Download the 2009 annual report in PDF format - ANF

To return the buildings to their former glory, ANF has undertaken
high-quality façade renovation. Since 2005, 57 properties with
façades of 34,000 square metres have already been restored. The
level of security offered by ANF refl ects modern-day requirements:
secure, card-operated entry systems, double entry security doors in
lobbies, and video or interphone. In the case of residential properties
(1,366 apartments, 100,000 square metres), 200 units were rented
on the open market in 2009 at an average of €12.07per square
metre per month.
The high vacancy rate in residential properties (23,400 square metres)
represents a major value creation store for ANF.
Most of this is located in the mid-section of rue de la République
(segment 2). As the other owners have started to renovate their
properties, it should prove easier to cut the vacancy.
ANF has undertaken the renovation of a block (7,200 square
metres) located in section 2 of rue de la République (between place
Sadi Carnot and boulevard des Dames). Following work that should
last between 6 to 8 months, the Company will have converted
big apartments into small apartments targeted in particular at
students. The additional rental income (included in potential for rent
increases) stemming from the renovation of this block will be around
€1.15 million.
As of December 31, 2009, 35,163 square metres in residential
leases were scheduled to expire by 2013 and are leased at an
average of €7.12 per square metre. These leases ultimately
represent potential additional rental income of €1.6 million. ANF has
met its commitments to the city; 100 social housing units having
thus been completed and fully rented with services comparable to
those of housing units rented on the open market. As regards the
DESCRIPTION OF THE BUSINESS
Marseilles at the heart of the Euroméditerranée project
�
Contents
offi ce space (30,000 square metres), rue de la République benefi ts
from the draw of Euroméditerranée, with continued high demand
for spaces between 150 and 1,000 square metres. Accordingly,
effective vacancy (excluding work and rotation) is almost nil. The
rent levels are wholly in line with the market average.
As of December 31, 2009, 7,862 square metres in offi ce leases
were scheduled to expire by 2013 and are leased at an average
of €121 per square metre. They ultimately represent potential
additional rental income of €0.3 million. The retail redevelopment of
rue de la République is at the heart of ANF’s strategy in Marseilles.
This is an ambitious urban regeneration and renewal project for a
street whose retail fortunes had deteriorated substantially.
The marketing of the Vieux-Port – Sadi Carnot section made it
possible to install high-profi le French and international chains
such as H&M, Desigual, Mango, Hylton, Vertbaudet, Sephora,
Sinéquanone, Celio, Esprit, Du Pareil Au Même, Triumph, Planet
Jogging, Tally Weijl, Optic 2000 not to mention Temps des Cerises
rue de la République. Crocs and H&M Kids opened in 2009.
Starbucks plans to open its fi rst coffeehouse in Marseilles in H1
2010.
In addition, ANF will push forward with this marketing policy by
undertaking restoration work in section 3 of rue de la République
(between boulevard des Dames and place de la Joliette) as well as
Pavillon-Vacon (located at place du Général de Gaulle).
As of December 31, 2009, 10,883 square metres in retail leases
were scheduled to expire by 2013 and are leased at €155 per
square metre. At a conservative assumption of €350 per square
metre when renewing the leases, these leases ultimately represent
€2.1 million in potential additional rental income.
ANF • 2009 ANNUAL REPORT
17
OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF OF THE BUSINESS