2008 annual report part 1 : corporate - icade.fr · 2008 annual report part 1 : corporate investing...

2008 ANNUAL REPORT

Part 1 : Corporate

investing, developing, adding value, investing, developing, adding value, investing, developing, adding value, investing, developing, adding value, investing, developing, adding value...

• Icade in brief 1

• Message from the Chairman and

Chief Executive Officer 2

• Key asset-related figures 4

• 2008 key figures 6

• Executive Committee and management committees 8

• Governance 10

12

• A policy of sustainable property products 14

• Icade Awards 17

• Human relations: people at the heart

of sustainable development 18

20

– PROPERTY INVESTMENT 22

– Offi ces 24

– Shopping Centres and Shops 25

– Business Parks 26

– Public and Healthcare Amenities 28

– Housing 29

– PROPERTY DEVELOPMENT 30

– PROPERTY SERVICES 33

42

54

BUSINESSES

–

–

–

BUBUBUBUBUBUBUSINESS

SUSTAINABLE DEVELOPMENTSUSTAIAIAIAIAIAIAINANANANANANANANANANANANANANANANANANANANANANANANANANABLE DEVE

CONTENTSCONTENTSCONTEN

INVENTORY OF ASSETS

54 54 54 54 54 54 54

INVENTNTORORORORORORORORORORORORY OF A

54 54ORGANISATIONAL STRUCTURE 54 54 54

GANISATIONAL CTURE 54 54 54

11

PROPERTY INVESTMENT PROPERTY DEVELOPMENT PROPERTY SERVICES PROPERTY INVESTMENT PROPERTY DEVELOPMENT PROPERTY SERVICES

Icade | 2008 Annual report | Icade in brief

Icade in brief

€6,952MPortfolio value of property assets as at 31st December 2008 (+12%)

€101.6Liquidation revalued net asset value

per share (–6%)

35%Loan to Value

CARBON AUDIT

A fi rst for a property company…

A Carbon Audit, covering all of the

Property Investment, Property Development and Property Services businesses.

Its objective: to reduce CO2 emissions

by 10% in 3 years

€1,599MTurnover (+8%)

€447MOperating profi t (+34%)

€313MNet income (Group share)

excluding exit tax in 2007) (+18%)

€206MNet current cash fl ow (–8%)

SUSTAINABLE DEVELOPMENT

Icade’s commitment covers 4 priorities

– Defi nition of 6 exemplary projects

– Development of a sustainable

development label

– A company that is sustainable in its

daily activities

– Sustainable fi nancial engineering

STRATEGY

To continue arbitrage operations on:• housing, in the framework of the expansion of services in property investment; • mature offi ces, particularly in Germany, with a view to refocusing on the domestic

market in accordance with the SIIC statute;• services, within the framework of the organisation of the Group, by disposing

of activities which do not provide synergies with the rest of the Group.

To pursue the selective and opportunist commercial investmentsin a non-stabilised market by strengthening the Commercial Property Investment Division which provides better yields and cash fl ows. Furthermore, Icade shall examine its reinvestment policy according to the disposal of housing units.

After its fl otation in 2006, and the extension of the SIIC regime in 2007, the year 2008 will be remembered for the reorganisation by business and the continuation of Icade’s strategy to increase its focus on property investment. It is also characterised by the fi rst test of the developer REIT model, chosen to refocus the company on its founding busi-ness… and by the shock wave of the fi nancial crisis which is shaking the foundations of the entire property sector.

Icade, a resilient model

This fi rst life-size test is enabling us to check the rele-vance of our model and the legitimacy of our strategy which puts the emphasis on commercial assets.

As a property investment company, Icade is fi rst and fore-most a long-term investor. Our portfolio is varied (Offi ces, Business Parks, Shopping Centres, Public and Healthcare

Serge Grzybowski, Chairman and Chief Executive Offi cer of Icade.

Amenities and Housing) with various levels of maturity: the disposal of a residential asset at the peak of its cycle thus allows us to allocate resources to new secure invest-ments. Our moderate rate of indebtedness contributes to the good health of our balance sheet and to the consoli-dation of our leeway: today Icade seems to be one of the best-equipped property investment companies to face the uncertainties of tomorrow.

A developer by vocation, Icade also incarnates, in the eyes of a market racked by doubt, a dynamic player and speci-fi er, able to carry out appropriate arbitrage operations to control and boost its development activities, and an expert in creating tailor-made solutions.

With consolidated durability and a capacity to produce, the developer REIT model has all the necessary assets to adapt and act.

“The year 2008 will be remembered for the reorganisation

by business and the continuation of Icade’s strategy to

increase its focus on property investment.”

3

Icade | 2008 Annual report | Message from the Chairman and Chief Executive Offi cer

Icade arbitrates, invests and distributes

A listed property investment company (SIIC), in 2008 Icade continued to carry out arbitrage operations on mature assets, particularly in the residential sector, for the benefi t of commercial acquisitions selected for their security and potential cash fl ow.

More precisely, 5,164 housing units were sold for an accrued value of €299 million: 300 of these assets were sold individually, the others were sold in blocks, after invitations to tender launched with social housing estab-lishments. At the same time, the Commercial Property Investment business disposed of an offi ce building in Paris (rue de Mogador) for €51 million .

This infl ow of liquidity allowed us to make acquisitions in accordance with our selective investment policy, namely 13 new clinics, bringing the capacity of our healthcare assets to 3,200 beds. It also enabled us to commit to sev-eral large-scale projects: in particular the creation and leasing of the new head offi ce of LCL in Villejuif (€280 mil-lion of investment, 60,000 m²) and the development initia-tive under public-private partnership (PPP) of the future cité sanitaire in Saint-Nazaire (93,000 m²).

The pace of disposals should accelerate during 2009. These mainly concern the housing portfolio and, depend-ing on opportunities, some commercial assets, particu-larly in Germany, as well as service activities.

Icade is of course intent on reinvesting following an opportunist and prudent strategy, resolutely focused on commercial assets. This policy is accompanied by a con-stant concern to ensure a moderate level of debt. In this way, debt accounts for 35% of the value of assets as at end 2008.

Icade, a major player in urban development

Let’s bring the city to life! The ambition behind Icade’s motto could appear pompous; the diversity of our spheres of activity in all of the major fi elds of urban property develop-ment makes it credible and legitimate!

In fact, Icade closely participates in all the “metabolic” functions of the city:

• the world of work, served by some 900,000 m² of offi ces, business parks, and head offi ces, which provide modern and high-performance work conditions for over 50,000 professionals;

• teaching and education, through schools established in our business parks, PPP initiatives with universities and the development of our portfolio of student residences;• retail, strengthened by new shopping centre and cus-tomer catchment area programmes in which we are a stakeholder;• healthcare, in which professionals work or will work from the Institut de la vision (institute of sight), the future cité sanitaire in Saint-Nazaire, hospitals which we are building and many clinics which we have acquired;• housing, through the 35,000 intermediate housing units which we hold as at 31st December 2008 and through the various residential programmes which we are building;• quality of life, the watchword for all our teams of promot-ers, dedicated to respecting the environment, to creating HQE projects, to obtaining relevant certifi cation, to enhanc-ing parks and more generally-speaking, to the current and future well-being of users of the city.

Thus positioned as an urban development player, backed by a strong balance sheet, following an active arbitrage policy and remaining selective in its investments, Icade is moving forward, proving the strength of its model.

4

Key asset-related fi guresAt 31st December 2008, Icade’s property assets were valued at €6.9 billion, i.e. up 12% compared to the end of 2007. Like-for-like, the value of assets grew by 2.4%. The revalued net asset value in liquidation value represented €4.9 billion, i.e. €101.6 per share. This was down 6% compared to 31st December 2007.

→ Portfolio value of property assets at 31st December 2008 (in M€)

→ Appraisal value and fl oor space

Value excluding charges at 31/12/2008 in M€ (1)

Change in values like-for-like in 2008 (2)

Average survey value per m2 in € (3)

Commercial

Offi ces

France

Germany

Business Parks

Amenities

Shopping Centres

Housing units*

TOTAL

Offi ces

Business Parks

Amenities

Shopping Centres

Housing units*

4,017

1,654

1,288

366

1,423

734

206

2,935

6,952

–8.8%

–11.1%

–11.9%

–8.5%

–9.1%

+0.9%

+5.2%

+19.3%

+2.4%

2,605

3,419

4,217

1,958

2,716

2,146

731

1,317

(4)

(5)

6,952

1,654

1,423

734206

2,935

(1) Out of total assets, including property reserves and development projects.

(2) After neutralising investments and disposals for the year.

(3) Appraisal value of rentable fl oor space divided by the number of rentable square meters.

(4) Only clinics.

(5) Excluding residences for the elderly, shops and projects under development.

* Excluding impact of a portfolio discount in the event of the disposal of the entire Residential Property Investment business.

5

Commercial Property Investments

Housing Property Investments

Disposals

→ Changes to the portfolio value (in M€) → Investments net of disposals of property investment companies (in M€)

→ Number of m2

3,65

0

2,93

5

717

806

3081,503

1,749

2007 20072008 2008

2,5

82

4,0

17

1,423

622

– 173 – 361

95

706

100

1,654

734206

90

€4.0 billion of Commercial Property assets

€2.9 billion of Residential Property assets

3,586,028

2,281,442

4O7,210

474,775

286,625

135,976

Offi ces

Business Parks

Amenities

Shopping Centres

Housing units

Offi ces

Business Parks

Amenities

Shopping Centres

Housing units

6

2008 key fi gures

→ Consolidated data

2007 2008

1,4821,599

Consolidated turnover (in M€)

+8%

2007 2008

313

266

Net income (Group share)excluding exit tax in 2007) (in M€)

+18%

2007 2008

335

291

EBITDA (in M€)

+15%

2007 2008

224206

Net current cash fl ow* (in M€)

–8%

* EBITDA +/- fi nancial profi t/loss – income tax restated to take account of the impact of the extension of the SIIC regime(exit tax and cancellation of opening deferred taxation of the property investment company) and normative tax (33.33%)on the income from disposals of non-SIIC entities and impairment movements.

→ Data relating to the Property Investment Business

2007 2008

255 31

2

144

111

197

115

Net rent (in M€)

+ 22%

Commercial

Housing

Commercial

Housing

282

443

2007 2008

84

198

114

329

Operating income (in M€)

+ 57%

2008 results were characterised by an 8% increase in consolidated turnover to €1,599 million and by an 18% increase in the Group’s share of net income (excluding exit tax in 2007) to €313 million.Consolidated EBITDA and operating income were €335 million and €447 million, up 15% and 34% respectively.

7

31/12/2007 31/12/2008

Replacement NAV/share 116.4 109.8Liquidation NAV/share 108.4 101.6Number of shares (in millions) 49.0 48.8

→ Value for shareholders (in €)

Caisse des Dépôts

Float (of which 0.82% for the FCPE*)

Self-held

* Company Mutual Fund.

Owing to the obligations imposed by the SIIC regime, the Caisse des Dépôts will have to reduce its holding to less than 60% of Icade’s share capital before 1st January 2010.

→ Icade’s shareholding structure at 31st December 2008

xxx

→ Net fi nancial debt amounts to €2,459 million versus €1,575 million

in 2007.

→ In 2008, the average cost of fi nancing came to 4.8% after hedging

compared to 4.47% in 2007.

→ The average life span of Icade’s bank debt stood at 5.4 years at

31st December 2008, against 6 years at 31st December 2007.

→ The portion of the debt at over 5 years is 51% compared to 58 % at

31st December 2007.

→ Loan to Value of 35% compared to 25% at 31st December 2007.

