MRM - 2020 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

In 2017, M.R.M. acquired the full ownership of the Aria Parc retail park in Allonnes, via the purchase of a 1,500 Sqm retail unit for €1.8 million excluding transfer taxes, and sold, for an insignificant amount, a small retail space previously operated by Gamm Vert. In 2018, M.R.M. sold the Nova office property in La Garenne- Colombes for the sum of €38.0 million, excluding transfer taxes. In addition, as part of its active retail-portfolio management strategy, M.R.M. has also sold a small retail space previously operated by Gamm Vert for €0.2 million excluding transfer taxes. In January 2019, M.R.M. announced the sale of Urban, an unoccupied 7,970 Sqm office property in Montreuil, for the sum of €6.35 million excluding transfer taxes. This transaction marks the completion of the process to refocus M.R.M.’s asset portfolio on retail properties. It brings the cumulative amount of office properties sold by M.R.M. within the framework of its office asset disposal programme to €132.3 million, 9.8% higher than the appraisal values as of 30 June 2013 after taking CAPEX into account.

Phase 3. Strategic refocusing on retail properties

As part of its strategy of refocusing on retail property, begun in mid-2013 following the entry of SCOR SE into its capital, M.R.M. has sold the following office properties and acquired the following retail assets: In 2013, an office property on rue de la Bourse, Paris (2 nd arrondissement) was sold for €10.4 million excluding transfer taxes. In 2014, two office buildings on rue Cadet in Paris (9 th arrondissement) and Rungis were sold for €22.5 million excluding transfer taxes. In 2015, an office property on rue de la Brèche-aux-Loups, Paris (12 th arrondissement) was sold for €16.8 million excluding transfer taxes. In 2016, three office properties located in Rueil-Malmaison, Les Ulis and Cergy-Pontoise were sold for a total amount of €38.4 million excluding transfer taxes.

A property portfolio refocused on retail assets

12/31/2020

12/31/2019

Value excl. transfer taxes

€161.0 m

€168.1 m

-4.2% vs 12/31/2019

+2.0% vs 12/31/2018

-4.1% excl. effect of disposals

+5.5% excl. effect of disposals

Total area

87,757 Sqm

84,897 Sqm

Value breakdown

100% retail

100% retail

The Group’s retail properties are located in the Paris region and in large cities in the provinces. Diverse assets types are covered, including shopping centres and malls, high-street retail units, independent suburban retail premises and premises in retail parks. The vast majority of the 149 retail property tenants are national and international brands. Together, these retailers account for 79% of annualised gross rent. As of 31 December 2020, the portfolio was valued at €161.0 million excluding transfer taxes and covered a surface area of 87,757 Sqm compared with 84,897 Sqm a year earlier. This increase follows the delivery of the 2,600 Sqm extension of the Valentin shopping centre in Besançon in the fourth quarter of 2020. The physical and financial occupancy rates were 87% and 84% respectively as of 31 December 2020, down by 1 and 3 points compared to 31 December 2019. These changes reflect the change in scope that took place during the year, with the delivery to tenants of the shells of the Valentin shopping centre extension in the fourth quarter of 2020: the total surface

area of the Valentin shopping centre was thus increased to 6,700 Sqm, and was 78% let at the end of 2020. Taking into account the negotiated agreements not yet contractualised, this rate reaches 87%. The frst new tenants, including Action, settled in during the fourth quarter. The delivery of the other premises will be staggered until June 2021, depending on the evolution of commercial and sanitary conditions. Rental activity, which was almost at a standstill during the frst lockdown, resumed in June 2020. A total of 19 leases or lease renewals were signed in 2020, representing an annual rent amount of €1.0 million. The retail portfolio generated net annualised rent (1) of €9.1 million as of 1 January 2021, compared to €8.5 million as of 1 January 2020, an increase of 6.8%. During 2020, investments in the properties portfolio stood at €3.1 million. This mainly concerned the fnishing of the extension works on the Valentin shopping centre. Work on the car parks and planting trees will be completed in mid 2021.

(1) Excluding taxes, rent-free periods and support measures for lessees.

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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