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Thursday 18 February, 2010



PR Newswire/Les Echos/

Press release                                      Paris, 15 February 2010


        Very robust business performance in all asset classes in 2009
                   Revenues maintained at EUR940 million

* Very strong growth in rental income from shopping centres: +21%
* Very sharp increase in residential reservations, back above pre-crisis levels:
  +59% in value relative to 2008
* An active year in offices property: take-up of EUR140 million

Outlook for 2010

* Retail property: continuation of the investment plan and arbitrage of mature
* Residential property: backlog at end-December up from 13 to 19 months'
  revenues, indicating strong revenue growth in 2010 and 2011
* Offices property: continuation of property development activities and
  strengthening operations by becoming a dedicated office property investment 
  fund operator during the cyclical trough

According to Alain Taravella, Chairman and Founder:

"ln 2009, Altarea Cogedim confirmed the relevance of its business model,
relating to its presence in all property classes. Subject to constant economic
conditions, Altarea Cogedim should see significant growth in its main indicators
in 2010."

Altarea Cogedim, a REIT focused in shopping centres and multi-product developer,
has reported a very robust full-year performance in 2009 in each of its three
markets (retail, offices and residential).

1. Shopping centres: strong growth in rental income, with acceleration in
performance in the second half of 2009 (+21%) 

Rental income rose by +21.3%, mainly as a result of high-yield properties being
brought into service in 2009 that were 100% let on opening (Wagram, Lyon-Carré
de Soie and Crêches-sur-Saône). These openings represent GLA of 53,000 m2 and
will generate rental income of EUR14.2 million over the full year.

                                                         2009         2008
Tenants' revenues(1)                                    -1.6%         -0.9%

Tenants' occupancy cost ratio(2)                         9.5%          9.0%

Non-performing loans(3)                                  2.9%          3.5%

Rental income                                           153.5        126.6%
          % change 2009 vs. 2008                       +21.3%

On a like-for-like basis, rental income rose by +3.8% thanks to indexation and
the Asset Management business.

Retail parks (Family Village) saw revenue growth of +4%, confirming their
commercial positioning and concept that is particularly well suited to families
and price-conscious customers.

2. Residential property development: very sharp increase in reservations

The Group's residential property business, with the Cogedim brand, saw
significant acceleration with take-up of close to EUR890 million.

Cogedim's reservations rose by +59% in value relative to 2008 and notably by 33%
relative to 2007, which was a record year for the industry. In terms of the
number of lots, reservations rose by 80% relative to 2008 and 45% relative to

With coverage of all of France, focusing primarily on the Paris region and the
eight largest regional cities (around 50% of the French population), Cogedim's
market share in new homes has grown since it was acquired by Altarea, from
around 2.4% in 2007 to 3% in 2008 and over 4% in 2009(4) (by number of lots). In
value terms, the company's market share has increased even more significantly.

In 2009, the backlog rose from 13 months' revenues to 19 months.

On the basis of the sharp increase in residential reservations in 2009, Cogedim
can be expected to see strong revenue growth in 2010 and particularly in 2011,
with the start of building works on 4,400 homes by Cogedim in 2010, i.e. 50%
more than in 2009.

(1) Percentage change like-for-like (same-store basis)
(2) Ratio of rents and costs charged to tenants to revenues generated by the
    retailer. Figures for properties in France only
(3) As a percentage of rental income
(4) Market volumes provided by FNPC (Quarterly reports). Total 2009 sales
    estimated at around 105,000 lots.

                                        2009     2008     % change      2007
Number of lots sold                    4,345    2,417      +79.8%      2,996
Reservations (EURm, incl. tax)             887      557      +59.3%      668

Notarised revenues (EURm, incl. tax)       720      536      +34.3%      771

Percentage-of-completion revenues (EURm, 546,1    591,7       -7.7%    506,8(5)

Backlog(6) (EURm, excl. tax)               872      623      +40.0%      727

3. Offices property development: an active year (take-up of EUR140 million
excluding tax)

In 2009, Altarea Cogedim recorded take-up of EUR140 million excluding tax for
various development projects or as delegated project manager, despite the very
severe decline in the investment market, in a market that remained flat relative
to 2008. The Group also completed eight office properties representing a total
net floor area of 150,000 m2.