→ Debt: key fi gures→ Gross fi nancial debt at 31st December 2008

Property Investment

Property Development

Property Services

37.51%

0.91%

61.58%

16%1%

83%

€3,144 M

Icade | 2008 Annual report | Key fi gures

8

Executive Committee

The seven members of Icade’s Executive Committee all have the experience, professionalism and skills required for Icade’s expansion.

The Executive Committee

The Executive Committee meets every week to address matters relating to Icade’s fi nances, organisation, cus-tomers and staff. It also systematically reviews ongoing projects.

The Coordination Committee

The Coordination Committee meets to discuss the Company’s strategy and policies, the expansion of operational activities, acquisitions and disposals of business and intra-Group transactions.

The Origination Committee

From amongst the property development projects put forward by Icade, the Origination Committee is respon-sible for identifying those which are earmarked for delivery to the Property Investment Business and for participating in the Group’s investment activity. Composed of representatives of the Property Develop-ment and Property Investment Businesses, and of the Finance Division, it introduces all the measures required to organise and optimise the steering of these transac-tions within the Company. The Origination Committee meets once or twice a month or as often as necessary.

Management committees

Marianne de BattistiResponsible for communica-tions, marketing and interna-tional business development

Antoine FayetResponsible for the Property Investment Division

Serge GrzybowskiChairman and Chief Executive Offi cer of Icade

9

Maurice SissokoResponsible for the Property Services Division

The Commitments Committee

The Commitments Committee is responsible for examining all of Icade’s investment or disinvestment commitments, recognised either on or off the balance sheet, and providing its opinion on them. It meets twice a month and whenever circumstances so dictate.

The Human Resources Committee

The Human Resources Committee meets every fort-night. It is responsible for examining the Human Resources Division’s major spheres of responsibility and their progress as regards mobility, training, recruitment, payroll policy, labour relations, collective bargaining, compliance with labour legislation and legal regulations, the implementation and monitoring of procedures.

The Risks, Rates, Cash Flow and Financing Committee

The Risks, Rates, Cash Flow and Financing Committee is responsible for studying the Company’s refi nancing and rate-risk hedging policy and relations with banks and fi nancial market players, and deciding upon them. It is also responsible for monitoring assets/liabilities management and for the allocation of the Company’s resources and market risks in the event of investments (loans, rates, etc.). It also monitors macro economic indicators and market factors infl uencing Icade’s busi-ness sector as well as the fi nancial activity indicators of Icade’s cash and debt sectors. It meets once a month.

Hervé ManetResponsible for the Property Development Division

Guy ParisotResponsible for human relations

Nathalie PalladitcheffResponsible for fi nance, legal affairs and IT systems

Icade | 2008 Annual report | Committees

10

Governance15 directors, 6 of whom are independent.

Serge GrzybowskiChairman and Chief Executive Offi cer of Icade

Marc-Antoine Autheman

Managing Partner of Imperator Conseil and independent director

Olivier BaillyAdviser of the CDC Executive Committee

Philippe Braidy Director responsible for local and regional development, CDC

Jérôme Gallot Chairman of CDC Entreprises

Michel Berthezène

Augustin de Romanet Caisse des Dépôts, represented by Augustin de Romanet, Managing Director of the CDC

Jacques Calvet Independent director

Thomas Francis Gleeson Independent director

Edmond AlphandéryChairman of the Board of Directors of CNP Assurances

Christian Bouvier Independent director

Benoît Faure-Jarrosson Financial analyst and independent director

Christian Peene Independent director

Thierry Gaubert Deputy Chairman to the Secretary General of the CNCE

Alain Quinet Director of fi nance and strategy of the CDC Group

11

Amongst these values are Icade’s specifi c responsibili-ties as regards protecting and improving the environ-ment and sustainable development. → CompositionThe members of the Audit, Risk Management and Sus-tainable Development Committee are Jacques Calvet (Chairman of the Committee and independent direc-tor), Marc-Antoine Autheman (independent director) and Benoît Faure-Jarrosson (independent director).

The Appointments and Remuneration Committee

→ MissionsThe Appointments and Remuneration Committee is responsible for assessing applications for the appoint-ment of corporate offi cers and for making suggestions as regards their remuneration. It is involved in estab-lishing the Company’s employee profi t-sharing policy and for making suggestions on resolutions to grant subscription and/or purchase options for the Company’s shares to all or some of the employees and on the allot-ment of shares free-of-charge.→ CompositionThe members of the Appointments and Remuneration Committee are Edmond Alphandéry (Chairman), Chris-tian Bouvier (independent director), Jérôme Gallot and Serge Grzybowski.

The Strategy and Investment Committee

→ MissionsThe Strategy and Investment Committee aims to examine any investment or disinvestment project by the Company greater than €50 million (including Prop-erty Development projects) and any external growth or shareholding disposal operation greater than €30 mil-lion. It examines the policy of development by inter-nal growth and the policies of the Group considered as strategic by the Board of Directors.→ CompositionThe members of the Strategy and Investment Com-mittee are Serge Grzybowski (Chairman), Michel Ber-thezène, Christian Peene (independent director) and Alain Quinet (since 24th July 2008).

The Audit, Risk Management and Sustainable

Development Committee

→ MissionsThe Audit, Risk Management and Sustainable Develop-ment Committee is responsible for ensuring the accuracy and truthfulness of Icade’s annual and con-solidated fi nancial statements and the quality of internal audit and of the information provided to share holders and to the markets. It assess major risks and ensures compliance with the individual and collective values on which Icade bases its operations, and the rules of conduct which all its staff must apply.

The Board of DirectorsThe Board of Directors decides on the directions of Icade’s business activity and ensures that such are implemented. Subject to the powers expressly reserved for Shareholders’ Meetings and within the limit of the corporate purpose, it addresses all questions relating to the due and proper functioning of Icade and settles matters concerning it through its discussions. The Board of Directors meets at least twice a year and whenever such is dictated in the corporate interest. Icade’s Board of Directors met eight times during 2008.

Board of Directors’ CommitteesIn order to provide it with support with its work, the Board of Directors created three specialist Commit-tees. The Committees have a consultative role and carry out their work under the responsibility of the Board of Directors in the fi elds within their remit. The Committees are composed of between three and fi ve people, chosen by the Board of Directors from amongst its members; for the Audit, Risk Management and Sustainable Development Committee, two thirds of the members must be independent directors. Members are appointed in a personal capacity and may not have themselves represented.

Icade | 2008 Annual report | Governance

Ica

de

elec

trica

lly-p

ower

ed

river

shu

ttle

Paris

(75

)

Build

ing

270

Firs

t HQ

E-ce

rtifi

ed o

ffi ce

bui

ldin

g in

Fra

nce,

Aub

ervi

llier

s (9

3)

Icade has carried out its Carbon

Audit and will reduce its CO2

emissions by 10% in three years

Over 250,000 m 2

of HQE-certifi ed commercial operations

15% of Icade’s housing is heated using renewable energy

Icade, winner of

the 12 th Grand Prix de

l’environnement Icade organises the second edition of the Sustainable

Development Awards

Ecol

ogic

al n

aut

ica

l pa

rk

Île d

e M

onsi

eur,

Sèvr

es (

92)

Sustainable development

Icade | 2008 Annual report | Sustainable development

14

A policy of sustainable property productsIcade has positioned sustainable development at the heart of its strategy. This can be seen by products and services which increasingly respect the environment, by a strengthened involvement of employees and by partnerships with recognised organisations.

51%

In 2008, Icade confi rmed its commitment to sustain-able development by its products and services. HQE projects becoming more widespread, an increase in the share of renewable energies and the Carbon Audit are just a few examples of this initiative.

In its Property Investment activity, Icade: • already operates 4 HQE-certifi ed commercial build-

ings in the Paris region amongst the 18 HQE build-ings in existence in France;

• implements geothermal energy with the heating company CPCU in its commercial business park in Aubervilliers;

• the fi rst low-energy consumption housing units were launched at the beginning of 2009 and will be deliv-ered in the third quarter of 2010.

Icade is putting in place a range of property services aiming to develop environmental performance:• production of a carbon and energy audit for the prop-

erty sector. With the association Fondaterra, Icade is carrying out a carbon and energy mapping project cov-ering all French universities;

• provision of HQE (AMO) assistance to the developer services – overall cost studies for public and private developers;

• development of a PPE (environmental progress plan) initiative which proposes property, works and services diagnostics to property managers and owners. It has already been rolled out on fi ve major property develop-ments including the Montparnasse Tower;

• assistance for the implementation of “HQE exploita-tion” certifi cation according to the reference of the certifi cation organisation Certivéa, (Millénaire 1 and Building 270).

• heats 15% of its housing with geothermal energy, with 30% of its electricity consumption coming from renewable energies thanks to the purchase of green EDF certifi cates;

• has carried out a complete environmental audit of its housing units (energy performance diagnosis, carbon, etc.) to be able to implement a renovation strategy in accordance with the Grenelle law.

In Commercial Property Development, Icade confi rms its lead with HQE (high environmental quality) projects with currently:• over 250,000 m² of HQE-certifi ed operations distrib-

uted over 25 buildings delivered, in progress or com-mitted, between 2005 and 2008;

• in Aubervilliers, Icade is building one of the fi rst HQE-certifi ed shopping centres.

In Residential Property Development:• 147 “habitat et environnement” certifi ed housing units

and 460 HPE or THPE (high or very high energy per-formance) units were delivered in 2008. More than 20% of coming production is also undergoing “habitat et environnement” certifi cation;

15

Emissions related to energy for operations

Emissions related to grey energy

Other emissions

Breakdown of emissions related to grey energy and operating energy

4%

45%

Commercial Property Investment: breakdown of classes for the energy performance diagnosis (DPE)Annual emissions in kg of CO2 equivalent per useable m2

Percentage of buildings in Commercial Property Investment in this class of DPE

= 5

6 to 10

11 to 20

21 to 35

36 to 55

56 to 80

81 to 110

111 to 145

> 145

1%

9%

19%

25%

32%

11%

1%

1%

1%

A

B

F

G

H

I

E

D

C

Residential Property Investment: breakdown of classes for the energy performance diagnosis (DPE)Annual emissions in kg of CO2 equivalent per useable m2

Percentage of buildings in Residential Property Investment in this class of DPE

= 5

6 to 10

11 to 20

21 to 35

36 to 55

56 to 80

> to 80

2%

3%

9%

32%

45%

9%

0%

A

B

F

G

E

D

C

Control of greenhouse gas emissions and energy performance

For 2007, Icade carried out the fi rst Carbon Audit, covering all of the activities of a property company (Property Investment, Property Development, Property Services and support activities).

Icade’s carbon emissions can be broken down as follows:• total generated by construction: 468 kg CO2 equiva-

lent/m² for Residential and 716 kg CO2 equivalent/m² for Commercial;

• annual average generated by operation: 35 kg CO2 equiv-alent/m² for Residential and 34 kg CO2 equivalent/m² for Commercial.

The greenhouse gases generated during the construc-tion of a building (grey energy) represent, on average, fourteen to twenty-one years of operation of this building.

These emissions can be broken down as follows:• 51% for grey energy, corresponding to greenhouse

gas emissions caused by the creation of materials used for constructing buildings;

• 45% are related to the energy consumption in the operation of Property Investment buildings, includ-ing the energy consumption of the tenants;

• 4% for other impacts, such as employees’ transport, sub contracted services, offi ce supplies.

51%

Furthermore, Icade assessed that its Property Service activities (assistance to the developer, property man-agement) allow it to infl uence emissions by some 500,000 tonnes of CO2 equivalent.

The Carbon Audit also allowed Icade to assess the carbon performance of assets held in relation to the climate scale of the energy performance diagnosis (DPE).These results show a satisfactory carbon ranking whilst identifying areas of progress.Icade will update its Carbon Audit, with the aim of reducing greenhouse gas emissions by 10% in three years (from 2007 to 2010).


