MRM_REGISTRATION_DOCUMENT_2017

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Information on M.R.M.’s activities

Business overview

1.4.7 Strategy and outlook

Since the Company’s recapitalisation on 29 May 2013, which enabled it to strengthen its financial position, reduce its debt and reschedule its bank maturities, M.R.M.’s strategy has been to refocus its activities on retail properties and to gradually sell off its office properties. To date, seven of the nine office properties that M.R.M. held in June 2013 have been sold. The M.R.M. office portfolio now contains only two assets whose disposal is already underway: Nova in La Garenne-Colombes, a fully redeveloped building of 10,700 sqm awarded HQE and BREEAM In-Use certification (Good) with 88% occupancy, and Urban in Montreuil, a vacant building of 8,000 sqm to be sold as is. M.R.M. aims to complete its withdrawal from the office segment in 2018. With a solid financial structure, M.R.M. also committed to an investment plan designed to make the most of the potential value of its retail properties. This includes seven value- enhancement programmes for a total projected investment of €35 million. In 2016-2017 six of the seven programmes began, amounting to €13.3 million, and three were completed, namely (i) the reconfiguration and repositioning of the Les Halles de Beffroi shopping centre in Amiens, (ii) the reconfiguration and reletting of 5,000 sqm in the Sud Canal shopping centre in

Saint-Quentin-en-Yvelines, and (iii) the reconfiguration and extension of the Carré Vélizy mixed office/retail complex in Vélizy-Villacoublay to strengthen the retail component. In 2018, M.R.M. plans to start its last value-enhancement programme to renovate the Galerie du Palais in Tours. Barring unforeseen events, 2018 should also see the start of extension works to the shopping mall adjoining the École-Valentin shopping centre in Besançon (delivery in 2019) and to the Aria Parc retail park in Allonnes (delivery in 2018). Thus all the value-enhancement programmes set up for retail properties should, barring unforeseen events, be ongoing or completed by 2018, and €21.4 million should be invested during 2018. Taking the new spaces to be created (1) into account and assuming an occupancy rate of 95% for the retail property portfolio, M.R.M. has set itself the target of a total net annualised rent for these assets of over €10 million at the end of the value-enhancement programme expected in late 2019 (excluding acquisitions or disposals), compared with €7.4 million as of 1 January 2018. Moreover, in line with its active portfolio management strategy, M.R.M. is considering the possibility of carrying out further acquisitions or disposals.

(1) Au sein du Shopping centre Valentin et d’Aria Parc.

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M.R.M. 2017 REGISTRATION DOCUMENT