2010 Full year results - Unibail-Rodamco

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IMPROVING PARIS OFFICE MARKET Vacancy in the Paris Region office market (1) • A 15% rise in office space take-up vs. 2009 for a total 2.16 Mn m² • Stable vacancy rate overall with discrepancies between areas 10.0% 5.0% 0.0% 9.1% 8.6% Ca. 3/4 of Unibail-Rodamco's French office exposure (2) 5.6% 6.0% Average Paris region: 6.8% • Brokers see prime rents going up again (1) • "Certain future supply" continues to come down Prime rents €/year/m² 1000 800 600 400 200 0 1 st Northern outskirts 1 st Southern outskirts Paris CBD Paris CBD: rents and vacancy rate (3) La Défense Vacancy rate (%) 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Prime rents €/year/m² Vacancy rate 36
The Paris market accounted for 43% of the take-up in France; the Paris Central Business District (CBD) performed particularly well with a transaction volume of over 420,000 m², a year-on-year increase of 60%. The small space segment (less than 1,000 m²) accounted for almost half of space transacted in 2010. But this year also saw the return of transactions above 5,000 m² with 8 transactions for a total of 76,500 m² (versus 3 transactions of 25,000 m² in 2009). Vacancy rates are low in Paris CBD (Central Business District) at 5.6% and La Défense at 6.0%. Second-hand buildings account for most of the available supply (78% in La Défense and 80% in Paris CBD) due to a shortage of new deliveries. Demand for office space remains diversified in terms of sectors, with the financial, industrial and public sectors accounting for 16%, 26% and 12% of 2010 take-up respectively. In the CBD, prime rents are rising (1) and have reached more than 734€/m² per year representing an 11% increase since the beginning of the year. On the other hand, second-hand rents have been at the same level since 2007. This price gap is widening, as the growing appetite of occupiers for new efficient and sustainable office space is at the expense of less functional „classical Parisian‟ buildings. The prime rent in La Défense went up to 511€/m² although this is based on very few deals at the end of 2010. (1) Source: CBRE Q4 2010 market view (2) Based on valuations at December 31, 2010, including transfer taxes (3) Source: BNP RE At a Glance and CBRE Market View 37
Page 1 and 2: 2010 Annual Results Back to growth
Page 3 and 4: DISCLAIMER Unibail-Rodamco S.E., a
Page 6 and 7: FULL-YEAR 2010 FINANCIAL RESULTS in
Page 8 and 9: ASSET VALUES UP AGAIN IN 2010 in
Page 10: OUTPERFORMING OPERATIONAL RESULTS L
Page 13 and 14: Total consolidated shopping centres
Page 15 and 16: Despite the impact of bad weather i
Page 17 and 18: Focusing on the French portfolio, w
Page 19 and 20: Unibail-Rodamco‟s shopping centre
Page 21 and 22: Unibail-Rodamco has been very activ
Page 23 and 24: Dynamic leasing activity, especiall
Page 25 and 26: Large shopping centres continue to
Page 27 and 28: La Maquinista was extended by 16,14
Page 29 and 30: Donau Zentrum was extended by 25,87
Page 31 and 32: Lyon Part-Dieu was extended by 14,9
Page 33 and 34: Another successful innovation in 20
Page 35: Mobile applications are becoming an
Page 39 and 40: The office division in France perfo
Page 41 and 42: The environment remained challengin
Page 44: A STRATEGY PERFECTLY TAILORED TO FI
Page 47 and 48: There is a strong appetite from inv
Page 49 and 50: Unibail-Rodamco is focusing its att
Page 51 and 52: On July 15, 2010, Unibail-Rodamco f
Page 53 and 54: Unibail-Rodamco is focusing on larg
Page 56 and 57: A UNIQUE DEVELOPMENT PIPELINE ACROS
Page 58 and 59: SIGNIFICANT INCREASE IN DEVELOPMENT
Page 60 and 61: MAJOR ACHIEVEMENTS IN 2010 (1) Coun
Page 62 and 63: 50% OF JUMBOS TO BENEFIT FROM MASSI
Page 64 and 65: DELIVERING UNIQUE PROJECTS IN A LOW
Page 66: CHOOSING PRIME LOCATIONS IN PRIME C
Page 69 and 70: Construction works at Badajoz start
Page 71 and 72: Through the plan for “Grand Paris
Page 73 and 74: Unibail-Rodamco is investing in 2 t
Page 76 and 77: A SOUND FINANCIAL STRUCTURE AFTER D
Page 78 and 79: LOW COST OF DEBT SECURED FOR THE NE
Page 80 and 81: DISTRIBUTION • For 2010 fiscal ye
Page 82: OUTLOOK Täby Centrum - Greater Sto
Page 85 and 86: (1) Compound annual growth rate 85
Page 88:
2010 Annual Results Carré Sénart
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2010 Full year results - Unibail-Rodamco

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