16

FOCUS ON...

Le clos Saint-Michel

Chevilly-Larue (94)Creation of an area enhancing thehistorical dimension of the site260 housing units, shops, medical establishmentArchitect: RVA / V. GadanIcade: developer-contractorWinner of the 2nd Icade Sustainable Development Awards – category “Build and manage a sustainable town”

Building 270

Aubervilliers (93)First certifi ed private commercial building“NF bâtiments tertiaires-démarche HQE®”9,400 m2

Architects: Brenac & GonzalezIcade: Investor and development supportHQE-certifi ed construction Pilot operation “HQE® exploitation” certifi cation

Le Daurat

Toulouse-Blagnac (31)Offi ce building17,000 m2 over 5 fl oors – 640 parking spacesArchitects: Brenac & Gonzalez / MartinieIcade: developerHQE-certifi ed construction, labelled “very high energy performance” (THPE)

Icade, a company that is sustainable in its daily activities

In 2008, Icade involved and mobilised its employees in the sustainable development initiative:

• it is amongst the fi rst French companies to experiment, with the help of Ademe, with a car-sharing service;

• it has consulted its employees on their expectations and their awareness in terms of sustainable develop-ment. This survey will be conducted every year;

• during sustainable development week, it supervised several workshops (organic meals, bio diversity and property, photovoltaics, integration of local jobs, energy policy, corporate concierge services, electric bicycles);

• it has carried out sustainable development informa-tion and awareness: training for over 300 employees, Icade sustainable development meetings once per month;

• it has launches a page on its intranet dedicated to sustainable development and car-sharing.

17

Ecologically tolerable, economically possible and socially

equitable: the three characteristics of sustainable prop-

erty were key at this second edition. Between the compe-

tition opening online in May, and closing on 13th Septem-

ber, 64 application fi les were submitted. Assessed on

criteria covering environmental performance, economic

impact, societal commitment, audacity and reproducibil-

ity, they are submitted to a jury chaired by Erik Orsenna

of the Académie française.

Besides the three awards in the different categories of

the competition (Construct and build a sustainable town,

Encourage our clients, tenants and partners to follow a

responsible approach, and Acting on a daily basis) the

jury also gave a special jury’s prize and a commitment

prize (rewarding the annual work of a whole team).

Finally, the innovation of this edition, an “Employees’

award” was given, thanks to online votes of Icade’s

employees.

ICADE 2008 SUSTAINABLE DEVELOPMENT AWARDS

Icade is developing its sectoral commitments and its partnerships:• partnership with Ademe in the framework of the envi-

ronmental initiative with business parks;• Second consecutive year of participation in the Carbon

Disclosure Project;• support to the “Saint-Denis s’engage pour la planète”

initiative in May 2008;• contribution to the Plaine-Commune “Salon de la

Science” science fair, with the CNRS (national centre of scientifi c research);

• hosting the annual meeting of Avere (association for electric vehicles) on 19th June 2008;

• participation in the development of the international association Sustainable Building Alliance;

• active contribution in the development of new envi-ronmental certifi cations with Certivéa, including “HQE Exploitation” and “HQE centres commerciaux”;

• in partnership with the City of Paris, Icade was the win-ner of the 12th “Grand Prix de l’Environnement” envi-ronment awards for its 100% electric river shuttles, which transport over 100,000 travellers each year;

• in the framework of the construction of the HQE shop-ping centre in Aubervilliers, Icade supported local employment by signing an agreement with Plaine-Commune and the City of Paris;

• with its support to the Fondation Abbé Pierre and its “Pierre pour tous” initiative, Icade promotes access to home-ownership with controlled prices.

Icade’s commitment to sustainable property

After having been the fi rst developer to deliver an HQE commercial building in 2005, Icade is continuing its commitment to sustainable property and presented an action plan on 23rd October 2008 during the second cer-emony of the Icade Sustainable Development Awards.

Carrying out exemplary property projects

Between now and 2011, exemplary sustainable develop-ment construction, renovation and operation projects will be carried out with the aim of accommodating the 2020 environmental standards and controlling costs.

The sustainable development label

From 2009, Icade’s buildings (new and in operation) will gradually bear a simple and transparent, multi-criteria (carbon, health, energy, transport) sustainable development label. This label, created together with independent stakeholders, will be a source of progress, allowing Icade to display the improvement in the qual-ity of its operations.

A company that is sustainable in its daily activities

With the desire to set standards internally, Icade is offering its employees a set of green actions in the company from January 2009: controlling paper print-outs, organic menus in the canteen, restricting carbon emissions of cars used by the Company, etc. These actions will be added to each half-year with the aim of creating new, sustainable working habits.

Sustainable fi nancial innovation

The fi nancing of sustainable property projects is a priority to fi nd solutions which will make them acces-sible. Icade is already working on innovative fi nancial engineering formulae for sustainable projects based on energy saving certifi cates, overall costs and Green Value.

On 23rd October 2008, Icade held its 2nd Sustainable Development Awards to showcase remarkable products and services proposed by its employees.


18

Mobility: a key tool in career development

By carrying out regular “career reviews”, the human relations departments are able to identify potential, improve expertise, develop skills and support employees in their professional development.Giving priority to internal candidates (on comparable skills) is one of Icade’s commitments in its human relations policy, thus allowing it to fi ll 35% of vacant positions in 2008.

Human relations: people at the heart of sustainable development

An ambitious training policy

The training policy, by increasing skills, participates in the improvement of the Company’s performance, and hence to its economic effi ciency, and to the enriching of the responsibilities of the teams; by creating openings on the environment it develops the teams’ innovation skills.Icade supports employees who benefi t from internal mobility, thus allowing them to maintain and develop the necessary skills for their position and to develop their professional career.Each employee is informed about all the training courses available. The Human Resources Department strives to trace signifi cant training actions in which an employee has participated, and thus is able to develop its professional training.In 2008, total training expenses represented almost 4% of the payroll.Icade asserts that training has a benefi cial effect on the performance of the Company and its employees and that it contributes to the development of collective and individual skills.

3,550employees at 31/12/2008

Headcount by business at 31/12/2008

International

Services

Property Investment

Property Development

1,013

811

210

1,516

19

AN IMPROVED POLICY TO FAVOUR THE I NTEGRATION OF DISABLED EMPLOYEES

After a concerted initiative with management and

employees and a quantitative and qualitative diag-

nosis carried out by a consultancy specialised in

disabled workers, an agreement was signed

by Icade with AGEFIPH for a period of two years.

This agreement is accompanied by the creation of

the position of Head of integration for disabled

employees. The main paths of development are a

support plan, cooperation to be developed with the

relevant, protected sector, and internal communi-

cation and training initiatives to increase awareness

on disabled workers.

Harmonised social protection

With a view to providing its employees with improved protection in terms of healthcare and welfare costs, Icade has worked on harmonising the various existing schemes. By pooling risks, it now offers identical serv-ices to all its employees. Agreements for healthcare insurance and welfare schemes were signed by all the trade union representatives within the Company.

A collective employee profi t-sharing agreement

After the employee share agreement for all employees, in 2008 Icade pursued its policy to involve employees in the Company’s performance. A collective agreement was thereby implemented, based on Icade’s profi ts.

1 499


Pro

pert

y In

vest

men

t O

ffi ce

s

Pro

pert

y In

vest

men

t Sh

oppi

ng C

entre

s

Pro

pert

y De

velo

pmen

t

Pro

pert

y In

vest

men

t A

men

ities

Pro

pert

y Se

rvic

es

Pro

pert

y In

vest

men

t Bu

sine

ss P

ark

s

Pro

pert

y In

vest

men

t H

ousi

ng

Businesses• Property Investment 22

– Offi ces 24

– Shopping Centres and Shops 25 – Business Parks 26

– Public and Healthcare Amenities 28

– Housing 29

• Property Development 30

• Property Services 33

Icade | 2008 Annual report | Businesses

22

Property Investment

The Property Investment Business is organised in two main divisions, Commercial Property Investment (Offi ces, Shopping Centres, Business Parks, Shops and Public Healthcare Amenities) and Residential Property Investment. As at 31st December 2008, the Property Investment Business had recorded turnover of €409 million.

Commercial Property Division

Icade has offi ce assets in France (263,290 rentable m2 as at 31st December 2008) essentially in Paris, in the central business district, in la Défense, in Boulogne-Billancourt and in Issy-les-Moulineaux. In all, its offi ce assets in France were estimated at €1,288 million as at 31st De-cember 2008.

Icade has an offi ce portfolio in Germany. Estimated at €366 million as at 31ft December 2008 with 143,920 m2 of fl oor space, it is composed of eight commercial prop-erty complexes acquired from Daimler and 76 ha of property reserves, in particular in Munich, Berlin and Düsseldorf.

Icade owns and is developing a major business park to the north of Paris of over 76 ha, of which 448,547 m2 is rentable as at 31st December 2008, and which should provide signifi cant future expansion. This asset, which was valued at €1,423 million as at 31st December 2008, is composed of offi ces, business premises, warehouses and audiovisual production studios.

1 ,304 ,586 m2

Assets in commercial fl oor space

2,281,442 m2

of housing units in France

€6,952 million Assets valued at

31st December 2008

2008 net rent: €312 M

Residential Property

Commercial Property

197 115

Icade is developing two shopping centres in France, in its business park in Aubervilliers and in Montpellier. On 1st January 2008, it became the owner of 95% of the share capital of the company Immobilière Mr. Bricolage, which owns 35 shops. The appraisal value of these port-folios is €206 million as at 31st December 2008.

Finally, Icade’s public and healthcare amenities portfolio, which is experiencing signifi cant growth, with a 31st De-cember 2008 appraisal value of €734 million for a total fl oor space of 286,625 m2, is essentially composed of an offi ce block located in Levallois-Perret, leased to the Ministry of Interior, and 19 clinics in provincial France.

Residential Property Division

As a housing property investor, Icade has assets, estimated at €2,935 million as at 31st December 2008, representing approximately 35,651 intermediate housing units in the Paris region representing 2,281,442 m2. These housing units in the Paris region are rented-out under common law leases (91%) and subsidised leases (9%).

Some references

Refocusing the business on the Commercial Property Investment Division Reduction of the weighting of the Residential Property Investment Division by value extraction

23

2009-2013 investment plan (in € billion)

Total investments by the Property Investment Division: €1.3 billion(1) Housing units

Offi ces

Business Parks

Shopping Centres

Amenities(1) Estimated value of property investments.

Rendement brut attendu

2009-2013 PIPELINE

1

0

0.4 0.4

0.10.2 0.2

→ Offi ces

Delivery Surface Investment Expected (in m2) 2009-2013 (in M€) gross yield

Villejuif 2009-2011 60,000 198 6.7%Works Rueil 2009 22,000 23 6.0%Works Descartes to be determined 77,000 97 6.6%E&Y building 2010 20,000 35 6.9%

→ Shopping Centres


Aubervilliers 2011 58,000 131 7.1%Mr. Bricolage 31 8.0%Odysseum 2009 45,000 43 6.2%

→ Public and Healthcare Amenities


Of which works Vedici, Harpin 123 7.2%and Générale de SantéPPP Nancy (average) 54 6.6%

Number Investment Expected of homes 2009-2013 (in M€) gross yield

Off-plan sales (1) 1,300 194 6.2%CapEx 165

→ Business Parks


Buildings 287 and 028 2010 25,000 83 6.5%Other, of which CapEx 34

COMMERCIAL PROPERTY INVESTMENT

RESIDENTIAL PROPERTY INVESTMENT

(1) The housing units sold off-plan could be transferred in the event of the disposal of the Residential Property Investment Division.


