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Banken for en verden i endring The bank for a ... - BNP Paribas

• klépierre / BNP Paribas principal investments

KLéPIERRE

A real estate investment company listed on

the Eurolist by Euronext Paris (TM) , Klépierre (1)

develops, owns and manages shopping centres

in ten European countries, mainly France,

Spain and Italy. Klépierre is continental Europe’s

2nd-largest listed property group specialised

in shopping centres, with a market capitalisation

of EUR 6.6 billion at 31 December 2006.

Its property assets totalled EUR 9.1 billion at

year-end, of which more than 89% consisted

of shopping centres with the remaining 11%

made up of offices in the Paris region. Over

40% of Klépierre’s business is conducted outside

France. Klépierre’s success in its shopping

centre activity is supported by the centralised

development and management capabilities

of its subsidiary Ségécé (2) , which is continental

Europe’s no. 1 manager of shopping centres.

Ségécé manages 342 shopping centres

– 236 of which belong to Klépierre – through

a network of eight subsidiaries. Klépierre also

owns and manages high quality office premises

located in Paris and its inner suburbs. Office

management is a secondary activity resulting

from strategic opportunities arising in the

course of market cycles. The Group has more

than 1,000 employees.

BNP PARIBAS

PRINCIPAL INvESTMENTS

BNp pARIBAS CApITAL

BNP Paribas Capital manages the Group’s proprietary

portfolio of unlisted investments as part

of a strategy designed to gradually scale down

the portfolio.

This portfolio had an estimated value of

EUR 5.0 billion at 31 December 2006 and is

split into four segments:

• non-banking strategic investments;

• directly held investments (primarily minority

interests) in manufacturing and sales companies

in France and abroad;

• investments in sponsored and unsponsored

funds;

• joint investments made simultaneously with

funds or institutional investors.

In 2006, the main disposals concerned the

investments in Power Corp. of Canada and

Ipsen. 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 actively manage assets with a view

to deriving the greatest possible value over the

medium term. The medium-term perspective

clearly differentiates this business from a trading

activity.

The Listed Investment Management team manages

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 credits.

23

2006

IN ACTIvITY

(1) Klépierre is 50.16%-held by BNP Paribas SA.

(2) Klépierre owns 75% of Ségécé’s capital, with the remaining 15% directly held by BNP Paribas SA. GROUP

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