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Thursday 12 May, 2011



PR Newswire/Les Echos/

Paris, 11 May 2011, 5.45pm

                    Q1 2011 Revenues and business performance

                   Firm business trends in line with forecasts
                           Consolidated revenues up 14%

Retail property

  · Strong tenant revenues (up 2.3%), especially in large shopping centres and
    retail parks
  · Rental income stable at EUR40.8 million, with deliveries over the year
    offsetting the decline related to asset disposals and refurbishments 
    launched in 2010

Residential property

  · Net reservations stable at EUR246 million
  · Drop in individual buy-to-let investors offset by owner-occupiers and   
    block sales
  · Strong growth in percentage-of-completion revenues to EUR165 million (up
    34%), as well as in all financial indicators
Office property

  · Delivery of the "First" high-rise building (87,000 m2), France's largest
    HQE(r) [High Environmental Quality] construction project
  · First closing of Altafund, an office property investment vehicle with
    EUR350 million in capital, with a view to raising over EUR500 million

Unaudited figures at 31 March 2011



Tenant revenues(1)

   · Retail parks      +3.4%
   · Shopping centres  +1.7%
   · Overall           +2.3%
The retail parks held in the portfolio recorded another very strong revenues
increase during the quarter, which demonstrates the relevance of their "mass
market" positioning in an environment characterised by highly price sensitive
end consumers.

Concerning the shopping centres, the largest assets posted a particularly
healthy performance. Cap 3000 was among the top performers, and its commercial
potential has proven to be greater than forecast when it was acquired.

Rental income

The combined effect of asset disposals and refurbishments launched in 2010 was
offset during the quarter by the deliveries made during 2010 (Okabé, Le Due
Torri, Limoges Family Village) and the acquisition of Cap 3000 in June 2010.
Rental income was stable at EUR40.8 million (up 0.5%). The like-for-like 
growth was almost zero.


Trend in reservations

Net reservations remained stable at EUR246 million including VAT compared with
the first quarter of 2010. This overall trend is mainly due to different

   - Momentum in the Paris region (Ile de France), which accounted for 64% of
     sales (vs. 55% in the first quarter of 2010)

   - Growth in the number of owner-occupiers, who accounted for 69% of sales
     (vs. 42% in the first quarter of 2010) and a corresponding decline in 
     buy-to-let investors

   - Recovery in block sales, which accounted for 37% of sales (vs. 23% in the
     first quarter of 2010)

The introduction of the highly successful PTZ+ (first-time buyer) subsidies
partly accounted for the structure of sales during the quarter. This said, the
level of reservations remains highly dependent on the pace of marketing
launches, especially in the Paris region (Ile de France) where demand remains
strong. Outside the Paris region, certain markets slightly slowed down.

Across the country, buyers' property purchasing power seems to have reached a
plateau with the recent rise in mortgage rates, even though these continue to
languish at near-record low levels.

The backlog of new residential properties continued to rise, reaching close to
EUR1.4 billion excluding VAT or 28 months at 31 March 2011.

The residential pipeline grew by 12% compared with year-end 2010, representing
around 2 years of activity.

(1) Tenants' like-for-like revenues excluding the impact of extensions

Financial indicators

(EUR million)                                 Q1 2011     Q1 2010  % change
Net reservations (incl. VAT)                      246         244     +0.8%
Average price of sold units EUR               284,000  EUR225,000    +26.2%
Notarised sales (incl. VAT)                       253         206    +22.8%
Percentage-of-completion revenues (excl. VAT)     165         123    +34.1%
Backlog (1)(excl. VAT)                          1,431       1,395     +2.6%

(EUR million)                  31 Mar. 2011  31 Dec. 2010   % change
Properties for sale                  382            403       -5.2%
Future offer (land portfolio)      2,425          2,095      +15.8%
Residential property pipeline(2)   2,807          2,498      +12.4%


During February 2011, Altarea Cogedim delivered the 87,000 m2 "First" 
high-rise building, the first refurbishment operation on this scale to have 
received high environmental quality (HQE(r)) certification [" NF Bâtiments 
tertiaires - démarche HQE(r)"] and reached the Very High Energy Efficiency 
(THPE) level. For the design and construction of the "First" high-rise 
building, Altarea Cogedim also won the 2009 Grand Prix National de 
l'Ingénierie, as well as the "Best Refurbished Office Building" Award at the 
2011 MIPIM.

This delivery was the highlight of the first quarter of 2011 and accounted for
the very strong increase in deliveries by comparison with the first quarter of
2010 (nine-fold rise).

