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.