                                                    2009     2008     % change
Take-up (EURm, excl. tax)                           140      409       -58.4%

Completions (net floor area, m2)                 150,000   68,000     +120.6%

Backlog (EURm, excl. tax)                          103.0    161.7      -19.6%

Total revenues (EURm, excl. tax)                   152.1    174.1      -12.6%

4. Stable accounting revenues in 2009

Taking account of revenues generated as part of the proprietary property
development business(7), the Group's accounting revenues remained stable at 
EUR940 million. Revenues recognised according to the percentage-of-completion 
method in 2009 reflected the decline in take-up in residential property in 2008.

(5) Includes one year's contribution from Cogedim.
(6) The backlog comprises revenues excluding tax from notarised sales to be
    recognised according to the percentage-of-completion method and reservations
    to be notarised.
(7) Revenues from non-recurring activities constitute primarily off-plan sales
    attached to development projects.

            (EURm)                     2009         2008         % change
Rental income                        153.5        126.6          +21.3%
External fees                          8.1          6.7          +21.2%
Shopping centres                     161.6        133.3          +21.3%

Percentage-of-completion revenues    546.1        591.7           -7.7%
External fees                          3.0          3.2           -8.5%
Residential development              549.1        594.2           -7.7%

Percentage-of-completion revenues    138.6        147.9           -6.3%
External fees                         13.4         26.2          -48.6%
Commercial property                  152.1        174.1          -12.6%

Total recurring activities           862.8        902.3           -4.4%

Percentage-of-completion revenues     75.4         39.3          +91.7%
External fees                          1.4          3.9          -64.6%
Non-recurring activities              76.8         43.3          +77.6%

Total Group revenues                 939.6        945.5           -0.6%

5. Investment and development

In 2009, Altarea Cogedim invested EUR235 million in the development of new
shopping centres and carried out arbitrage of EUR110 million of retail assets
(including Espace Saint-Georges in Toulouse, the sale of which will be notarised
in early 2010).

Altarea will continue with its investment plan in 2010, taking a dynamic and
secure approach. New investment projects have been controlled, in particular the
project of Villeneuve-la-Garenne in the north-west of Paris with net floor area
of 86,000 m2. Other projects in the Altarea pipeline are making satisfactory
progress in terms of both administrative approvals and pre-letting. As these new
investments are made, mature standing assets could be sold in 2010 in order to
maintain the Group's major balance sheet ratios and benefiting from investors'
renewed interest in retail assets.

In residential property, Cogedim is continuing with its dynamic strategy while
maintaining a secure approach, with definite lettings before committing to each
development project. If economic  conditions are maintained, the Group plans to
launch 84 development projects representing around 4,700 units in 2010.

In Offices property, Altarea Cogedim is still the leading property developer for
major institutional investors and is continuing with its policy of services in
delegated project management, property development agreements and off-plan
sales. In addition, the Group intends to strengthen its business model by
operating investment vehicles built with major international investors with the
aim of investing primarily in high value-added office property developments in
the Paris region during the cyclical trough.

6. Outlook: controlled and secured growth

In an uncertain climate due to the economic crisis and the risk of rising
interest rates, Altarea Cogedim will continue with its policy of controlled and
secured growth. On the basis of its business performance in 2009, Altarea
Cogedim will see very strong revenue growth in 2010.

About Altarea Cogedim
Altarea Cogedim is a REIT focused in shopping centres. The company develops
property in all asset classes, including shopping centres, offices, housing and
hotels. The strength of Altarea Cogedim's business model lies in its ability to
offer local authorities global and innovative urban development solutions
comprising shops, offices, hotels, housing and public amenities.

At the end of June 2009, Altarea Cogedim's shopping centre portfolio was worth
EUR2.4 billion, representing annualised gross rental income of EUR156 million.
The office and residential property development business, exercised under the
Cogedim brand, enhances the total yield on property investment activities with a
controlled level of risk.

Next events
* 2009 full-year results                                15 March
* Launch of Okabe, in Kremlin-Bicêtre, Porte d'Italie   24 March
  First shopping centre offering a high level of environmental added value

Analyst and investor contact
Eric Dumas
Chief Financial Officer
T: + 33 1 44 95 51 42
[email protected] 

Press contacts 
Nathalie Bardin               Valérie Jardat
Head of Communications        Côté Jardat
T: +33 1 56 26 25 36          T: + 33 1 41 05 94 10
[email protected]          [email protected]

2009 revenues and business performance ALTAREA COGEDIM - Press release -
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