An identifi ed and committed investment plan (2)

Icade has established a plan of identifi ed investments of €1.3 billion, of which €0.2 billion in CapEx. These investments, both in the Paris region and the rest of the country, have a controlled and limited marketing risk and generated an expected average gross yield (excluding CapEx) of 6.8%.

(2) The Group’s main investments are predominantly fi nanced by bank debt.These investments do not include any property acquisitions from third parties for which the management bodies have taken fi rm commitments.

24

Offi cesA reserve of capital gains and development potential

In a more diffi cult market and fi nancing context, Icade is carrying out a policy of investments, giving priority to projects developed internally, whilst carrying out arbitrage operations on some of its mature assets.

Icade’s offi ce assets in France are essentially composed of buildings in the Paris region: Paris, Rueil-Malmaison, la Défense, Issy-les-Moulineaux, etc.Predominantly located in high-demand areas, the offi ces owned by Icade boast a fi nancial occupancy rate of nearly 99%.Icade’s investments in offi ce property in France essen-tially concerned the acquisition of the Metropolitan complex in Villejuif (60,000 m²), developed by its Property Development Business, the future operational head offi ce of LCL, as well as the renovation of the building located in Rueil-Malmaison (22,500 m²).In the framework of its arbitrage programme for mature assets, Icade sold the building situated at 31-33 rue de Mogador in Paris to Foncière Masséna (5,000 m²).

In Germany, after having acquired a signifi cant portfolio of assets and land reserves located in the major German business centres, on city-airport transport links or in urban development zones with good potential, Icade pursued its policy of enhancing the value of these assets.In addition, Icade intends to sell an offi ce building of a very considerable size; the sale should be made in 2009. The fi nancial occupancy rate stands at 83%.

Some references

2008 HIGHLIGHT

Le Metropolitan

Villejuif (94)4 HQE buildings60,000 m2 in totalArchitects: H. Godet and F. LeclercqIcade: investor and developer

€1,654 million Portfolio value (-5%)

€0.4 billion Amount of identifi ed and committed investments

2009-2013

6.7%Expected average

gross yield

France Paris region Rest of France Total

Rentable fl oor space 172,468 m2 90,822 m2 263,290 m2

Appraisal value excluding charges €1,202 M €86 M €1,288 M

Germany

Rentable fl oor space 143,920 m2

Property reserves 76 haAppraisal value excluding charges €366 M

25

Shopping Centres and ShopsA product-line with current cash fl ow under development

A longstanding partner of local government agencies, Icade has acquired a real knowledge of brand names and their marketing needs in terms of sales areas.

scheduled for the end of 2009, of the “Odysseum” shop-ping centre in Montpellier.By becoming the owner of 95% of the share capital of Mr. Bricolage, on 1st January 2008, Icade confi rmed its desire to acquire assets that generate recurrent income and which are less affected by general fl uctuations in the property market.

Constantly keeping abreast of changes in consumer trends, the economic and commercial imperatives of the brands, and changes in legal and environmental stand-ards has enabled the Shopping Centre teams to manage these investments with the greatest effi ciency.Icade’s shopping centre history entered a new dimension with the launch of works for the “Millénaire” at the Porte d’Aubervilliers outside of Paris, and with the delivery,

Some references

€206 million Portfolio value

€0.2 billion Amount of investments

2009-2013


gross yield

2008 HIGHLIGHTS

Le Millénaire shopping centre

Aubervilliers (93)58,000 m² of shops, 3 offi ce buildings, 2,800 parking spacesArchitect: A. GrumbachIcade: investor, developer and marketerPilot operation “HQE® commerces” certifi cation Offi ces labelled “very high energy performance” (THPE)

Odysseum

Montpellier (34)45,000 m² of commercial fl oor spaceArchitects: Design international / DGLaIcade: investor, promoter, marketer and manager of the commercial division, property manager


26

Business ParksCapitalising on original know-how

Icade is the owner of business parks of a total surface area of 76 ha, ideally situated to the north of Paris. Backed by this exceptional portfolio of assets, it is striving to develop it, by staggering constructability to ensure that it remains attractive.

Originally made up of warehouses, Icade’s built assets were renovated in the style of 19th century architecture to provide offi ces and business premises in an area of Paris which is undergoing expansion, for a rentable fl oor space of 474,775 m².Located between the boulevard périphérique (Paris inner ring road) and the A1 motorway in the Plaine-Commune area, with direct access to Roissy - Charles-de-Gaulle airport and Paris Nord TGV train station, this new-generation business district is already home to some 300 companies, including France’s largest tele-visual platform with 25 recording studios. Renowned companies in fashion and textiles, events management and leisure are also tenants of our business parks, bringing together over 10,000 jobs.

The extension of the no. 12 line of the Paris metro in 2012 with the future station Proudhon-Gardinoux in the heart of the business park will further enhance this site, in particular in the framework of the Condorcet Paris-Aubervilliers Campus project, called to become one of the leading European platforms of teaching and research in human and social sciences.The site will later be served by a tramway, the Tram’Y, which will facilitate relations from the north to the east of Paris, as well as with the northern suburbs.

Icade did not await the arrival of these new urban means of transport to install its head offi ce in the fi rst of the two buildings that it holds on the Millénaire park, and was joined in 2008 by the Nokia research and development team, which took a lease for 2,500 m² in the Millénaire 2 building.

€1,423 millionPortfolio value

(-5%)

€0.1 billion Amount of investments

2009-2013


gross yield

Overall Offi ces Business premises/ warehouses

Surface area 76 haFinancial occupancy rate 85.3%Rentable fl oor space 474,775 m2 Average rent €275/m2 €140/m2

Some references

27

An attractive site with close access to Paris…

Parc Pont de Flandre

Parc de Mauvin

Parc des Portes de Paris

Millénaire shopping centre

Parc du Millénaire (Icade’s head offi ce)

Condorcet university campus (2011)

Bus stops (lines 239 and 65)

Metro station Proudhon-Gardinoux (extension of line 12 in 2012)

Tramway (line T3 end 2012 and line Y under study)

Electric river shuttle


Zoom

28

2008 HIGHLIGHT

Armand Brillard private hospital

Nogent-sur-Marne (94)Icade : investor

Acquisition of 13 clinics in 2008

Public and Healthcare AmenitiesSearch for secure and steady cash fl ow

Thanks to its recognised position in the world of healthcare, Icade, backed by its local network and expertise, is developing its role as investor in this sphere.

€551 millionAppraisal value excluding charges

19Clinics 286,625 m2

Rentable fl oor space

€183 millionAppraisal value excluding rights

3,200Beds

Clinics Public property

Some references

In 2008, Icade stepped up the pace of its acquisitions of healthcare establishments, favouring long-term part-nerships with renowned operators, such as the groups Générale de Santé, 3H, Vedici, C2S and Harpin. The rents from these acquisitions allow Icade to benefi t from recurrent income, uncorrelated from normal property cycles. Indeed, these new acquisitions, which guarantee immediate cash fl ows indexed on the long term, form part of Icade’s investment strategy for the healthcare sphere and give it full nationwide coverage.

They allow a smoothing in the cash fl ow profi le of the Commercial Property Investment Business that holds the projects under development.

As part of its presence on public contracts, Icade aims to invest in externalised assets of the State, to lease them to users such as ministries, hospital complexes, local government agencies, via investments in the project companies holding public-private partnership contracts.

29

Some references

Housing

Icade, the principal lessor in the Paris region of intermediate housing, has actively pursued a considerable arbitrage programme since 2007. In 2008, Icade disposed of 5,164 housing units, with the result that it is ahead of schedule for the period 2009-2013.

Extracting capital gains

Icade’s residential assets can be characterised by intermediate rental housing comprising 35,651 apart-ments as at 31st December 2008, mostly built before 1965 and mainly located in the inner suburbs of Paris. These housing units have been refurbished in accord-ance with safety and home improvement standards.Available at an average rent of €7.41 per square metre, excluding vacancy, these high-quality apartments are intended for a population whose income is too high for social housing but not high enough for private rental

housing. The property asset base also includes several shops, offi ces and residences, representing a small portion of the rent recognised during 2008.

To best add value to these now mature assets, Icade’s Board of Directors authorised its Chairman and Chief Executive Offi cer to explore the disposal of all of the Residential Property Investment Division, more par-ticularly to social housing bodies. Outside the tradi-tional competitive economic universe, these bodies

€2,935 millionPortfolio value

(+19%)

Built surface area 2.1 million m2

Number of housing 35,651Financial occupancy rate 96%

Block sales 4,864Average price €964/m2

Individual sales 300Average price €1,996/m2

2008 HIGHLIGHT

€299 million of intermediate housing units sold in block and individually

benefi t from loan facilities related to the reserves from the Livret A savings accounts and wish to increase the size of their asset base, particularly in the Paris region. By addressing these bodies for this block sale, Icade is ensuring the durability of an asset base of quasi-social housing.


30

Property DevelopmentThe strategy of Developer REIT, combined with initiatives implemented and Icade’s expertise, contributes to its control of the Property Development division

From offi ces to housing, shopping centres to healthcare amenities, Icade develops programmes for the Property Investment business but also for external investors. The Property Development division recorded turnover of €1,142 million, up 14%.

In coherence with the organisation of Icade’s businesses, the Property Development division was restructured during 2008 to provide its clients with a multiple offering, whilst benefi ting from a single contact partner. By pooling Commercial, Shopping centre, Housing, and Public and Healthcare Amenities activities, as well as engineering and planning under a single banner, Icade’s Property Development division is able to seize all the local development opportunities.

Residential Property DevelopmentIn a diffi cult economic environment, Icade generated turnover of €604 million in 2008 in its residential business.To confront the deep and rapid crisis of residential property development, Icade has implemented a parallel strategy of block selling to institutional clients, allowing the sale of 840 housing units.

HousingCommercial and PublicInter business

Turnover of the Property Development division at 31/12/08 (in €M)

– 10

1 142 604548

31


Icade has also implemented a cautious policy to man-age its production by limiting unsold properties and immediately reducing new construction start-ups. At 31st December 2008, the number of housing reserva-tions and lots stood at 3,380 million units, represent-ing a 31% fall in the amount.At 31st December 2008, its order book stood at €519 million and its controlled property investment portfolio at €1,842 million.Besides its activity as developer of collective housing in towns and cities, Icade also develops student residences, housing establishments for dependent elderly persons (EHPAD) and serviced residences.

Commercial, Public and Healthcare Property DevelopmentTurnover from Commercial, Public and Healthcare Amenities Development business rose to €548 million at 31st December 2008, an increase of 51% compared to 31st December 2007, refl ecting the sound perform-ance of commercial business.

Commercial Property DevelopmentIcade is a specialist in developing head offi ces, tall buildings and restructuring offi ce buildings and bring-ing them into compliance with new standards. Its longstanding experience with local government

to its strong local involvement and proven expertise.Under the delegated project ownership and project- developer assistance contracts, it supports its public and private clients in constructing their complex property programmes. At 31st December 2008, its current projects represent-ed 89,900 m².

Property-project engineeringBeyond its property development and project-develop-er assistance, Icade also carries out general contractor missions and construction economics missions. Opti-misation of the design and use of buildings, controlling costs and lead times, advice in investment choices, delivery and servicing of the site, etc., the teams are available for their clients.

DevelopmentIt is important, both for Icade and the public and private owners, to secure and enhance land reserves.Icade has technical, legal and economic expertise, allowing it to intervene in the direct acquisition and development of land, in the operational steering of major urban operations and in the upstream consult-ing on feasibility studies, for example.

agencies, its knowledge of commercial brands and their needs has also allowed it to become a key refer-ence in the development of shopping centres.This activity represents a growth engine for the Prop-erty Development division with limited speculative operations and major projects in conjunction with the Property Investment business. The main cash fl ow-generating projects for Commercial Property Invest-ment will be delivered during the period 2010-2012 (offi ce buildings in Villejuif, shopping centres in Aubervilliers and Montpellier, restructuring the Esso building in Rueil-Malmaison, etc.).At the end of December 2008, the current project portfolio amounted to 209,000 m².

