MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

Due to the volatility of the once-customary construction cost index (“ICC”), a new index was set up and made mandatory, namely the retail rents index (“ILC”) incorporating certain retail activity indicators by volume to weight the ICC. The competitive environment in which the Company operates is dominated by a certain number of French and international listed real estate companies specialising in retail property, such as Unibail-Rodamco-Westfield, Klépierre, Mercialys and Altaréa, as well as many other operators such as the property arms of hypermarket groups, asset managers, small- and medium-sized specialised real estate companies, investment funds and other dedicated vehicles. At the outset, the Group had a mixed portfolio of office and retail property 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 office 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 as of 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 Policy of enhancing asset value and refocusing on retail properties

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 last programme in this plan was the extension of the Valentin shopping centre in Besançon, which was completed 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 As in 2020, in 2021 M.R.M.’s business activities were affected by the health crisis linked to the COVID-19 pandemic. Restrictions on retail activity Indeed, in response to the pandemic, in 2021 the French government adopted new measures to restrict the opening times of shops and impose a curfew, with the closing of shopping centres of more than 20,000 Sqm from 31 January 2021, and a further lockdown, frstly regional and then nationwide, was enforced from 18 March to 19 May 2021. During this period, M.R.M. kept all its shopping centres in operation in order to provide access to essential shops (food, healthcare, hair salons and bookstores, etc.). The garden centres were also able to remain open. In this context, M.R.M. continued to beneft from a relatively favourable brand mix, with a signifcant proportion of stores dedicated to food, household equipment, discounting and services. These sectors represent nearly two thirds of M.R.M.’s rental base.

M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT

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