Annual Report - BNP Paribas

2007 was characterised by the following major developments:
the acquisition of three shopping centres in Poland (Rybnik and Sosnowiec in
May and Lublin in July);
in July, the acquisition of the extension projects and the two Leclerc hypermarkets
bordering the existing shopping centres of Blagnac and Saint-Orens
(Toulouse), owned by Klépierre since 2004;
the three-for-one split on 3 September;
in September, the signing of an agreement to acquire the Corvin shopping centre
construction project in the heart of Budapest (Hungary) and the opening of a shopping
centre developed by Ségécé and located in the centre of Angoulême (France);
the strengthening of Klépierre’s capacity to fi nance its investments via a
seven-year syndicated loan for an amount of EUR 1 billion.
After three years of sustained gains, Klépierre’s share price, like that of all listed
companies in the real estate sector, suffered from a sharp correction in
2007 amidst the less favourable economic and fi nancial conditions that have
prevailed since the summer fi nancial crisis.
BNP Paribas
Principal
Investments
BNP Paribas Principal Investments includes BNP Paribas Capital and
Listed Investment and Sovereign Loan Management.
BNP Paribas Capital
BNP Paribas Capital manages the Group’s proprietary portfolio of unlisted
investments outside of the banking sector.
This portfolio had an estimated value of EUR 3.9 billion at 31 December 2007
and is split into four segments:
directly held strategic investments;
directly held minority stakes;
investments in funds;
joint investments made simultaneously with funds or institutional investors.
In 2007, the main disposals concerned the interests in Bouygues Telecom,
Vivarte and Elis. The Group forged ahead with its investments in private equity
funds and its joint investments alongside these funds.
Listed Investment and Sovereign Loan Management
The Listed Investment and Sovereign Loan Management unit has two functions.
Its overall mission is to derive the greatest possible value from its assets over
the medium term. This perspective clearly differentiates the business from a
trading activity.
The Listed Investment Management team is in charge of BNP Paribas’ portfolio
of minority stakes in listed companies.
Sovereign Loan Management’s mission is to restructure sovereign loans through
the London Club and to manage the portfolio of emerging market sovereign
debt, such as Brady bonds, Eurobonds and restructured loans.
BNP Paribas Annual Report 2007 /////// Klépierre – BNP Paribas Principal Investments
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