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Investment > Private equity > ANF
ANF    | http://www.anf-immobilier.fr
France - Investment : 446 million euros (1) - 62.8 %
 (1) Based on the share price as of February 15, 2008, net of the allocated debt.

ANF
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Presentations

  B&B Hotels - November 2007 Investor presentation Octobre 2007


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anf
2009 Revenues
€65 million +10%*
* At a constant consolidation scope.
2009 Appraised value
€1,504 million of appraised value
NAV
€39.73 net asset value per share
Highlights of 2009
• New leases at “premium” rents.
• €55 million of disposals at appraised values (December 2008).
• Delivery of an Adagio service residence in Marseilles in Q4.
• Qualification for REIT status as of January 1, 2010.
• Reduction of overheads.
• Decrease in average cost of debt.
Economic conditions
The French real estate market was hard hit by the financial crisis, which limited investors’ resources. Investment fell sharply (50%) during the first half, and remained relatively stable during the second part of the year. Accordingly, the risk premium demanded by investors increased, resulting in higher yields and lower market values.

The housing rental market held up particularly well, thanks notably to continuing strong demand. Office rents in the Ile-de-France region fell sharply, while the provincial markets showed greater resilience.

Finally, the commercial market experienced great disparity, with city centers faring much better than neighborhoods further out. After all decisions regarding new locations were abruptly halted during the first half, they slowly began to start back up during the second.