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5.6 History
Important events in the development of the
Company’s business
The Company as it exists today grew out of the transfer to ANF of
property activities from companies which have now been dissolved.
Following these transfers, ANF’s business changed completely, so
that it is now devoted exclusively to property asset management.
a) Origins of the Company’s property business
1854: Rue Impériale de Lyon, a limited company (société
anonyme) is founded, and is responsible for the opening of
Rue de la République, which was called Rue Impériale at
the time.
1878: Société Immobilière Marseillaise is founded, bringing
together the property companies involved in the
development of the cut through from Vieux-Port to La
Joliette.
1965: The partners of Lazard Frères & Cie acquire control of Rue
Impériale de Lyon.
1967: Rue Impériale de Lyon makes a successful bid for Société
Immobilière Marseillaise.
Between 1967 and 2002: At the same time as operating their
real estate assets, Rue Impériale de Lyon and its subsidiary,
Société Immobilière Marseillaise, gradually diversifi ed
their area of business by establishing a programme of
disposal and reinvestment, devoting part of their cash
to the purchase of shares and the holding of strategic
investments. Through this policy, over the years the two
companies became shareholders in Eurafrance which took
the name Eurazeo in 2002 following the merging of its
subsidiary Azeo (formerly called Gaz et Eaux).
2002: Rue Impériale de Lyon absorbs its subsidiary, Société
Immobilière Marseillaise, and is renamed “Rue Impériale”.
2004: Eurazeo, the company that grew out of the merger of
Eurafrance and Azeo, absorbs its parent company, Rue
Impériale, and its real estate assets.
2005: Eurazeo acquires 93% of ANF from Finaxa, a member of
the AXA group, and transfers its property assets to ANF.
2006: On April 28, ANF opts for the SIIC regime, with retroactive
effect to January 1, 2006.
2007: On October 31, ANF buys a portfolio of 159 hotel properties
in France operated by Groupe B&B Hotels under the B&B
and Villages Hôtel brands, for €471 million.
2008: On April 11, 2008 ANF purchases four property complexes
and nine co-ownership premises in Lyons for €18 million.
This purchase in particular enabled ANF to control almost
all the Haussman-style properties on the Place de la
République.
OTHER GENERAL INFORMATION
Other information concerning the Group’s business and organisation
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Development of the partnership with B&B.
Pursuit of investments in Lyons and Marseilles.
Administrative approvals were obtained for all the projects
in Marseilles and for the Mansardes project in Lyons.
2009 ANF sold nearly €50 million in assets in Lyons and Marseilles
as part of its asset rotation policy.
Five B&B hotels were purchased for €20 million.
Investments continued in Lyons and Marseilles as did the
fi nancing of work on certain B&B Hotels.
b) Important events in ANF’s development
Contents
ANF, originally named “Ateliers de Construction du Nord de la
France”, was founded in 1882.
In the fi rst half of the 20th century, ANF assisted the country’s
industrial development by building equipment for the establishment
and operation of railways, trams and other means of transport, and
through the production of viaducts, bridges and various machines.
This industrial activity was followed by a period during which ANF
became a holding company.
When AXA acquired the Providence group, which owned 26% of
ANF, ANF joined the AXA group scope. At the end of 1986, AXA
owned 45% of ANF’s capital through its subsidiary Finaxa, which
was then a holding company with a portfolio of industrial and
property assets, including fl oors of the Tour Aurore in the district
of La Défense.
In 1990 various market transactions with investors and AXA
subsidiaries took Finaxa’s shareholding in ANF to 93%. Following
the sale of Financière des Terres Rouges (Rivaud group) and 32% of
Compagnie du Cambodge in 1997 (a listed company of the Rivaud
group), ANF’s assets were limited to AXA shares and six fl oors of
the Tour Aurore building.
In October 2004 the fl oors of the Tour Aurore were sold. ANF’s
assets at the time amounted only to cash and fi nancial assets (AXA
shares in particular).
In May 2004 Eurazeo absorbed its parent company, Rue Impériale,
and absorbed the Company’s real estate assets, thus diversifying its
assets under management.
Following the merger and absorption of Rue Impériale in May 2004,
Eurazeo decided to reorganise its property division.
To promote the expansion of this property business, Eurazeo
decided to turn the division and the relevant assets into a listed
subsidiary with all the resources needed for full operation of its
assets and would therefore be able to opt for the SIIC regime. It was
against this background that Immobilière Bingen, a 99.9%-owned
subsidiary of Eurazeo, acquired Finaxa’s stake in ANF on March 24,
2005. At the time, this stake represented 95.45% of ANF’s capital
and 94.54% of the voting rights. On May 4, 2005, Eurazeo
transferred its entire property division to ANF.
ANF • 2009 ANNUAL REPORT
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OTHER GENERAL GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS