Foncière des Régions: a dynamic first quarter 2011

Consolidated turnover at the end of March 2011 was up 3.3% to €209.4 million, while turnover Group share was €131.8 million, up 2% (see attached tables). Foncière des Régions’ leasing business for the period kept occupancy rates high at 95% and generated a 1% rise in like‐for‐like rental revenues, which hit €122.5 million.  

In the first quarter of 2011, the Group also continued its policy of investing in offices by acquiring the Degrémont headquarter in Rueil‐Malmaison for €43 million, while at
the same time disposing of €76 million in non‐strategic assets.

To fulfil its objective of simplifying its structures and streamlining the assets in its portfolio, Foncière des Régions increased its holding in FEL to 82% by acquiring 14.6%
held by a Morgan Stanley fund for €47 million. This transaction is the 1st step towards holding 100% of this Logistics and Light Industrials portfolio. Following a strategic
review of this portfolio, the goal is to accelerate its valuation with:

disposal of some logistics platforms
redevelopment of sites in the Paris region

“The achievements of this 1st quarter 2011 have allowed us to reaffirm our financial objective to maintain stable net recurring income in 2011. We will continue our policy of investing in
offices and simplifying our organisation,” said Christophe Kullmann, CEO of Foncière des Régions.