The revaluation of the operating portfolio in 2008 amounted to -5.4% in comparison with the value at year-end 2008 before revaluation.
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The value of the total French portfolio increased from € 1,730 million at year-end 2007 to € 2,083 million at year-end 2008. 81.4% of the total portfolio was invested in shopping centres and shops, 15.6% in offices and 3.0% in industrial premises. Acquisitions were completed for a total of € 465.6 million. Investments were made in both the pipeline and the portfolio to a total of € 56.3 million and one property was sold for € 3.0 million.
The revaluation (including sales results) for 2008 amounted to € 166.0 million negative, equivalent to -7.4% (2007: 13.8%) compared with the book value at year-end 2008 before revaluation.
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The value of the French retail portfolio increased from € 1,337 million at year-end 2007 to € 1,697 million at the end of the year under review. The French retail portfolio consists of 23 retail properties with a total gross lettable floor area of 364,100 m2, including two supra-regional centres, four regional centres, three large centres, two small centres, two retail parks and five centres in inner-city locations. Acquisitions were completed for a total of € 434.0 million; € 63.7 million was invested in the portfolio and the pipeline and an individual retail unit in Bobigny was sold for € 3.0 million. In addition, the value of the French retail portfolio was written down by € 135.6 million.
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The French offices portfolio increased in value from € 320.9 million at year-end 2007 to € 325.1 million at the end of 2008.
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The value of the French industrial portfolio fell from € 72.1 million at year-end 2007 to € 61.6 million at the end of 2008, due to value write-downs totalling € 10.7 million. No acquisitions or disposals were completed in the portfolio and investments were virtually nil. The write-down of 14.8% on the book value before revaluation at year-end 2008 was due chiefly to a limited increase in rents in combination with higher yield requirements. The main reductions in value were at ZAC du Perou in Massy, due to the expiry of the lease in 2010, and at Paris-Sud-Brétigny in Brétigny as a result of a notice of termination by a tenant in December 2008.
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