Public and Healthcare Property DevelopmentWhether for the construction of administrative or public establishments (teaching, cultural centres, police sta-tions, etc.) or healthcare establishments (hospitals, private clinics, EHPAD, etc.), Icade is renowned nation-ally for its professionalism.This division is increasingly geared towards the imple-mentation of development initiatives under Public- Private Partnerships (PPP), with very limited risk and a real growth opportunity for the Property Development division. With 24 Public-Private Partnerships having been won, Icade is one of the leaders of this market due

32

Commercial

→ Projects under way: 209,000 m2 for potential turnover of €212 million

→ Projects being set up: 386,000 m2 for potential turnover of €784 million

Commercial, Public and Healthcare Property Development Residential Property Development

Public and Healthcare

→ Projects under way: 271,300 m2

→ Projects being set up: 89,900 m2

→ Backlog: €519 million (–23%)

→ Property portfolio: €1,842 million (–21%)→ Reservation withdrawal rate:

36% (in Q4) on average→ Disposal rate: 5.4%

→ Average sale price of apartments:(operations launched in 2008): €3,154/m2

→ Number of reservations:3,380 housing units and lots (–31% in amount)→ Number of notarised sales:3,839 housing units and lots (–20% in amount)

Some references

2008 HIGHLIGHTS

Cité sanitaire

Saint-Nazaire (44)Pooling the hospital and clinics on one single site93,000 m2

Architect: Groupe 6Icade: developer under a Public-Private Partnership, investor (with CDC, Dexia, Barclays), project manager, facilities manager

Les Jardins Ronsard

L’Haÿ-les-Roses (94)51 housing unitsArchitect: Cabinet 3A IDFIcade: investor and developer

ZAC Claude Bernard

Paris 19e

Programme of 3 buildings Total fl oor space: 40,000 m2

Architects: Agence ECDM / Agence J. Ferrier / Agence Sauerbruch Hutton.Icade: co-developer

33


Enhancing the assets of key investors and refocusing on high added-value businesses for the Property Investment division

Property Services

In 2008, Icade decided to signifi cantly restructure its Property Services division, by refocusing activities dedicated to institutional investors on property management, management of student residences and consulting.

A customer-orientated diversifi ed offer

With turnover of €204 million at 31st December 2008, Icade is capitalising on this original strength: sup-ported by a top-tier property investment company, to offer a range of services in France and abroad. This diversity allows Icade’s Property Services division to support its clients in every stage of their operations, from design to property management, in both the res-idential and commercial spheres.

The Property Services division plays a direct part in Icade’s strategy to expand services in property investment… … by restructuring around three key businesses

→ A key player in property management in France: by deciding to pool of its rental management activities for large institutional clients within a sin-gle structure, Icade Property Management, Icade has become a leader in property management in France. Thus, Icade Property Management offers

the full range of property management services, however complex, from the legal, administrative and fi nancial management of these properties to their renovation, or even their sale or leasing.

→ An emerging player on the serviced residences

market: Icade manages, operates and markets unfurnished and furnished housing units in servi-ced residences for students and employees on secondment. In France, with seven new residences delivered in 2008, Icade remains a top-tier player in this fi eld with 54 residences established across the country and over 7,000 beds under manage-ment, specially designed to meet the needs of its clients. In Spain, with 22 university residences, corresponding to 6,000 beds, Icade is a major player in the management of university residences.

→ A reference in property consulting and expertise: Icade’s Property Services division benefi ts from the

expertise of multi-disciplinary engineers and con-sultants, allowing it to offer consulting services covering all of the property sector:

• supporting the client for complex operations and set-ups, such as the outsourcing of its assets, asset arbitrage operations, strategic consulting or property expertise;

• carrying out more complex transactions for insti-tutional clients, for housing and offi ces;

Turnover of the Property Services divisionat 31/12/08 (in €M)

Housing

Commercial

Intra-group business

106 99

– 1

204

34

ZOOM SUR

• ensuring the safety and security of clients’ com-mercial and residential assets to secure their value through consulting, steering operation or the installation of video-surveillance cameras;

• implementing best practices in terms of assist-ance and consulting in property engineering for all operations, in particular with a view to optimi-sing the energy performance of the assets;

• proposing sophisticated and robust information systems in property management, allowing the owner to manage the performance of his assets throughout the year.

… and by arbitrating within its non-strategic activities

In the aim of clarifying its Property Services strategy, Icade has decided to get backing for its two main activities:

→ In facilities management, Icade has refocused on its core business (operation and steering of multi-technical and multi-service maintenance). However, as this activity cannot be developed within Icade, it has been decided to get backing, during the fi rst half of 2009, from a key reference in facilities man-agement.

→ Property management for individuals: Icade offers

a large range of housing services in France and in

Spain. In France, as property management for individuals does not benefi t from the synergies expected within a commercial property investment company, Icade has decided to get backing for this activity from a specialist external structure.

Some references

€18 million2008 turnover

Property Management


Serviced residences


Consulting and expertise

3 businesses in a refocused structure

Tour Montparnasse property complex

Paris 15e

Floor space: 300,000 m2

Icade: property manager

Portfolio as at 31st December 2008

36

SUST

AIN

ABL

E DE

VELO

PM

ENT

Electrically-powered river shuttle

First of its kind in France, shuttle purchased and chartered by Icade to serve the parc du MillénaireSpecial jury’s prize for Icade’s 2007 sustainable development awardsGrand prix 2008 of the 12th Grand Prix de l’environnement environment awards

H20 building, Rueil-Malmaison (92)

2, rue des Martinets22,000 m2

Icade: investor

PRO

PER

TY IN

VEST

MEN

TO

ffi ce

s

Tour Descartes, Courbevoie (92)

72,000 m2

Icade: investor and property manager

Metropolitan, Villejuif (94)

Seine buildingHead offi ce of the bank LCL14,200 m2

Architect: H. GodetIcade: investor and promoterHQE-certifi ed construction

Les Terrasses Garonne, Toulouse (31)

57 R+7 housing unitsArchitects: J.-P. Ribes – Cabinet AruaIcade: developer2007 silver medal – Categories “Regional grand prix” and “Natural quality of life”

Parc nautique of l’île de Monsieur, Sèvres (92)

7.6 ha, creation of a nautical base and a landscaped parkArchitect: 2AD ArchitectureIcade: developerPark and buildings designed and constructed according to an environmental initiative

37

114, avenue des Champs-Élysées, Paris (75)

6,000 m2

Icade: investor

Hospital complex, Alès-en-Cévennes (30)

Construction of a hospital complex33,000 m2

Architect : P.Tourre-RTVIcade: operations manager Pilot operation certifi cation “HQE établissements de santé”

Les Villas Clara, Strasbourg (67)

Building comprising 16 units“Low-consumption” programmeArchitect: Atrium conceptIcade: developerProject nominated in Icade’s 2008 sustainable development awards

École nationale supérieure des offi ciers sapeurs-pompiers (ENSOSP), Aix-en-Provence (13)

Training and administrative centre and technical platform30,000 m2 (new construction and renovation)450 pupilsArchitect: SCAU / Atelier 9 / CCDIcade: developer’s agent Project nominated in Icade’s 2008 sustainable development awards

Ernst & Young, Munich (Germany)

19,600 m2

Architect: GHU-PSPIcade: investor

Munich Allach (Germany)

59,000 m2

Users: TSystem-MTU-AtenaIcade: investorOffi ces labelled “Very high energy performance” (THPE)

38

Building 025, parc du Pont-de-Flandre, Paris 19 (75)

12,500 m2

Icade: investorThis XIXth century building houses the head offi ce of Club Med

Building 270, Aubervilliers (93)

9,400 m2

First private commercial building to be certifi ed “NF bâtiments tertiaires – démarche HQE”Architects: Brenac & GonzalesIcade: investor and developerHQE-certifi ed constructionPilot operation “HQE exploitation” certifi cation

Millénaire 1 and 2, Paris 19 (75)

30,000 m2 and 28,800 m2

Architect: Arte CharpentierIcade: investor and developer Millénaire 1: head offi ce of IcadeHQE-certifi ed constructionPilot operation “HQE Exploitation” certifi cation

PRO

PER

TY IN

VEST

MEN

TBu

sine

ss P

ark

s

Odysseum, Montpellier (34)

45,000 m2 of retail surfaceArchitects: Design International – DGLaIcade: investor, promoter, marketing and manager of the retail division, property manager

Le Millénaire shopping centre, Aubervilliers (93)

58,000 m2 of shops, 3 offi ce buildings, 2,800 parking spacesArchitect: A. GrumbachIcade: investor, promoter and marketingPilot operation “HQE commerces” certifi cationOffi ces labelled “Very high energy performance” (THPE)

PRO

PER

TY IN

VEST

MEN

T Sh

oppi

ng C

entre

s

Mr. Bricolage

Icade: investor and property manager

39

Polyclinique de l’Atlantique, Saint-Herblain (44)

269 bedsIcade: investor, project manager, property manager

Les Gibets, Rueil-Malmaison (92)

Icade: investor

Armand Brillard private hospital, Nogent-sur-Marne (94)

200 bedsIcade: investor, property manager

Fontenay-aux-Roses (92)

Icade: investor

84, rue de Villiers, Levallois-Perret (92)

30,000 m2

User: Ministry of InteriorIcade: investor

Créteil (94)

Icade: investor

PRO

PER

TY IN

VEST

MEN

TA

men

ities

PRO

PER

TY IN

VEST

MEN

TH

ousi

ng

40

PRO

PER

TY

DEVE

LOP

MEN

T

CHU university hospital centre, Nancy (54)

27,000 m2

Construction of a medical building Architect: M. BeauvaisIcade: investor, promoter under a PPP, project manager

Retail Park “Costières Park”, Nîmes (30)

27,000 m2

Architects: Crégut-DuportIcade: co-developer

ZAC du Port – Bureaux Aquena programme, Choisy-le-Roi (94)

Two offi ce buildings (Libeccio – surface 10,000 m2 and Zéphir – surface 19,000 m2)Architects: Agence Valode and Pistre/Agence FerrierIcade: promoterConstruction certifi ed HQE and labelled “Very high energy performance” (THPE)

Résidence de l’Hippodrome, Valenciennes (59)

Number of housing units: 138Architect: Olivier Parent

Colombe Parc, Toulouse-Colomiers (31)

8,600 m2

2 twin, independent buildingsArchitect: J.F. MartinieInvestor: UBS Global Real EstateIcade: developer

Le Carat, Lyon Part-Dieu (69)

14,000 m2

Architect: Brunet-SaunierInvestor: Generali ImmobilierUser: EgisIcade: developerHQE-certifi ed construction

41

SERV

ICES

Building 264, Parc des Portes de Paris, Aubervilliers (93)

Icade: property manager, developer’s agent for carrying out the Carbon Audit, investor

Icade: property adviser

Tour Maine-Montparnasse property complex, Paris

300,000 m2

Icade: property manager

Residential building

Icade : transaction

Serviced residence Le Kaelis, Montpellier (34)

92 housing unitsIcade: operator

Serviced residence Les Lauréades, Saint-Ouen (93)

120 housing unitsIcade: operator

42

Inventory of assets at 31st December 2008

GLOBAL ASSETS

€6,952 M3,586,028 m2

OFFICES

€1,654 M407,210 m2

BUSINESS PARKS

€1,423 M474,775 m2

SHOPPING CENTRES

€206 M135,976 m2

AMENITIES

€734 M286,625 m2

HOUSING

€2,935 M2,281,442 m2

43

Geographic breakdown of the asset base by asset type at 31st December 2008

(in millions of euros) Housing (1) Offi ces (2) Business Shopping Amenities (5) TOTAL % Parks (3) Centres (4)

