2001 Annual Report - Unibail-Rodamco

Recycling capital
through acquisitions
and disposals
The Office Division successfully pursued its strategy
of disposing of property assets once most of their
value has been released. The realised capital is
recycled into assets with greater potential for the
future. In this context, Unibail disposed of four floors
of the Maine Montparnasse tower (Paris 15) and the
building located at 7 rue Saint Georges (Paris 9).
At the end of 2001, the Group signed two other
‘sales undertakings’ covering the ‘La Chocolaterie’
building in Levallois and 23 avenue de Messine (Paris 8).
Sound expertise in major property
development projects
The highlight of 2001 was the successful completion
of Cœur Défense (see below). By end-December
2001, 94% of this complex had been let to leading
multinational groups.
Works on Cité du Retiro, a 21,200 m 2 project overlooking
30 rue du Faubourg Saint-Honoré in Paris 8,
progressed on schedule. Under the terms of a lease
signed in February 2000, the Cartier group will
relocate its headquarters to this building during the
second half of 2002.
In October 2001, Unibail acquired the former EDF
headquarters for € 183 million.This 80,000 m 2 office
complex is located in the heart of Paris 8, between
Headquarters of Pechiney, Paris 16
>Avenue Montaigne, Paris 8
The acquisition of the current Euronext headquarters
for € 115 million was the main investment transaction.
This 16,900 m 2 office property was renovated in
1991 and is located in rue Cambon (Paris 1), close to
the Madeleine and Place de la Concorde in central
Paris.A lease was signed in 1997 with an average rent
of € 364 per m 2 which offers over 50% reversionary
potential.
avenue de Messine, rue de Monceau and rue Murat.
The building is due to undergo a major renovation
project between now and 2005.
Cœur Défense
This 182,000 m 2 office complex was completed in
May 2001. By year-end 2001, leases had been signed
with nine prime tenants : AXA Investment Managers,
Cap Gemini-Ernst & Young, CCF-HSBC, Crédit
Lyonnais, ING, PeopleSoft, Microsoft, SIFF-Energies
(EDF Group) and Société Générale.
Under an agreement with its partners, Bouygues and
Gothaer, Unibail increased its stake in this property
from 78% to 100% at the beginning of 2002.
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