2010 Full year results - Unibail-Rodamco

Unibail-Rodamco is investing in 2 towers in Levallois which will offer tenants efficiency and high quality just 5 minutes
from the Arc de Triomphe Charles de Gaulle Etoile in Paris. The towers are located just 50 meters apart.
SO Ouest Tower is on top of the shopping centre project and Courcellor 1 (offices and cinemas) is a 40,382 m² GLA tower
that is being extended and fully refurbished.
Unibail-Rodamco also invests heavily in the Paris-La Défense office market which has strong fundamentals with a low
6.0% vacancy rate (78% of these vacancies are concentrated in second-hand buildings). Vacancy rates should remain low
due to the lack of competition with few deliveries either in progress or to be expected. Finally, La Défense will benefit
from the huge potential embedded in the “Grand Paris” investments over the next 10 to 15 years.
Unibail-Rodamco continues to invest in office development projects on a counter-cyclical basis. Its strong balance sheet
enables it to finance its projects when development opportunities for other operations are constrained by a lack of
financing. The Group invests in undersupplied markets with strong demand and renegotiated the cost of land and
construction to improve return and limit risk.
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