Paris region 2.930 1.203 1.423 62 375 5.993 86.2%

% by value 99.8% 72.7% 100.0% 30.1% 51.2% of which Paris (75) 80 397 680 7 – 1,164 of which Seine-et-Marne (77) 10 1 – – – 11 of which Yvelines (78) 130 – – – 126 257 of which Essonne (91) 312 6 – – – 318 of which Hauts-de-Seine (92) 884 672 – – 174 1,730 of which Seine-Saint-Denis (93) 560 1 743 55 – 1,359 of which Val-de-Marne (94) 611 126 – – 75 812 of which Val-d’Oise (95) 343 – – – – 343

Rest of France 5 86 0 144 358 593 8.5%

% by value 0.2% 5.2% 0.0% 69.9% 48.8%

International 0 366 0 0 0 366 5.3%

% by value – 22.1% – – –

TOTAL 2,935 1,654 1,423 206 734 6,952

% of assets by value 42.2% 23.8% 20.5% 3.0% 10.5% 100.0%

In surface area (m²) * Housing (1) Offi ces (2) Business Shopping Amenities (5) TOTAL % Parks (3) Centres (4)

Paris region 2,263,988 172,468 474,775 2,470 87,210 3,000,911 83.7%

% by surface area 99.2% 42.4% 100.0% 1.8% 30.4% of which Paris (75) 29,338 38,537 133,628 2,470 – 203,973 of which Seine-et-Marne (77) – 517 – – – 517 of which Yvelines (78) 97,460 – – – 34,860 132,320 of which Essonne (91) 220,377 9,666 – – – 230,043 of which Hauts-de-Seine (92) 520,160 108,526 – – 28,100 656,786 of which Seine-Saint-Denis (93) 515,572 913 341,147 – 24,250 857,632 of which Val-de-Marne (94) 491,610 14,309 – – – 530,169 of which Val-d’Oise (95) 389,471 – – – – 389,471

Rest of France 17,454 90,822 – 133,506 199,415 441,197 12.3%

% by surface area 0.8% 22.3% – 98.2% 69.6%

International – 143,920 – – – 143,920 4.0%

% by surface area – 35.3% – – –

TOTAL 2,281,442 407,210 474,775 135,976 286,625 3,586,028

% of assets by surface area 63.6% 11.4% 13.2% 3.8% 8.0% 100.0%

* Rentable surface in m² as at 31st December 2008.(1) Housing units and other property assets previously held by the former Icade Patrimoine, including housing units held for sale and housing units under promises of sale as at 31st December 2008.(2) Property assets in the asset base of the former Icade Foncière des Pimonts (not including the Odysseum shopping centre and Mr. Bricolage shops), SIIC Invest and Icade REIT. (3) Business parks of the former Icade Emgp, not including the Aubervilliers shopping centre.(4) Shopping centres, composed of Mr. Bricolage shops and Aubervilliers and Odysseum shopping centres under development at 31st December 2008.(5) Property assets of the former Icade Foncière Publique.

Icade | 2008 Annual report | Inventory of assets

44

Offi ces division at 31st December 2008

Town Dpt Surface No. Car Date of Date of % Main m² parks acquisition construction or Consolidation tenants (Rentable) (*) renovation

Paris region 172,468 3,076

3-5, avenue de Friedland Paris 8 75 10,130 190 2004 1991 100% Deutsche Bank114, avenue des Champs-Élysées Paris 8 75 6,183 122 2004 1993 100% Shearman & Sterling 1 – SFC (Weston)29-33, avenue des Champs-Élysées Paris 8 75 9,139 – 2004 1950 100% Pizza Pinot – Aerofl ot 69, boulevard Haussmann Paris 8 75 7,205 184 2004 1990 100% UBSHoche Courcelles – 65, rue de Courcelles Paris 8 75 950 20 2007 1975 100% ABN AMRO14, rue Magellan Paris 8 75 830 9 1960 1960 100% Iris conseil santé – Heinzel Sales Fce

Sub-total Paris CBD 34,437 525

2, rue des Innocents / Place Joachim du Bellay Paris 1 75 136 – 2007 1985 100% Bd du JeanQuartier de l’Horloge – 36, rue Rambuteau Paris 3 75 1,486 2 2007 1977 100% Cie de restaurants et de cafétérias7, rue Armand Moisant Paris 15 75 1,681 5 2007 1968 100% CF Ingéniérie – BNPTour Montparnasse – 33-36 avenue du Maine Paris 15 75 797 6 2007 1972 100% Western / Roussev

Sub-total Paris ex-CBD 4,100 13

15ème étage de la Grande Arche Paris – La Défense 92 1,285 5 2004 1989 100% HQ Global ServicesTour Descartes – 2, avenue Gambetta Courbevoie 92 75,162 1,200 2004-2007 1985 100% IBMTour Initiale – 1, terrasse Bellini Puteaux 92 11,265 149 2004 2003 33% RTE – NexitisTour Arago – 5, rue Bellini Puteaux 92 2,440 44 2007 1967 100% Stralfors – CNH France – TouaxTour Areva – 1, place de la Coupole Paris – La Défense 92 2,094 7 2007 1974 100% Areva

Sub-total Paris – La Défense 92,246 1,405

11-15, avenue Morizet Boulogne-Billancourt 92 4,982 131 2004 2000 100% Omnicom27, rue Camille Desmoulins Issy-les-Moulineaux 92 9,185 214 2004 1999 100% Coca-ColaMadrid – 185, avenue du général de Gaulle Neuilly 92 2,113 49 2007 1976 100% Deloitte Touche

Sub-total West Quadrant 16,280 844

ZAC des Guipons – 10, avenue de Paris Villejuif 94 14,309 250 2008 2008 100% LCL11-13, rue Félix Martin Épinay-sur-Seine 93 913 39 1957 1982 100% Mairie d’Épinay –ZA de l’Orme Pomponne Ris-Orangis 91 9,666 0 2007 2000 100% AOIP – SDV–LI15/21, Avenue de la Victoire Meaux 77 517 0 2007 2005 100% Kiloutou

Sub-total rest of Paris region 25,405 289

(*) Date of entry of the asset or entity into Icade’s scope of consolidation.

45

Town Dpt Surface No. Car Date of Date of % Main m² parks acquisition construction or Consolidation tenants (Rentable) (*) renovation

REST OF FRANCE 90,822 280

250, avenue de la République Lille – La Madeleine 59 3,692 83 2007 1968 100% Spie Batignolles – Safi gChampion – 27, avenue de Paris Reims 51 2,226 128 2007 2003 100% ChampionLe Triangle – Avenue Jules Mihau Montpellier 34 2,708 – 2007 1975 100% Douglas – SaurampsZA de Saint Martoy Portet sur Garonne 31 765 44 2007 1990 100% Dekra – VeritasZone commerciale de Plan Campagne Les Pennes Mirabeau 13 870 23 2007 1991 100% Dekra – Veritas6, avenue des Bates Dreux 28 477 – 2007 – 100% KiloutouLa Chambière Saint-Denis-lès-Bourg 01 526 – 2007 2006 100% KiloutouZAC de Sennecé-lès-Mâcon Macon 71 27,850 – 2007 2007 100% LogidisZI de la Madeleine RN 154 Evreux 27 750 – 2007 – 100% Kiloutou45, rue René Goscinny Angoulême 16 379 – 2007 – 100% Maison du monde20, rue de la Huchette Bressuire 79 150 – 2007 – 100% Maison du monde44-46, avenue de la République Charleville-Mézières 08 378 – 2007 – 100% Maison du monde7, rue des Boulangers Colmar 68 405 – 2007 – 100% Maison du monde8, avenue Pierre Guéguin Concarneau 29 208 – 2007 – 100% Maison du monde13, rue Carnot / 14, rue Saint-Thomas La Flèche 72 400 – 2007 – 100% Maison du monde11/13, rue Philibert Laguiche Mâcon 71 981 – 2007 – 100% Maison du monde1, rue Hallebarde Orléans 45 524 – 2007 – 100% Maison du mondeavenue Pierre et Marie Curie Rognac 13 5,209 – 2007 – 100% Geodis Logistics Euromatic6, rue Saint Francois Quimper 29 430 – 2007 – 100% Maison du mondeCentre d’affaires « Alma city » – 3, rue du Bosphore Rennes 35 107 – 2007 – 100% Jardin d’idéesLa Vigie – 20, quai du commandant Malbert Brest 29 408 2 2007 – 100% IPCZone Eurofret Terrain Strasbourg 67 4,830 – 2008 2008 100% Messageries Seegmuller3, rue des Sauzettes – ZAC Plein Sud Aubière 63 826 – 2007 – 100% Maison du mondeZI de Chesnes Tharabie Saint-Quentin-Fallavier 38 19,140 – 2007 – 100% Millitzer – EasydisZI la Palun Marignane 13 13,606 2007 – 100% Somefor56, rue de Bourgogne Fontaine les Dijon 21 1,576 – 1976 1976-1982 100% Icade G3A – Cogiciel – SCET2, rue Jean Artus Bordeaux 33 1,401 – 1978 1978 100% Coligny – Icade G3A

INTERNATIONAL 143,920 2,443

Munich-Allach – Dachauer Strasse 665 Munich 59,139 1,733 2006 2003/2004 100% T–Systems – MTU – Atena – MANTurlenstrasse 2 Stuttgart 14,246 247 2006 1958 and 1980 100% vacantGoldsteinstrasse 2 Frankfurt 7,508 120 2006 1958 100% Ville de FrancfortFrankenallee 139/149 Frankfurt 10,410 80 2006 1980 100% OpelEconomic Center– Süderstrasse 30 Hamburg 10,328 89 2006 2002/2003 100% American Express – AxaHeidenkamsweg Hamburg 9,476 108 2006 2000 100% ATOSHohenzollerndamm 150 Berlin 11,145 61 2006 2000 100% Deutsche Post AGHohenzollerndamm 151 Berlin 10,480 – 2006 2000 100% Schwarz Film – EuroArts – Arena SynchronCharlottenstrasse / Kochstrasse Berlin 11,188 5 2006 2000 100% MDK – Victoria

GRAND TOTAL (according to scope of consolidation) 407,210 5,799


Offi ces division at 31st December 2008 (contd)


46

Business Parks division at 31st December 2008

Town Dpt Surface No. of car Date of % Main m² parks acquisition Consolidation tenants (Rentable) (*)

Paris 19e 133,628 1,951

Parc du Pont de Flandre Paris 19e 75 75,220 1,099 2002 100% Club Méditerranée – Pierre & VacancesParc du Millénaire Paris 19e 75 58,408 852 2002 100% Icade – Oddo & Cie

Seine-Saint-Denis (93) 341,147 1,093

Parc des Portes de Paris 93 221,200 1,093 – Saint-Denis Saint Denis 93 68,118 250 2002 100% Euro Media Télévision – Clareton – Batigautier LEM Aubervilliers 93 10,319 0 2002 100% GPG – Win’s & co– Aubervilliers Gardinoux Aubervilliers 93 142,763 843 2002 100% Arc en Ciel – Euro Media Télévision

Parc Pilier Sud Aubervilliers 93 25,141 0 2002 100% L.E.M. 888 – Interxion FranceParc CFI Aubervilliers 93 62,063 0 2002 100% Rhodia services – Rhodia RecherchesParc du Quartier du Canal Aubervilliers 93 10,827 0 2002 100% LocaberParc le Mauvin Aubervilliers 93 21,916 0 2002 100% Ville de Paris – L.E.M. 888

