MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

Many deals finalised at the end of the year Investment in Q4 came in at € 1.1bn, taking the total invested in retail to € 3.0bn in 2021 (-33.5% vs 2020). Among the biggest deals, we note the acquisition of 49% of the Alta Retail Parks portfolio by Crédit Agricole Assurance, from Altarea.

The South African fund Lighthouse Capital was particularly active over the year, buying four shopping centres in Dunkirk, Strasbourg and two in Rouen.

Investment in retail by quarter (In euro billion)

2021

2020

2019

2018

2017

Q1 Q2 Q3 Q4

0.3 0.5 1.2 1.1 3.0

0.8 1.5 0.9 1.5 4.6

0.7 1.1 1.4 3.7 7.0

0.6 1.4 0.8 1.8 4.6

0.5 0.7 0.9 2.0 4.1

TOTAL

Investment driven by out-of- town retail Out-of-town retail stood out in 2021 with € 1.4bn invested, i.e. 7.8% above the 5-year average. One highlight was the acquisition of the Chasse Sud retail park by Twenty Two Real Estate with 52,000 sqm. However, in terms of the number of deals, street-level stores are still in the majority. In the capital, the iconic Tati Barbès was sold to Immobel France, which plans to turn it into a mixed-use building. This also applied in the regions, as in Marseille where CAAP Immo Invest and Groupe Sebban bought the premises of the Monoprix on Cours Saint-Louis.

Investment in retail by typology (In euro billion)

2021

2020

2019

2018

2017

Shopping centres High street retail Out-of-town retail

0.6 1.0 1.4 3.0

1.6 2.2 0.8 4.6

1.3 3.5 2.2 7.0

0.6 3.0 1.1 4.7

1.1 1.9 1.1 4.1

TOTAL

Funds and SCPI are the biggest investors Funds and SCPIs account for a growing share of investment, representing 68% of the total in 2021 compared to an average of 47% over the last 10 years. This concentration of investment within a narrow investor category can also be seen in listed real estate companies, whose allocations have stabilised in recent years, contrary to unlisted real estate companies.

Many retailers are choosing to sell their premises, such as Casino, which is selling seven supermarkets, including one off-plan in Île-de-France, and fve hypermarkets in central and southern France. Meanwhile, Decathlon is selling the premises of 27 stores to the Singaporean fund IREIT GLOBAL.

Investment in retail by investor typology in 2021 (In euro billion)

Funds

48% 20% 12%

SCPI

Institutionnals

Private investors

8% 7% 4% 1%

REITS

Other property

Other

M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT

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