On the commercial side, no important new letting agreement related to office buildings has been signed in the first quarter, but some existing agreements have been extended, in particular with regard to the assets Diamond, Alma and Corvettes.
In France the pre-commercialization of the retail areas in Suresnes is evolving positively as 65% of the area is now pre-let.
The commercial restructuring of the gallery Marché Saint-Germain is also moving forward as negotiations with an important international brand are evolving positively.
On the investment and development activity, the year 2013 began in a positive way with three significant operations :
- The sale in April 2013 of a retail asset that is part of a retail center « Art de Vivre » in Eragny (Ile de France) for a total price of € 18.65 million with capital gain.
- The sale in March 2013 of the office building Prins B.5 in Kontich for a sales price of around €9 million without any significant impact on the results.
- The development of a new office building (built to-suit) for the international insurance broker Marsh & McLennan based on a 15 years rental agreement. The building will be delivered in December 2014. Its financing has been finalized, as an important number of banks wanted to finance this operation.
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