ALTAREA (EPA:ALTA) - ALTAREA COGEDIM RAISES €600 MILLION FOR ITS OFFICE PROPERTY INVESTMENT VEHICLE

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25/11/2011 16:51

Press release                                             25 November 2011

ALTAREA COGEDIM RAISES EUR600 MILLION FOR ITS OFFICE PROPERTY INVESTMENT
                                  VEHICLE

Altarea Cogedim announces the final closing of its office property investment
vehicle. Following an initial closing of EUR350 million in March 2011, AltaFund
reached EUR600 million in total equity commitments. AltaFund brings together
top-tier French and international institutional investor partners including,
inter alia, pension funds and sovereign wealth funds from the Pacific area.

AltaFund will eventually have discretionary investment capacity of over EUR1 .2
billion including leverage, making it one of the largest dedicated office
property funds in the Paris region. It will acquire land or existing office
assets to be repositioned and will apply its know-how in creating core assets of
high quality and meeting high environmental standards, with the aim of selling
them in the medium term.

Altarea Cogedim Entreprise has committed EUR100 million in the fund and is also
the general partner.

Alain Taravella, Chairman and Founder of Altarea Cogedim, comments:
"Being oversubscribed at EUR600 million, AltaFund demonstrates the Group's
ability to form a strong partnership with prestigious investors in line with our
values of leadership, sustainable development, technological innovation, real
estate expertise and rigorous financial management. Having been raised in a
climate of uncertainty, AltaFund is the first fund of such scale managed by a
French real estate operating company. It shows the adaptation of the Group's
business model to the office property sector, as both a real estate operator and
an investor, as this is already the case in retail property."

Stéphane Theuriau, Chairman of Altarea Cogedim Entreprise, adds:
"This EUR600 million fund provides AltaFund with a strategic tool in the current
climate. When the time comes, we will be able to respond to the shortage in high
quality new properties and growing demand for existing properties meeting new
environmental requirements. Thanks to its commitment into AltaFund, the office
property business should increase its contribution to the Group's profits in the
medium term. It will enable us to enhance our operating capacity so far limited
to third-party project management services, real estate development contracts
and forward sales."

Altarea Cogedim Entreprise was advised by Morgan Stanley for the private
placement of the fund with investors, and by Clifford Chance and Pardieu Brocas
Mafféi for the legal and tax structuring of the fund.

About Altarea Cogedim Entreprise

Altarea Cogedim Entreprise, developer of the First tower, is an integrated
office property company operating in the Paris region and the provinces of
France. It is a key player in complex redevelopment projects meeting high
environmental quality standards. The Altarea Cogedim Group's specialist
subsidiary has created some of the most impressive commercial properties in
Paris, combining technological innovation, user-friendliness and high
environmental standards. Its services range from assistance in project
management to off-plan sales, as well as turnkey rental projects.
During 2011, Altarea Cogedim is set to deliver around 170,000 sqm of offices and
hotels, of which 144,000 sqm are 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 operations in France and Italy, Altarea Cogedim had an asset portfolio
worth EUR2.7 billion at 30 June 2011. Altarea is listed in Compartment A of NYSE
Euronext Paris with a market capitalization of EUR1 .2 billion at endNovem ber
2011.

Press contacts:
Nathalie Bardin                          Valérie Jardat
Head of Communications                   Côté Jardat
T: +33 1 56 26 25 36/33 6 85 26 15 29    T: + 33 1 41 05 94 10/33 6 12 05 18 35
nbardin@altareacogedim.com               valerie.jardat@cote-jardat.fr

Investors contact:                       Acquisition contact:
Laurian DOUIN                            Jocelyn de VERDELON
Office investment COO                    Acquisition director
T : +33 1 44 95 58 05                    T : +33 1 56 26 28 62
ldouin@altareacogedim.com                jdeverdelon@altareacogedim.com

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ALTAREA (EPA:ALTA) - ALTAREA COGEDIM RAISES €600 MILLION FOR ITS OFFICE PROPERTY INVESTMENT VEHICLE

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