MRM - 2018 Registration document

1

Information on M.R.M.’s activities

Presentation of the Company

1.4.6 Main investments carried out by the Company in the last three years

2018

2017

2016

(in millions of €)

Retail Acquisitions

-

1.8 6.2

-

Investments/CAPEX

14.5

5.8

Offices Acquisitions

- -

- -

-

Investments/CAPEX

1.5

TOTAL

14.5

8.0

7.3

A total of €14.5 million was invested in the retail property portfolio in 2018. This relates mainly to the completion of the 2,300m 2 extension to the Aria Parc retail park in Allonnes in

order to house a Maison Dépôt store, and the reconfiguration and 2,600m 2 extension of the Valentin shopping centre in Besançon.

1.4.7 Strategy and outlook

Since the Company’s recapitalisation on 29 May 2013, which enabled it to strengthen its financial position, reduce its debt and reschedule its bank maturities, M.R.M.’s strategy has been to refocus its activities on retail properties. At the beginning of 2019, M.R.M. completed its withdrawal from the office property sector with the sale of the Urban office building in Montreuil. With a sound financial structure, M.R.M. also committed to an investment plan in 2016 designed to take advantage of the potential value-enhancement of its retail assets. This includes seven value-enhancement programmes for a total projected investment of €35.5 million. Several programmes were carried out over the 2016-2017 period, namely Halles du Beffroi in Amiens, Sud Canal in Saint- Quentin-en-Yvelines, and Carré Vélizy in Vélizy-Villacoublay. In 2018, the 2,300m 2 extension of the Aria Parc retail park in Allonnes was completed, enabling the delivery of a 3,300m²

unit to Maison Dépôt in the month of October. In 2018, expansion work on the shopping mall of the Valentin shopping centre in Besançon was also started for completion expected in early 2020. All planned retail-asset value-enhancement programmes have been launched, representing a commitment of €34 million, with the balance to be committed during the 2019. Taking the new spaces to be created (1) into account and assuming an occupancy rate of 95% for the retail property portfolio, M.R.M. has set itself the target of a total net annualised rent for these assets of over €10 million at the end of the value-enhancement programme expected in late 2019 (excluding acquisitions or disposals), compared with €8.2 million as of 1 January 2019. Moreover, in line with its active portfolio management strategy, M.R.M. is considering the possibility of carrying out further acquisitions or disposals.

(1) At the Valentin shopping centre.

26

M.R.M. 2018 REGISTRATION DOCUMENT