Download the 2009 annual report in PDF format - ANF

ANF’s goal is to maintain the high quality of its real estate assets.
To achieve this, lobbies and stairways are regularly upgraded.
ANF has also acted ahead of the regulatory deadlines as regards
the upgrading of all its elevators. Finally, façade renovation work
continued in coordination with Architecte des Bâtiments de France,
with the whole façade at 48-50 rue de la République being renovated
in 2009, bringing the total number of properties renovated since
2005 to 25.
In the case of residential properties, ANF’s 436 apartments
(33,000 square metres) are currently rented or undergoing work.
There are no apartments on the market.
ANF continued its programme of residential renovation work,
involving 44 apartments. The 6,400 square metres re-let in 2009
command an average rent of €12.44 per square metre, in line with
the average Lyons market rent of €11 per square metre (source:
Jones Lang LaSalle). This price should be set against the average
rent of €10.30 per square metre for the apartments with leases
expiring by 2013. At December 31, 2009, 8,630 square metres
in residential leases were scheduled to expire by 2013, ultimately
representing potential additional rental income of €0.1 million. ANF
also continued work on 39 social housing units.
There is strong demand for ANF’s 30,000 square metres of offi ce
properties in a much sought-after area, with the unique setting
of the Presqu’île infl uencing rent levels. In fact, a large number of
companies are looking for Haussmann-style properties in the heart
of the city centre area, attracted both by image considerations
and the activity of the area. The average surface area of offi ces
marketed by ANF is around 158 square metres, mainly rented
to private practitioners. This strong demand has meant that it
DESCRIPTION OF THE BUSINESS
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Lyons at the heart of the old city
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has been possible to keep market rents between €220-€250
per square metre (before VAT and expenses) for air-conditioned
renovated units. Average rents for new lets in 2009 for ANF were
€221 per square metre (before VAT and expenses).
As of December 31, 2009, 11,190 square metres in residential leases
were scheduled to expire by 2013 and are leased at an average
of €135 per square metre (before VAT and expenses), ultimately
representing potential additional rental income of €0.7 million. The
average market rent is over €200 per square metre (before VAT
and expenses). Rue de la République is the leading retail location
in Lyons and still enjoys very strong demand. The vacancy rate
is non-existent and the turnover rate minimal (5% annually). For
its 25,000 square metres of retail premises, ANF has developed
a replacement strategy that favours the installation of stores that
draw pedestrians. Following a fi rst Starbucks in 2007 and Monop’
in 2008, Esprit and a second Starbucks opened in 2009.
Rue de la République, with revenue of over €200 million, is the
leading retail thoroughfare in Presqu’île, far ahead of rue Edouard
Herriot and rue Victor Hugo (source: JLL and CBRE). As of
December 31, 2009, 11,636 square metres in retail leases were
scheduled to expire by 2013, ultimately representing potential
additional rental income of €3.2 million. As part of its lease renewal
policy, ANF has always sought a balanced solution for both parties.
Although legal action did have to be taken in some cases, ANF’s
approach has generally been confi rmed. Rue de la République
market values are between €700 and €2,300 per square metre in
zone A (source: Jones Lang LaSalle).
In 2010, ANF will continue to actively participate in strengthening
the attractiveness of rue de la République.
ANF • 2009 ANNUAL REPORT
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OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF OF THE BUSINESS