has recently been set up by TwentyTwo Real Estate
and Massena Partners on behalf of a common investment vehicle. This acquisition
was financed with a mortgage debt facility provided by the bank CA-CIB. The
OPPCI is managed by Swiss Life REIM. Scaprim Services has been appointed as
asset manager and property manager of the portfolio and announces the
recruitment of Armand Sueiras as responsible for logistic investments.

The portfolio sold includes logistics platforms located in Bussy-Lettrée (51),
Maurepas (78), Saint-Etienne Molina (42), Saint-Cyr-en-Val (45) and
Saint-Germain-Lès-Arpajon (91).
Taking into account the two platforms recently sold in Buchères, Affine will
have made EUR67.3m in sales in the logistics sector over recent weeks, at prices
in line with the fair values at the end of June 2015. These buildings generate a
rent of EUR6.6m per annum.

The three transactions resulted in a significant decrease in Affine's LTV
(loan-to-value) ratio, which has dropped from 50.8% to 45.3%, and have boosted
the group's ability to seize market opportunities in order to make new
investments which will restore its rental volume. The negative impact on the
EPRA earnings (net current profit - group share) should amount to around EUR3.8m
on a full-year basis, i.e. EUR0.6m for 2015. The group has confirmed its
intention to offer a dividend of EUR1 per share for the 2015 fiscal year.

This transaction is fully in line with Affine's arbitrage strategy aimed at
refocusing its assets and achieving balanced development between Paris
Métropole and the major regional cities it targets (Bordeaux, Lille, Lyons,
Marseilles, Nantes and Toulouse) in offices and retail premises.
Based on information validated on 30 June, Affine's new assets after the three
transactions comprised 60% office properties, 25% retail properties and 15%
warehouses and industrial premises. The occupancy rate, headline gross yield and
annualised headline rents would be 86.4%, 6.7% and EUR34.2m respectively.

For TwentyTwo Real Estate, this transaction and, in a broader sense, the
creation of this new logistics platform alongside Massena Partners, is part of
its strategy to significantly develop its real estate investment activities.

In this transaction, the OPPCI Corelog was advised by SCAPRIM Asset Management,
Arthur Loyd Asset Management, the legal firm Archers, the notary office Allez &
Associés and Swiss Life REIM; CA-CIB was advised by the legal firm Fieldfisher
Waterhouse and the notary office Ginisty. The notary office for the seller was
Haussmann Notaires.

ABOUT THE AFFINE GROUP

Affine is a real estate company that specialises in commercial property. At the
end of June 2015, it directly owned 55 buildings with a total value of EUR570m,
excluding transfer taxes, for a total floor area of 528,500 sqm. The firm owns
office properties (53%), retail properties (22%) and warehouses and industrial
premises (25%). Its assets are distributed more or less equally between Ile-de
France and the other French regions.

Affine is also the major shareholder (49.5%) of Banimmo, a Belgian property
repositioning company with operations in Belgium and France. At the end of June
2015, Banimmo had total assets of 21 office and commercial buildings, with a
value of EUR384m (transfer taxes included).
Total Group assets are EUR988m (including transfer taxes).

In 2003, Affine opted for French real estate investment trust (SIIC) status.
Affine's shares are listed on NYSE Euronext Paris (ticker: IML FP/BTTP.PA; ISIN
code: FR0000036105) and eligible for the Deferred Settlement Service (long
only). It is included in the CAC Mid&Small, SIIC IEIF and EPRA indexes. Banimmo
is also listed on NYSE Euronext.

To find out more: www.affine.fr. Follow our news thread on:
https://twitter.com/Groupe_Affine

CONTACT
INVESTOR RELATIONS
Frank Lutz
+33 (0)1 44 90 43 53 - frank.lutz@affine.fr

PRESS RELATIONS
RPpublics - Alexandra Richert
+33 (0)1 45 23 55 01 - alexandra.richert@rppublics.com

ABOUT TWENTYTWO REAL ESTATE

Founded by Daniel Rigny in 2012, TwentyTwo Real Estate is a privately-held
independent real estate firm that specialises in real estate investments, asset
and property management in Europe. Based in London, Paris and Luxembourg,
TwentyTwo Real Estate has completed real estate investments valued at
EUR1.7 billion.
www.twentytworealestate.com

SCAPRIM SERVICES, the subsidiary of TwentyTwo Real Estate, specialises in real
estate services in France and offers a full range of services dedicated to the
management of real estate assets on behalf of institutional clients. SCAPRIM
SERVICES manages EUR7.1 billion in assets, including 1,200,000 sqm of commercial
properties and circa 18,000 housing units. SCAPRIM SERVICES operates throughout
France through 16 offices employing a total staff of 170.
www.scaprim.com

ABOUT MASSENA PARTNERS

Massena Partners is an investment firm created 25 years ago by Frank
Noël-Vandenberghe, advising private and institutional investors for their
wealth and investment management. Massena Partners invests in all asset classes
and has specific know- how in non-listed assets: private equity, private debt
and real estate. Massena Partners currently manages over $2.5 billion, including
$1 billion in non-listed assets. Massena Partners employs a total staff of 50
based in Luxembourg, Paris, London, Geneva and Montevideo. The firm is 100%
owned by its partners.
www.massenapartners.com

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AFFINE (EPA:IML) Affine sells a portfolio of warehouses to CORELOG, the TwentyTwo Real Estate and Massena Partners' new OPPCI logistics platform

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