ALTAREA (EPA:ALTA) - ALTA FUND CLOSES ON ITS FIRST ACQUISITION ON THE LEFT BANK IN PARIS

Transparency directive : regulatory news

27/07/2012 16:37

PRESS RELEASE
July 27, 2012

AltaFund closes on its first acquisition Boulevard Raspail, on the Left Bank in
                            Paris' 6th arrondissement

AltaFund, the office property investment fund managed and operated by Altarea
Cogedim, has made its first acquisition in the center of Paris' 6th
arrondissement. This office building, located at 128/130 Boulevard Raspail,
offers 9 900 sqm of lettable space and 220 parking units. In this transaction,
Crédit Agricole Immobilier ran a tender process and advised the seller, SCI
Raspail, a fully-owned subsidiary of Crédit Agricole S.A.

Designed and developed in the late 70s by Cogedim, this iconic property
benefits from the excellent public transportation network of the "gare"
Montparnasse hub (metro, tram and intercity rail) as well as from an ideal
location close to the Bon Marché department store and the famous Luxembourg
Gardens.

AltaFund's business plan is to heavily restructure the existing building while
keeping the initial design in order to create a remarkable property of
exemplary environmental quality. The building will enjoy HQE(r) Excellent and
BREEAM Excellent certifications, will achieve a BBC Rénovation label and will
be compliant with the Paris Climate Plan standards.

Franklin Azzi will be entrusted with the restructuring of the building. His
architect agency is famous for bringing a fresh aesthetic and innovative
approach to projects such as the renovation of the Saint-Sauveur train station
and the Tri Postal cultural center in Lille, as well as the deep transformation
of the Seine river banks in Paris, a UNESCO world heritage site.

The building permit will be filed in the fall of 2012, and work should start in
spring 2013, with completion expected for late 2014.

"This first acquisition is perfectly in line with the objectives we have set
for AltaFund. We want to create remarkable properties in prime locations
meeting the highest market standards in terms of environmental performance,
functionality and architecture. Once restructured, this Boulevard Raspail
building will undoubtedly attract a company seeking top quality headquarters in
the uprising Left Bank market" said Stéphane Theuriau, Chairman of AltaFund.

In the words of Alain Taravella, Chairman and Founder of Altarea Cogedim,
"AltaFund is the first fund of this size on the market to be managed by a
French property company. This vehicle gives concrete expression to the shift in
the office property strategy of the Group, confirming its dual vocation in this
sector as developer as well as investor, as this is already the case in the
retail property sector."

AltaFund was advised by Cheuvreux, Clifford Chance and Jeantet & Associés. SCI
Raspail was advised by Oudot Associés.

About AltaFund

AltaFund is an office property investment fund with EUR600 million in capital
raised from institutional partners in France and abroad. AltaFund thus has a
discretionary investment capacity of more than EUR1.2 billion, ranking it among
the leading office property investors in the Paris Region. Altarea Cogedim
Entreprise is one of the primary investors in this vehicle as well as its
general partner.
Altarea Cogedim Entreprise is the developer of the First Tower in La Défense
and the future head office of Mercedes Benz France. As a global commercial
property operator with a presence both in the Paris area and the major French
regions, it is also a leading player in the market for complex renovations with
high environmental quality. The specialist subsidiary of the Altarea Cogedim
Group has executed some of the most beautiful office buildings in Paris
combining technological innovation, comfort of use and high environmental
quality. It provides services ranging from project management to sales prior to
completion, and also provides turnkey rental properties.

About Altarea Cogedim

Altarea Cogedim is a leading property group. As both a commercial property
owner and developer, it operates in all three classes of property assets:
retail, residential and offices. It has the required know-how in each sector
required to design, develop, commercialize and manage tailor-made property
products. By acquiring RueduCommerce, a leader in e-commerce in France, Altarea
Cogedim became the first multi-channel retail property company.
With operations in both France and Italy, Altarea Cogedim had a shopping center
portfolio of EUR2.6 billion at December 31, 2011. Listed on section A of NYSE
Euronext Paris, Altarea had a market capitalization of EUR1.2 billion at
December 31, 2011.

For more information: www.altareacogedim.com

About Crédit Agricole Immobilier

Crédit Agricole Immobilier is a real estate player operating in four areas:
property development, property management, advisory services and property
valuation.

As a leading player on real estate markets throughout France, Crédit Agricole
Immobilier puts its expertise and experience at the service of individuals,
companies, local public authorities as well as institutional investors.

It operates on all property markets: residential, office, urban planning and
public amenities.

Key figures (at the end of 2011):
  * Net income: EUR28.7 million (+27.5%)
  * Net operating revenues: EUR134.4 million (+9%)
  * Sales from property development: EUR571.7 million
  * Rental income under management: EUR861 million
  * Surface area administrated: 2.8 million sqm
  * Assets under management: EUR2.1 billion

For more information: www.ca-immobilier.fr

Contacts:

AltaFund and Altarea Cogedim
Nathalie Bardin
Director of Communication, Altarea Cogedim
+33 1 56 26 25 36 / +33 6 85 26 15 29
nbardin@altareacogedim.com

CITIGATE DEWE ROGERSON
Nicolas Castex, Press relations
+ 33 1 53 32 78 88
Nicolas.castex@citigate.fr

Crédit Agricole Immobilier
Catherine Pouliquen
Director of Communication
+33 1 57 72 36 12
catherine.pouliquen@ca-immobilier.fr

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ALTAREA (EPA:ALTA) - ALTA FUND CLOSES ON ITS FIRST ACQUISITION ON THE LEFT BANK IN PARIS

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