EURAZEO_REGISTRATION_DOCUMENT_2017

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PRESENTATION OF THE GROUP

Eurazeo Patrimoine

A high value-added and diversified strategy -

EurazeoPatrimoine specializes inmanagement and investment activities for real estate andphysical assets. To avoid the economicpressuremarkedby a sharp increase in thepriceof assets, it rolls out a distinctive investment strategy in amarketwhere private equitymeets real estate andwhere there are investors. The robustness of itsmodel was confirmedby its performances in2017: investment inquality assets, enhanced throughmajor transformations.

2017, an intenseactivity. The portfolio’s relevance in a fast-changingmarket was confirmed by several transactions. Eurazeo Patrimoine acquired a 47% stake in Reden Solar, which combines the solar activities of Fonroche, in which Eurazeo had already invested in 2010. In October 2017, it generated a significant capital gain worth 2.3 times its investment by selling ANF Immobilier, an investment whose growth it supported over 13 years. At the end of 2017, Eurazeo Patrimoine began talks with Bridgepoint for the acquisition of C2S, a French regional private clinic group. Extensive transformations. Eurazeo Patrimoine has continued to optimize and develop its portfolio investments and assets. The initial phase of the refurbishment plan for Grape Hospitality, the hotel business company created from assets acquired at AccorHotels, is nearing completion. This has resulted in enhanced operating performances, attributable to greater revenue from product improvements, as well as reductions in costs and purchases that should produce results as from 2018. The other major project in 2017 was the creation of Reden Solar, a group specializing in renewable solar energy. The company rolled out its business in line with its development plan (delivery of the first phase of a power plant in Puerto Rico in the first half, start of the construction of a power plant in Mexico, exploration of Chile). Finally, the CIFA benefited from investments to improve its offering and services (click and collect, innovative BtoB marketplace, etc.). In 2017, it underwent a refurbishment and extension to maximize its high return p

A very distinctive positioning. In recent years, due to falling interest rates and the abundance of liquidity, the macro-economic environment generated substantial growth in property values.

To protect against the risk of fluctuations, Eurazeo Patrimoine rolls out a selective investment strategy focusing on niche assets with promising potential. Its core business consists of developing this potential by activating all possible catalysts for change. This model covers transactions such as the Grape Hospitality carve-out, destined to become a leader in the hotel business, or the acquisition and restructuring of Reden Solar, specializing in renewable energies. At the same time, Eurazeo Patrimoine seeks to invest in high-return assets that generate significant cash flows to guarantee a quick debt reduction, such as the investment in the CIFA Fashion Business Center, a clothing wholesale center in Aubervilliers.

M€ 79 invested in Reden Solar M€ 213 in ANF Immobilier disposal proceeds

with

C2S CIFA Grape Hospitality Reden Solar

2017 Registration document

Eurazeo

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