Consolidated balance sheet

ASSETS - In thousand euros	31/12/07	31/12/06	31/12/05*
Intangible assets	6,508	284	60
Investment properties	1,983,689	1,998,580	114,356
Tangible assets under construction	33,076	4,437	3,788
Other tangible assets	70,204	397	2,191
Loans and long-term receivables	189	187	2,014
Other financial assets	4,390	1,781	-
Total non current assets	2,098,056	2,005,667	122,409
Property held for sale	166,525	-	1,093
Net trade and other receivables	64,898	54,372	4,712
Restricted cash	4,318	8,281	-
Cash and cash equivalents	105,755	33,871	5,699
Total current assets	341,496	96,524	11,504
TOTAL ASSETS	2439,552	2,102,191	133,913

LIABILITIES - In thousand euros	31/12/07	31/12/06	31/12/05*
Share capital	369,463	287,198	23,243
Share premium	272,311	160,669	2,872
Consolidated reserves	116,089	8,226	1,715
Consolidated net profit	136,830	105,403	4,911
Minority interests	-	-	-
Shareholders' equity	894,693	561,495	32,740
Shareholder loan	33,478	31,250	8,500
Non current loan borrowings	1,256,083	1,378,074	80,003
Deposits and pledges received	20,657	19,416	3,033
Other borrowings	18,449	18,622	1
Deferred tax liabilities	-	10,388	-
Corporation tax payables	4,786	760	-
Total non current liabilities	1,333,453	1 458 510	91,537
Current loan borrowings	14,561	30,638	6,035
Current borrowings related to properties held for sale	126,554	-	-
Trade and other payables	67,203	50,855	2,665
Corporation tax payables	3,088	693	936
Total current liabilities	211,406	82,186	9,636
TOTAL LIABILITIES	2,439,552	2,102,191	133,913