First quarter 2018 activity

New strategic achievements, new acceleration of rental growth


 Sustained investment dynamic in major European cities 

  • Acceleration of developments in Milan: launch of The Sign, with 26,500 m² of office space, 35% pre-let
  • Growth of the development pipeline in Paris: asset rotation in Paris CBD
  • New reinforcement in Germany Residential with €195 million of acquisitions in Berlin, Dresden and Hamburg

 Good rental performance in Q1 2018, across all activities 

  • Positive trends on all our markets
  • Revenues Group Share: up 3.0% to €139 million at a like-for-like scope
  • Offices: acceleration in France and Italy with increases of 2.5% and 1.5% at a like-for-like scope
  • Germany Residential: strong growth of 5.1% at a like-for-like scope, of which 6.2% in Berlin
  • Hotels in Europe: up 3.0% at a like-for-like scope, boosted by a 5.0% increase in variable rental income

Contemplated merger with Beni Stabili: a major step forward in European strategy and Group simplification 

  • Reinforcement in major European cities: €1.7 billion increase in assets, mainly in Milan
  • Growth of the development pipeline: full consolidation of projects amounting to €690 million in Milan
  • Enrichment of client-centricity: expansion of Wellio in Milan, opening of a Meininger hotel
  • Accretive impacts of around +1% on EPRA Earnings and NAV per share, and improved capital market profile

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