VITURA (EPA:VTR) Financial information – Third quarter 2012

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13/11/2012 17:45

Press release

Financial Information - 3rd Quarter 2012

Paris - November 13, 2012, 5:45 pm

                           CeGeREAL - Turnover Up 10%

CeGeREAL is a property company specialized in acquiring and managing very high
quality office properties let to first-class tenants. When combined with
moderate leverage, this pure-player positioning allows the Company to offer a
high yield on investments in France's selective prime office property market.

  Turnover

Turnover on an IFRS basis for the first nine months of 2012 amounted to
EUR34.1 million. The 10% year-onyear increase was mainly attributable to the
active marketing of the Arcs de Seine property after renovation work was
completed in January.

Rebilled expenses, primarily made of rebilled charges and taxes, are up by 20%
over the period thanks to a higher occupancy rate.

Turnover from Europlaza and Rives de Bercy was up by 6.6% and 3.9%
respectively, led by indexed rent uplifts and an increase in related income.

Rental income for the nine months on an IFRS basis totaled EUR27.8 million, up
7% on the year-earlier period. The overall occupancy rate currently stands
at 84%.

                                      Q3      Q3      9 months  9 months
In thousands of euros (w/o VAT)*    2012    2011   %    2012      2011     %

Rents                              9 534   8 652  10%  27 802    25 866    7%
Rebilled expenses to the tenants   2 198   1 691  30%   6 319     5 274   20%
Turnover                          11 732  10 343  13%  34 120    31 139   10%

* The consolidatedfinancial statements for the nine months ended September 30,
2012 were subjected to an interim review by the auditors.

  Third quarter highlights

Asset management: a very active quarter leading to significant value creation

1. Sustained strong marketing of the HQE Exploitation-certified Arcs de Seine
   property

Two existing tenants extended their leases during the period:
  - Boursorama, the market leader in online financial information in France,
    decided to lease the entire first floor of building A, representing an
    additional 2,800 sq.m.
  - Huawei, a leading global information and communications technology
    solutions provider, signed a lease on the first floor of building B,
    representing 1,300 sq.m.
The 16,000 square meters of office space still available have attracted
significant interest and discussions are underway with several potential
tenants.

As of today, since its delivery at the beginning of the year, nearly two-thirds
of the Arcs de Seine complex are let, B and C buildings being fully let.

2. A face-lift for the Europlaza staff restaurant

The design and renovation of the multi-employer staff restaurant carried out
this summer by the architects Citti was completed on time to welcome the 1,300
regular users among the building's office workers. The new foodservices area is
a contemporary, comfortable environment, offering themed dining rooms, a salad
bar, a lounge and other amenities, with excellent acoustic properties.

Phased refurbishment of the shared meeting rooms, which are in constant demand,
is now set to begin, with completion scheduled for the end of the year.

As of September 30, 2012, the building boasted a 94% occupancy rate.

3. Launch of the Go Green program

In order to enhance and sustain the value of its assets, CeGeREAL has decided
to launch environmental audit and obtain environmental certifications at all
the properties in its portfolio.

The program has already led to the Arcs de Seine complex obtaining
"HQE Exploitation" certification from Certivéa on June 21 for the site's High
Environmental Quality and the pre-audit phases are about to be launched at the
Europlaza and Rives de Bercy properties.

Financing: EUR400 million, 3.40% fixed-rate loan obtained

The Company has decided to keep the loan-to-value ratio at 47%, in line with
its guidelines capping the ratio at 50%.

A EUR400 million five-year loan was obtained on July 26 from a pool of four
banks, the proceeds of which will be used to repay various existing loans in
mid-November.

The basic interest rate was set in October, enabling the Company to benefit
from the historically low market base rate of 0.90%. The final interest rate
will be 3.15%, plus a 0.25% risk premium for as long as the portfolio's overall
occupancy rate remains below 90%.

This new fixed rate is considerably below the initial rate of 4.15%.

The hard covenants are unchanged:
   - The loan-to-value ratio may not exceed 70%.
   - Interest cover (ratio of finance costs to net rental income) must be at
     least 1.5x

                                     - - -

Investor calendar

- November 23-24:     Meetings with private shareholders at the Salon
                      Actionaria investor fair at Palais des Congrès (Paris).
                      As in prior years, CeGeREAL invites shareholders to come
                      and meet members of management.
- February 15, 2013:  2012 annual results announcement (before the stock
                      market opens)

About CeGeREAL (NYSE Euronext Paris - Compartment B - CGR)

CeGeREAL is a REIT-style property company ("SIIC") that invests in very large
prime office properties. Its portfolio currently comprises three office
buildings located in the inner suburbs of Paris. The portfolio's appraisal
value, as estimated by independent valuers BNPP RealEstate as of June 30, 2012
was EUR860 million (excluding transfer costs).
www.cegereal.com

Media Relations                       Investor Relations
Aliénor Miens /+33 (0)1 53 32 84 77 / Raphaël Tréguier /+33 (0)1 42 25 76 36 /
alienor.miens@citigate.fr             info@cegereal.com

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