GRAND TOTAL 474,775 3,044


47

Shopping Centre division at 31st December 2008

Town Dpt Surface No. of car Date of % Main m² parks acquisition Consolidation tenants (Rentable) (*)

15, rue de la Croix Blanche Autun 71 2,795 2008 1999 100% Mr. Bricolage55, avenue de la Division Leclerc Avranches 50 4,199 2008 2001 100% Mr. BricolageZAC des Mazaud Brive la Gaillarde 19 5,536 2008 1999 100% Mr. BricolageCentre Commercial Carrefour – Route de Rennes Condé sur Sarthe 61 3,773 2008 90’s 100% Mr. Bricolage77, rue de Domfront Flers 61 3,276 2008 1984/2002 100% Mr. BricolageRue Alexandre Guillon Guéret 23 5,414 2008 2003 100% Mr. BricolageZone Commerciale du Parc La Ferté Macé 61 1,611 2008 1991 100% Mr. BricolageCentre Commercial Hyper U – Avenue de la Maine Les Herbiers 85 3,493 2008 90’s 100% Mr. Bricolage91, rue de Longwy Longwy 54 3,500 2008 90’s 100% Mr. BricolageRoute de Montargis Noyers 45 1,881 2008 1989 100% Mr. BricolageEspace Commercial Les Latteux Migennes 89 3,743 2008 1993/1998 100% Mr. BricolageZAC de Chateaugay Domerat 03 5,695 2008 2002 100% Mr. Bricolage34, rue de Reuilly – 28, rue du Colonel Rozanoff Paris 12e 75 2,470 2008 – 100% Mr. BricolageCentre Commercial La Tuilerie Sablé sur Sarthe 72 4,248 2008 90’s 100% Mr. BricolageEspace commercial de la Gaillard Saint Clément 89 4,474 2008 1992/2000 100% Mr. BricolageAvenue de l’Egalité – ZA d’Hellieule 2 Saint-Dié 88 4,884 2008 2002 100% Mr. Bricolage115, Route Nationale Saint-Gervais La Forêt 41 5,406 2008 70’s/1988 100% Mr. BricolageZA La Chesnais St-Jouan des Guérets 35 5,453 2008 2000 100% Mr. Bricolage1118, Avenue de Paris Saint-Lô 50 3,553 2008 2001 100% Mr. BricolageEspace Saumur Soleil – St Lambert des Levées Saumur 49 4,846 2008 90’s/2001 100% Mr. BricolageCentre Commercial – 15, rue d’Anet Saussay 28 2,687 2008 80’s 100% Mr. Bricolage12, route de Pau Tarbes 65 2,385 2008 1989 100% Mr. BricolageCentre commercial Carrefour – Route du Plan Trans en Provence 83 1,407 2008 1993 100% Mr. BricolageZAC de Merlemont, Les Terres de Merlemont Allonne 60 11,033 2008 2000 and Fall 100% Mr. BricolageZI Les Clairions – Avenue Haussmann Auxerre 89 4,502 2008 80’s 100% Mr. BricolageRue Giret – Quartier des Isle Vienne 38 3,582 2008 1987/92/97/2001 100% Mr. Bricolagerue René Cassin Pithiviers 45 4,358 2008 1996/98 100% Mr. BricolageAllée Maxenu Pierry 51 3,361 2008 2000 and Fall 100% Mr. BricolageZI route de Rennes St Méen le Grand 35 1,810 2008 1979/2002 100% Mr. Bricolage191, av du Gal de Gaulle Libourne 33 3,002 2008 1987 100% Mr. Bricolage540, av Leon Blum Ambrieu en Bugey 01 6,452 2008 1984 100% Mr. BricolageZA le Pinier St Léger de la Martinière 79 1,876 2008 2007 100% Mr. Bricolage24, rue Georges Chaulet Dax 40 4,257 2008 – 100% Mr. Bricolage55, route d’Aigre – BP 94 Ruffec 16 2,152 2008 – 100% Mr. BricolageForum de Picardie Fayet 02 2,579 2008 – 100% Mr. Bricolage Route 66 / Odyséum Montpellier 34 283 2008 – 100% Route 66

GRAND TOTAL (according to scope of consolidation) 135,976



48

Amenities division at 31st December 2008

Town Dpt Surface Date of Acquisition or % Main m² acquisition construction Consolidation tenants (Rentable) (*) date

Amenities 32,080

84, rue de Villiers Levallois 92 28,100 2006 2006 100% Ministère de l’Intérieur50, rue Paul Louis Courrier Périgueux 24 3,012 2007 2007 100% D.D.A.S.S.Crèche Toulouse Blagnac Blagnac 31 968 2008 2008 100% L’imagin’R

Clinics 254,545

Clinique Esquirol Saint-Hilaire – 1, rue du doteur Delmas Agen 47 33,414 2007 70’s and 80’s 100% Clinique Esquiol St HilaireClinique Marzet – 42, boulevard Alsace Lorraine Pau 64 13,026 2007 1973 à 1999 100% Polyclinique MarzetClinique Les Chênes – rue Chantemerle, lieudit « Capit » Aire-sur-l’Adour 40 9,284 2007 1977-78 100% Polyclinique les chênesClinique St- François – 2, rue Rolland Buthier Mainvilliers 28 11,055 2007 1998/2000 100% Clinique saint francoisClinique de l’Archette – rue Jacques Monod Olivet 45 15,404 2007 2000 100% Clinique de l’archettePolyclinique de l’Atlantique – rue Claude Bernard St Herblain 44 32,506 2008 1993/2002 100% Polyclinique de l’atlantiqueMaison de convalescence Roz Arvor – 2, rue du Fort Nantes 44 4,124 2008 1989/1996 100% Centre Roz ArvorClinique Saint Charles – 11, bd René Levesque La Roche / Yon 85 17,773 2008 1988/2004 100% Clinique saint CharlesPolyclinique du Maine – 4, av des Francais libres Laval 53 10,261 2008 1987/1994 100% Polyclinique du MaineClinique de convalescence Centre Vendée – 5, rue de la Grotte Les Essarts 85 1,916 2008 1987-1988 100% Clinique de convalescence centre VendéeClinique de l’Occitanie – 20 av Bernard IV Muret 31 12,707 2008 1973 100% Clinique OccitanieCentre Médico-Chirurgical de Parly II – 21 rue Moxouris Le Chesnay 78 18,500 2008 1971/1997 100% Centre médico chirurgical de Parly IIHôpital Privé de l’Ouest Parisien – 14 avenue Castiglione (GDS) Trappes 78 16,360 2008 1975/2000 100% Hôpital Privé de l’Ouest ParisienHôpital Privé Paul d’Egine – 4 avenue Marx Dormoy Champigny 94 12,800 2008 2001/2007 100% Hôpital Privé Paul d’EgineHôpital Privé Armand Brillard – 3-5 avenue Watteau Nogent 94 11,450 2008 2003/2006 100% Hôpital Privé Armand BrillardPolyclinique de Poitiers – 1, rue de la Providence Poitiers 86 19,378 2008 1990/2004 100% Polyclinique de PoitiersClinique Saint-Charles – 3, rue de la Providence Poitiers 86 4,110 2008 1990/2004 100% Clinique Saint Charles PoitiersClinique du Parc – 9 bis rue Piot St Priest en Jarez 42 10,477 2008 – 100% Clinique du Parc St Etienne

GRAND TOTAL 286,625


49

Residential division at 31st December 2008

Town Dpt Surface No. Car Acquisition or % Number of housing units m² parks construction Consolidation Total Of which subsidised date

OPERATIONAL ASSETS (*) 1,986,150 429 33,761 3,246

Meuniers Paris 75 5,419 0 1977 100% 92 0Porte de Vincennes 12e Paris 75 8,268 0 1957 100% 159 0Porte de Vincennes 20e Paris 75 10,502 0 1957 100% 200 0Rue Bisson Paris 75 3,425 39 1988 100% 49 0

Sub-total 75 27,614 39 500

Porte St Antoine Le Chesnay 78 4,796 69 1985 100% 68 68Beauregard Poissy 78 68,372 69 1954 100% 1,310 Résidence des 2 Forêts St Germain 78 1,898 0 1969 100% 32

Sub-total 78 75,066 138 1,410 68

Les Buissons Boussy 91 19,281 0 1967 100% 297 0Danton Draveil 91 13,685 0 1957 100% 230 48Domaine de Villiers Draveil 91 25,562 0 1957 100% 401 0Chopin Épinay sous Sénart 91 24,715 0 1967 100% 348 0Hameau Villaine Massy 91 17,312 0 1968 100% 244 0Jean Macé Massy 91 5,685 0 1968 100% 84 0Pavillon Champart Massy 91 45 0 1968 100% 1 1Saint Marc (Massy) Massy 91 44,101 0 1960 100% 724 0Saint Hubert Ste Geneviève 91 27,534 0 1954 100% 409 0Aulnaies (Verrières) Verrières le Buisson 91 8,138 0 1954 100% 100 0

Sub-total 91 186,058 0 2,838 49

Les Courtilles Asnières 92 32,595 0 1958 100% 606 La Fontaine Bagneux 92 54,352 0 1959 100% 991 La Madeleine Bagneux 92 20,632 0 1959 100% 415 Pierre Plate Bagneux 92 26,447 0 1959 100% 503 Prunier Hardy Bagneux 92 17,123 0 1954 100% 217 Rond Point des Martyrs Bagneux 92 27,807 0 1954 100% 551 Briaude Chatenay Malabry 92 13,301 0 1959 100% 244 2Les Vaux Germains Chatenay Malabry 92 18,970 0 1959 100% 305 Pavillon Voltaire Chatenay Malabry 92 935 0 – 100% 12 Fort de Vanves (Châtillon) Chatillon 92 31,146 0 1956 100% 566 154Sorbiers Clamart 92 2,265 0 1988 100% 25 25La Roue Fontenay 92 10,917 0 1958 100% 212 Les Champarts Fontenay 92 4,856 0 1961 100% 93 Saint Prix Fontenay 92 10,608 0 1954 100% 178 Scarron Fontenay 92 24,825 0 1964 100% 402 Sorrieres Fontenay Fontenay 92 21,760 0 1972 100% 306 Val Content Fontenay 92 14,108 0 1959 100% 197 Val Content PLI Fontenay 92 2,393 0 1995 100% 37 Fort de Vanves (Malakoff) Malakoff 92 16,644 0 1956 100% 313 15-19, rue de Lattre de Tassigny Rueil Malmaison 92 2,216 57 – 100% 44 Bons Raisins Rueil Malmaison 92 6,804 0 1956 100% 114 30Château Masséna Rueil Malmaison 92 18,825 0 1956 100% 350 Gibets Rueil Malmaison 92 13,253 0 1957 100% 242

(*) Including housing units to be sold in blocks or under promises of sale as at 31st December 2008.


