MRM - 2020 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

Policy of enhancing asset value and refocusing on retail properties At the outset, the Group had a mixed portfolio of office and retail property assets with potential for improving rental yields and as such enhancing value. In 2013, the Group announced its intention to refocus its business on retail properties and to gradually dispose of its office properties. As M.R.M. sold its very last offce building in January 2019, this refocusing process has been completed. Between 2013 and 2019, the Group will have thus sold a total of nine office buildings, for a cumulative amount of €132.3 million excluding transfer taxes, 9.8% more than the properties’ appraisal values at 30 June 2013 taking into account CAPEX invested over the period. The Group’s strategy notably involves enhancing the attractiveness of its assets and exploiting their potential for value-enhancement by refurbishing them and upgrading them to meet the best market standards, by bringing their rental revenues back into line with market rates and undertaking extensions where possible. In 2016, the Group embarked on a major investment plan intended to enhance the value of its retail assets currently in the portfolio, representing a total planned investment of €35.5 million. The extension of the Valentin shopping centre in Besançon is the latest programme in this plan, and the Group is targeting its completion in June 2021.

The Group is also looking at opportunities to acquire or dispose of retail assets as part of a dynamic approach to portfolio management. Management and impacts of the health crisis related to the COVID-19 pandemic In 2020, the activity of M.R.M. was particularly marked by the unprecedented health crisis linked to the COVID-19 pandemic. In response to the pandemic, France experienced two periods of lockdown in 2020: the frst from 17 March to 11 May and the second from 30 October to 15 December. M.R.M. also had to deal with the severe restriction of commercial activity throughout France, with the administrative closure of so-called “non-essential” stores. Restriction of retail activity Commercial activity was severely constrained in 2020 by the successive administrative closure measures and the restrictions on authorised businesses imposed by the French government to deal with the coronavirus epidemic. In total, depending on the sector, the tenants of M.R.M. may have had their businesses closed for up to fve months.

In this context, M.R.M. benefted from a relatively favourable brand mix, with a signifcant portion of its revenue generated by shops dedicated to food, household equipment and discounting as well as services (more than 50% in total):

Logistics 3%

10% Weakened sectors Areas of activity affected by structural difficulties accelerated by the crisis (ready-to-wear, beauty).

Household equipment excluding Discount 17%

Beauty 3% Office 8%

Personal equipment 7%

Household equipment Discount 13%

63% Resilient activities Basic necessities

Entertainment (fitness) 6%

15% Activities temporarily affected Sectors affected by the crisis but customer appetite remains intact (bars, restaurants and fitness).

(food, chemists, opticians), services, telephony/IT and activities that resisted in 2020 (discount brands and household equipment, garden centres, pet shops, book shops).

Food 11%

Catering 9%

Culture, gifts, leisure 8%

Services 10%

Health 4%

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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