Altarea Cogedim Enterprise completed the first closing of Altafund, an office
property investment vehicle with EUR350 million in capital. The funds were
raised from top-tier French and international institutional partners. The
closing marks the beginning of a six-month period for the Group to find new
partners with a view to raising over EUR500 million. The investment vehicle 
will acquire land or existing office properties for restructuring and apply 
its expertise to create high-quality "core" assets with high environmental 
quality. These new properties will then be earmarked for sale in the medium 

(EUR million)                                  Q1 2011    Q1 2010
Take-up (incl. VAT)                                 0        117
Deliveries (net floor area, m2)                92,000     10,200
Backlog (excl. VAT)(3)                            178        194
Percentage-of-completion revenues (excl. VAT)      19       23.3

(1) The backlog comprises revenues excluding VAT from notarised sales to be
recognised according to the percentage-of-completion method and reservations 
to be notarised. Backlog at 31 December 2010 by comparison with the backlog at
31 March 2011.
(2) Potential revenues from projects for which an option is held on the land +
potential revenues including VAT on properties for sale 
(3) Backlog at 31 December 2010 by comparison with the backlog at 31 March


Altarea Cogedim's consolidated revenues grew by 14% during the first quarter 
of 2011 compared with the first quarter of 2010, mainly due to growth in
residential property development.

In EUR thousand               Q1 2011 Q4 2010 Q3 2010  Q2 2010 Q1 2010

Rental income                 40 779   42 828  40 700   40 283  40 585
Services to third parties      3 003    4 428   2 004    2 043   1 956
        Shopping centres      43 782   47 257  42 705   42 325  42 540

Property development for third parties
Revenues                     183 578 212 884  145 637  140 095 143 972
Services to third parties      1 611   4 430    3 089    4 443   2 343
     Property development 
	 for third parties   185 189 217 314  148 725  144 538 146 315

Residential property
Revenues                     164 413 195 121  133 502  126 144 122 644
Services to third parties        353     778      556    1 946     379
        Residential property 164 766 195 899  134 058  128 089 123 023

Commercial property
Revenues                      19 165  17 763   12 135   13 952  21 328
Services to third parties      1 257   3 652    2 532    2 497   1 964
        Commercial property   20 423  21 415   14 667   16 449  23 292

Recurring activities         228 971 264 571  191 430  186 863 188 856
Revenues                       1 432   9 355    2 973    4 586  11 758
Services to third parties        147     873      256    1 108     901
Non-recurring activities       1 579  10 228    3 228    5 694  12 659
Total revenues               230 550 274 799  194 658  192 557 201 515

Financial position

Net bank debt stood at EUR2,125.3 million at 31 March 2011 compared with
EUR2,054.5 million at 31 December 2010. This EUR70.8 million increase was 
driven primarily by growth in residential property.


"The first quarter of 2011 confirmed the outlook of double-digit growth
(assuming economic conditions remain the same) in our earnings, with 
residential property development providing the driving force this year. The 
initial benefits of the strategy repositioning in larger shopping centres and 
retail parks in the retail property segment are now showing up, with the full 
effect anticipated over the next three to four years. What's more, the group 
is well-equipped to seize any opportunities arising in the office property 
segment", said Alain Taravella, Chairman and Founder of Altarea Cogedim.

2011 Investor relations calendar
Publication of interim 2011 results: Friday 29 July (after the market closes) 
Annual General Meeting: Friday 17 June

About Altarea Cogedim - FR0000033219 - ALTA
Altarea Cogedim is a leading retail property investment and development group
active in all three main property markets: retail, office, and residential. It
has the skills and experience to effectively design, develop, sell, and manage
customised property assets in each of these markets. The Group's risk exposure
is aligned with its long-term vision, and it creates value by designing and
building attractive assets and by seizing profitable opportunities in the
property sector.
Altarea Cogedim operates in France and Italy and had a property portfolio 
worth EUR2.6 billion at 31 December 2010. Altarea is listed in Compartment A 
of NYSE Euronext Paris with a market capitalisation of EUR1.3 billion at 

Eric Dumas, Chief Financial Officer           
[email protected], +33 1 44 95 51 42
Nathalie Bardin, Group Communications Director	               
[email protected], +33 1 56 26 25 36	                  


Agnès Villeret, Analyst and Investor Relations
[email protected], +33 1 53 32 78 95

Aliénor Miens, Press Relations
[email protected], +33 1 53 32 84 77


This press release shall not constitute an offer to sell or the solicitation 
of an offer to buy Altarea shares. For more information about Altarea, please
refer to the documents available on the Group's website, This press release may contain forward-looking 
information. Although the Group feels that this information is based on 
reasonable assumptions at the time this press release was issued, this 
information is subject to inherent risks and uncertainties that may cause 
actual results to differ materially from those stated in or implied by this 
forward-looking information.

Q1 2011 revenues and business performance ALTAREA COGEDIM - Press release
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