50


Godardes Rueil Malmaison 92 15,861 0 1955 100% 298 180Les Hauts de Buzenval Rueil Malmaison 92 6,904 0 1975 100% 88 Taratres Rueil Malmaison 92 20,759 0 1959 100% 388 Bas Coudrais Sceaux 92 40,046 0 1954 100% 695 Le Mail Villeneuve la Garenne 92 2,926 0 1980 100% 42

Sub-total 92 479,278 57 8,434 391

Descartes Blanc Mesnil 93 21,000 0 1955 100% 343 Pont de Pierre Bobigny 93 26,268 0 1957 100% 482 Stade de Bondy Bondy 93 31,294 0 1955 100% 595 Gros Buisson Épinay sous Seine 93 27,614 0 1957 100% 501 Orgemont Épinay sous Seine 93 124,845 0 1957 100% 2,285 354Chemin vert Gagny 93 16,666 0 1963 100% 286 Jean Moulin Gagny 93 17,195 0 1957 100% 334 40Clos des Français Montreuil 93 33,031 0 1957 100% 581 13Paul Doumer Montreuil 93 2,095 0 1957 100% 30 30La Piazza Noisy 93 11,127 0 1980 100% 150 Bois Perrier Rosny 93 70,142 0 1960 100% 1,259 La Boissière Rosny 93 15,330 0 1973 100% 210 Les 6 Routes Saint Denis 93 41,307 0 1962 100% 649 Grande Lafayette Tremblay 93 20,983 0 1967 100% 328 Petite Lafayette Tremblay 93 6,999 0 1967 100% 102

Sub-total 93 465,896 0 8,135 437

Anatole France Chevilly Larue 94 10,965 0 1956 100% 200 Saussaie Chevilly Larue 94 39,117 0 1954 100% 589 Cheret (Créteil) Créteil 94 6,200 0 1956 100% 110 Cochets Créteil 94 7,450 0 1967 100% 110 Créteil 2 Créteil 94 3,070 0 1954 100% 50 Créteil 3 Créteil 94 38,134 0 1958 100% 681 Créteil 4 Créteil 94 31,491 0 1961 100% 549 Créteil 5-6-7 Créteil 94 74,228 0 1964 100% 1,303 Claude Bernard Fontenay 94 21,598 0 1970 100% 318 Les terrasses du Bellay Fresnes 94 2,335 0 2008 100% 41 Val de Bièvre Fresnes 94 12,196 0 1954 100% 221 Vallée aux Renards (Fresnes) Fresnes 94 7,421 0 1957 100% 124 Jardins de Ronsard L’Hay les Roses 94 2,886 0 2008 100% 51 Vallée aux Renards (Hay) L’Hay les Roses 94 36,351 0 1954 100% 659 Pont de Maisons Alfort Maisons Alfort 94 35,468 0 1956 100% 621 Château de Sucy Sucy 94 40,460 0 1954 100% 642 Pré Tourillon Sucy 94 12,839 0 1965 100% 212 Lozaits Villejuif 94 43,731 0 1954 100% 830 St Exupéry Villejuif 94 1,608 0 1958 100% 36 36Friches Vitry 94 1,752 0 1983 100% 21 52Greuze Vitry 94 4,387 0 1983 100% 52 21

Sub-total 94 433,687 0 7,420 109

51



Les Chênes Ermont 95 33,987 0 1954 100% 548 Orme St Edme Franconville 95 8,112 0 1967 100% 138 La Fauconnière Gonesse 95 27,886 0 1954 100% 537 CIRS Sarcelles 95 164,166 0 1963 100% 2,577 2,167Lully Sarcelles 95 2 ,494 0 1960 100% 40 Les fl anades Sarcelles 95 22,318 1963 100% 248 Tour Guyenne Sarcelles 95 5,596 1963 100% 62 Puits La Marlière Villiers le Bel 95 53,992 0 1965 100% 874 25

Sub-total 95 318,551 0 5,024 2,192

ASSETS FOR UNITARY SALE 116,799 96 1,876 0

Porte de Vincennes vente Paris 75 584 0 1968 100% 10

Sub-total 75 584 10 0

Gémeaux Les Mureaux 78 429 0 1977 100% 6 Romarins (Montigny) Montigny le Bretonneux 78 114 0 1977 100% 2 Sorrières Montigny le Bretonneux 78 4,528 0 1979 100% 76 6 à 16 rue de Montaigne Poissy 78 2,235 0 1954 100% 55 6-16 Montaigne Poissy 78 2,007 23 1954 100% 43 78-88 Maladrerie Poissy 78 2,726 0 1954 100% 58 Castillan Poissy 78 141 0 1958 100% 3 Corniche Poissy 78 329 0 1954 100% 7 Foucauld Poissy 78 96 0 1954 100% 2 Montaigne Poissy 78 136 0 1954 100% 2 Tour Côte Poissy 78 394 0 1958 100% 5 Square Cocteau (Trappes) Trappes 78 1,363 25 1974 100% 18 Mermoz Versailles 78 64 0 1976 100% 1

Sub-total 78 14,562 48 278 0

1-5 Bonnard Draveil 91 1,611 0 1957 100% 27 1-5 Bruant Draveil 91 1,529 0 1957 100% 26 2-6 d’Orbay Draveil 91 1,785 0 1957 100% 30 Cordeliers Draveil 91 165 0 1957 100% 3 La Prairie Draveil 91 70 0 1957 100% 1 1 rue Weber Épinay sous Sénart 91 2,142 0 1967 100% 29 11, rue du Petit Pont Épinay sous Sénart 91 1,941 0 1967 100% 26 Colombe Épinay sous Sénart 91 336 0 1967 100% 5 5 France Épinay sous Sénart 91 2,042 0 1967 100% 28 12-16 Mogador Massy 91 1,306 0 1968 100% 25 2-8 rue de Lisbonne Massy 91 2,263 0 1968 100% 38 2bis Herriot Massy 91 3,494 0 1968 100% 49 4 Herriot Massy 91 3,356 0 1968 100% 47 Blum Massy 91 185 0 1968 100% 3 Blum II Massy 91 1,084 0 1968 100% 15 Saint Marc vente (Massy) Massy 91 429 0 1960 100% 6 Thorez Massy 91 308 0 1968 100% 4


52


Toulouse Lautrec (Massy) Massy 91 893 0 1960 100% 17 1 à 5 rue Julian Grimaud Ste Geneviève 91 1,950 0 1954 100% 26

Sub-total 91 26,889 0 405 0

Clos de Rome Asnières 92 189 0 1958 100% 3 Eluard Bagneux 92 173 0 1972 100% 2 Galilée Bagneux 92 420 0 1959 100% 7 Jacques Prévert Bagneux 92 230 0 1960 100% 4 Vaux Germains Vente Chatenay 92 256 0 1959 100% 4 Coppée (Châtillon) Chatillon 92 142 0 1983 100% 3 Pierre Loti (Châtillon) Chatillon 92 144 0 1956 100% 2 La Roue vente Fontenay 92 668 0 1958 100% 13 Arthur Rimbaud Rueil 92 460 0 1957 100% 8 Gibets II Rueil 92 774 0 1957 100% 16 Voltaire Rueil 92 416 0 1956 100% 7 3 place André Malraux Villeneuve la Garenne 92 4,270 0 1980 100% 66 9-10 Malraux Villeneuve la Garenne 92 10,103 0 1980 100% 149

Sub-total 92 18,245 0 284 0

Courbet Blanc Mesnil 93 184 0 1965 100% 3 Pont de Pierre Bobigny 93 3,775 0 1957 100% 68 Pasteur Bondy 93 298 0 1955 100% 5 Dumas Gagny 93 791 0 1959 100% 12 Jannin/Bouin Gagny 93 6,907 0 1959 100% 98 Jean Bouin Gagny 93 1,142 0 1959 100% 17 Moulin vente Gagny 93 100 0 1957 100% 2 Moulin vente II Gagny 93 1,036 0 1957 100% 22 10/14 Couperin Rosny 93 1,878 0 1960 100% 35 108/112 Alsace Rosny 93 1,896 0 1960 100% 34 2-4 Couperin Rosny 93 2,384 0 1960 100% 40 2-4 Franck Rosny 93 1,562 0 1975 100% 28 6-8 De la Lande Rosny 93 1,660 0 1976 100% 30 Couperin Rosny 93 55 0 1983 100% 1 Herodia Rosny 93 529 0 1960 100% 9 Sicopar Sevran 93 177 0 1974 100% 3 1 Ampère Tremblay 93 621 0 1967 100% 9 5 Ampère Tremblay 93 48 0 1967 100% 1 7 Ampère Tremblay 93 71 0 1967 100% 1

Sub-total 93 25,114 0 418 0

Cachan I Cachan 94 163 0 1957 100% 3 Cachan II Cachan 94 632 0 1957 100% 10 1/3 Arcos Créteil 94 789 0 1958 100% 15 1/5 Timons Créteil 94 1,047 0 1958 100% 21 8/12 Vildrac Créteil 94 3,133 0 1958 100% 45 Mermoz Créteil 94 168 0 1961 100% 3Plumerette Créteil 94 316 0 1961 100% 6

53


Roussel Créteil 94 2,791 0 1961 100% 41 Savignat Créteil 94 184 0 1961 100% 5 Col Rivière (Fresnes) Fresnes 94 418 0 1957 100% 8 Peintres (Hay) L’Hay les Roses 94 382 0 1957 100% 6 Poétes (Hay) L’Hay les Roses 94 544 0 1957 100% 8 Château de Sucy vente Sucy 94 57 0 1954 100% 1 Cytises Sucy 94 1,026 0 1965 100% 17 10-16 rue Léon Moussinac Villejuif 94 1,456 0 1954 100% 23 Karl Marx Villejuif 94 2,815 0 1954 100% 46 Rembrandt Villejuif 94 451 0 1957 100% 6 Rodin Villejuif 94 496 0 1957 100% 7 Parc Leblanc Villeneuve le Roi 94 246 0 1957 100% 4

Sub-total 94 17,114 0 275 0

Cergy Pissaro Cergy 95 207 0 1983 100% 3 Hauts de Cergy Cergy 95 795 0 1983 100% 10 Justice Cergy 95 9,826 0 1983 100% 145 Van Gogh Ermont 95 136 0 1961 100% 2 Orme St Edme vente Franconville 95 540 0 1967 100% 9 Plaine Menucourt 95 65 0 1976 100% 1 EV 341 Sarcelles 95 746 0 1982 100% 9 Ste Honorine Taverny 95 337 0 1975 100% 5 Lalo Villiers le Bel 95 108 0 1965 100% 2 Pompon Villiers le Bel 95 60 0 1965 100% 1 Varagne Villiers le Bel 95 40 0 1958 100% 1

Sub-total 95 12,860 188 0

SCI Grande terre des Vignes Venissieux 69 1,431 0 1966 100% 17

Sub-total rest of France 1,431 17 0

TOTAL HOUSING UNITS 2,102,949 35,636 3,246

Other assets

Commercial property 135,027 100% 14 (1) Residences, retirement homes and others 43,466 100%

GRAND TOTAL 2,281,442 35,650 3,246


(1) Housing units connected to commercial property.

54

PROPERTY INVESTMENT PROPERTY DEVELOPMENT SERVICES

Icade simplifi ed organisation chart as at 31/12/2008

Housing Property Investment Housing Property Development Property Management

Property and Facilities Management

Consultancy

Commercial Property Investment Commercial Property Development

Health and Public Property Development

Engineering

Development Operations

SCI / SA

SCI / SA / SNC / SAS / SCS 100% Icade Tertial Régions SASU

100% Icade Tertial SASU

100% Icade Commerces SASU

100% Icade Promotion Logement SASU

100% Opéra Construction SASU

100% Icade Ellul SASU

100% Icade Administration de Biens SASU

100% Icade Eurostudiomes SASU

100% Icade Transactions SASU

100% Icade Property Management SASU

100% Icade Eurogem SASU

100% Icade Italia SPA

100% Inmobiliaria de la Caisse des DépôtsEspaña SASU

100% I-Porta SAS

100% Icade Suretis SASU

100% Icade Gestec-RS SAS

100% Icade Conseil SASU

100% Icade Expertise SASU

100% Icade G3A SASU

100% Icade Setrhi-Sétaé SASU

100% Icade Arcoba SASU

100% Icade Foncier Développement SNC

100% Icade Santé SASU

100% Icade REIT BV

95% Icade Bricolage SAS

90% SIICInvest SA

2008 annual report part 1 : corporate - icade.fr · 2008 annual report part 1 : corporate investing...

Documents