ALTAREA (EPA:ALTA) - ALTAREA COGEDIM BOLSTERS ITS INVESTMENT CAPACITY IN OFFICE PROPERTY

Transparency directive : regulatory news

01/03/2011 11:04

Press release                                         Paris, March 1rst, 2011

    Altarea Cogedim bolsters its investment capacity in office property

Altarea Cogedim Enterprise announces the first closing of an office property
investment vehicle with EUR35 0 million of equity capital. The funds were raised
from top-tier French and international institutional partners. This closing
opens a six-month period for the Group to bring additional partners with a view
to raising over EUR500 million.

It is currently the largest investment vehicle dedicated to office property in
the Ile-de-France region. Ultimately, it will have an investment capacity of
EUR1 billion including debt, which will make it a major player in its market.
The investment vehicle will acquire land or existing office assets for
restructuring. The aim is to use the Group's expertise to create high-quality
"core" assets with significant environmental value. These new properties will
then be earmarked for sale in the medium term.

Altarea Cogedim Entreprise owns a 20% interest in the vehicle and is also its
managing partner. With a controlled LTV of around 50%, the Group's risk profile
will remain unchanged.

Alain Taravella, Altarea Cogedim's Chairman and Founder, said:
"By endowing itself with a very large amount of capital for office property at a
good time in the cycle, Altarea Cogedim Entreprise, lead by Stephane Theuriau,
is strengthening and expanding its ability to operate in a strategic market for
our Group, ranging from third-party project management contracts and property
development contracts to proprietary investments. This approach, which is
inspired by leading North American developers and combines first-class real
estate expertise with financial strength, is unique in France. It lays the
foundations for the Altarea Cogedim Group's strategy of expansion in office
property."

Altarea Cogedim Enterprise was advised by Morgan Stanley on the structure of the
investment vehicle and the placement with institutional investors.

About Altarea Cogedim Entreprise

Altarea Cogedim Enterprise is an integrated office property company with
presence in the Paris region and in the provinces of France. It is a major
player in complex refurbishments projects such as the Tower First development,
the largest HQE(r)-certified (reflecting its high environmental quality) project
in France, which received the Grand Prix National de l'ingênierie prize in 2010,
a Pierre d'Or award in February 2011 and has been nominated for the 2011 Mipim
Awards.
During 2011, Altarea Cogedim Enterprise is set to deliver 171,000 sqm in space
in the Ile-de-France region and French provinces, with 144,00 sqm HQE(r)-
certified.

About Altarea Cogedim

Altarea Cogedim is a leading property group. As both a retail property investor
and a developer, it is the only group active in all three principal segments of
the property market, i.e. retail, residential and office, in which it boasts the
expertise to design, develop, let and manage customised property products. With
risk exposure tailored to its long-term vision, the Group's approach to value
creation is predicated on the design and construction of its products, enabling
it to seize the best opportunities in the real estate sector.
With market capitalisation of EUR1.3 billion, Altarea Cogedim has an asset
portfolio worth EUR2.6 billion. With operations in France and Italy, Altarea is
listed in Compartment A of NYSE Euronext Paris.

Press contacts:
Nathalie Bardin                         Valerie Jardat
Head of Communications                  Agence Cote Jardat
T.: +33 1 56 26 25 36/06 85 26 15 29    T: +33 1 41 05 94 10/06 12 05 18 35
bardin.n@altarea.com                    valerie.jardat@cote-jardat.fr

Press release - Altarea Cogedim bolsters its investment capacity in office
property

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ALTAREA (EPA:ALTA) - ALTAREA COGEDIM BOLSTERS ITS INVESTMENT CAPACITY IN OFFICE PROPERTY

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