Enhanced portfolio

At 31 December 2007, the portfolio held by Compagnie la Lucette was assessed at €2.392 million, up from €2.126 million a year earlier. The 13% increase stemmed primarily from:

• The acquisition in April 2007 of the Atrium building located in Paris' 12th district. The lease with the tenant, the French Ministry of Finance and Economy, was successfully renewed in December 2007, for a period of nine years, including six firm years;
• The off-plan acquisition of a 17,500-sqm office building located in Clichy. Delivery is scheduled for 2009;
• The like-for-like growth in portfolio value resulting exclusively from a rents increase. Thegrowth in portfolio value was strengthened by the signature of a sales commitment withpreconditions for the River Plaza building at a price 7% above the asset's appraisal value.
  

The French commercial real estate market in 2007 was marked by a strong rise in prices followed by a correction. The group has been very selective when making acquisitions during this year. Of the 50 projects examined by Compagnie la Lucette's development and acquisition team, three off-market development projects were signed in Paris and the Paris area, in addition to the acquisition of the Atrium building.