MRM // 2022 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

Retail investment by quarter (In euro billion)

2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012

Q1 Q2 Q3 Q4

1.4 0.4 0.8 0.7 0.6 0.5 1.3 1.1 0.5 0.6 0.2 1.4 0.4 1.5 1.1 1.4 0.7 1.1 0.9 3.3 0.4 0.9 1.8 1.1 0.9 1.4 0.8 0.9 0.5 1.2 0.4 0.5 0.7 0.9 1.2 1.5 3.7 1.8 2.0 2.4 2.3 2.8 1.6 1.3 5.6 3.2 4.6 7.0 4.6 4.1 5.2 5.5 7.0 3.2 3.1

TOTAL

10-year average

4.7

Growth for all types of retail assets Out-of-town retail continued to attract the most investment. City centre retail accounted for 35%, but was largely driven by a few major deals.

The biggest deals of the year included: • the acquisition of the “150 Champs Elysées” building for €650 million by Brookfield Asset Management from Groupama, a record for the famous Avenue; • the Carré Sénart shopping centre sold for €450 million by Unibail-Rodamco-Westfield to Société Générale Assurances and BNP PARIBAS CARDIF.

Investment in retail – Breakdown by asset category (In euro billion)

2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

Shopping center High street center Out-of-town retail

1.5 0.6 1.6 1.3 0.6 1.1 1.0 1.8 5.1 1.3 1.9 1.1 2.2 3.5 3.0 1.9 2.7 2.5 1.3 1.1 2.1 1.5 0.8 2.2 1.1 1.1 1.5 1.2 0.6 0.8 5.6 3.2 4.6 7.0 4.6 4.1 5.2 5.5 7.0 3.2

TOTAL

Expansion in prime yields Following the trend of previous quarters, the surge in the French 10-year OAT, to 3.1% in Q4 2022, has greatly squeezed the risk premium for real estate assets. Prime yields are therefore rising. Retail prime yields have risen since the health crisis. The prime yield for street-level stores was flat in Q4 at 3.50%, but it could rise further in the coming quarters.

The prime yield for shopping centres stood at a theoretical level of 4.75% as of January 1, 2023. Meanwhile, retail parks are still highly sought-after by investors, although prime yields still widened to 5.25% for the best assets.

1.5.3 The Group’s analysis of market trends

The year 2022 was marked by a return to operational normality after two years disrupted by the global health crisis. Despite everything, in this complicated context, M.R.M. was able to perform well and post very good results: • the transformative acquisition of two shopping centres, located in Flins and in Ollioules, for €90.4 million including transfer taxes;

• Altarea’s entry into the share capital of M.R.M., with a 15.9% stake; • the establishment of a new mortgage financing of €42.0 million with a pool of leading French banks; • a reverse stock split improving the Company’s visibility and an exit from “penny stocks.”

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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