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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
| Description | Presentations |
Press releases

 06/05/2010 1st Quarter 2010 Revenues
 22/03/2010 Full Year 2009 Results
 10/02/2010 2009 Revenues
 09/12/2009 Compliance with SIIC regulation
 13/11/2009 First 9 months 2009 revenues
 28/08/2009 1st Half 2009 Results
 13/08/2009 1st Half 2009 Revenues
 13/05/2009 1st Quarter 2009 Revenues
 30/03/2009 2008 Results
 12/02/2009 2008 Revenues
 12/11/2008 Q3-08 - Strong growth in revenues
 28/08/2008 1st Half 2008 results
 13/08/2008 1st Half 2008 Revenues
 01/07/2008 Acquisition of a B&B hotel property
 16/05/2008 1st Quarter 2008 Revenues
 04/02/2008 2007 Revenues
 28/01/2008 40% increase in its portfolio value
 31/10/2007 ANF: closing of B&B premises acquisition
 23/10/2007 ANF : Success of the capital increase
 18/10/2007 ANF, launch of a capital increase. The documentation filed with the AMF is available in the French Regulated Information section of the ANF web site
 29/08/2007 ANF: 1st Half 2007 results
 23/09/2005 ANF - 1st Half 2005
 06/07/2005 Sale of ANF shares (press release in french only)
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.