2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
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PRESENTATION OF THE CASINO GROUPReal estate and investments11.4 REAL ESTATE AND INVESTMENTS1.4.1 OPTIMISING THE PROPERTY PORTFOLIOReal estate comprises a large part of the Group’s assets with a valueof €6.7 billion at end-<strong>2010</strong>.In France, the portfolio is worth €4.7 billion including €<strong>3.4</strong> billion forstore premises (mainly hypermarkets and <strong>Mo</strong>noprix) and €1.3 billionfor shopping centres (corresponding to the Group’s interest inMercialys).The International portfolio is worth an estimated €2 billion including€1.4 billion in store premises and €0.5 billion in shopping centres.In 2005, the Group embarked on an active strategy to capture thevalue of its real estate, by spinning off its shopping centres to Mercialys,a dedicated retail real estate subsidiary and a listed company. Atend-<strong>2010</strong>, Mercialys managed a portfolio worth €2.6 billion comprising130 assets including 92 shopping centres.Since the sale of its standard office and warehouse properties in 2005and 2006, the Group’s French property portfolio has comprised twoasset classes: investment property (Mercialys’ shopping centres) andfood store properties.Since 2007, the Group has pursued an assertive policy of turningover its food store assets, by selling properties that have reacheda certain maturity to finance those with high growth potential. Twomajor innovative transactions took place in 2007: (i) the sale to AEWImmocommercial, a property mutual fund (OPCI) (1) , of 250 urbanconvenience store and supermarket properties that could no longerbe extended any further, and (ii) the sale of store properties in Reunionto Immocio, another OPCI owned by the Generali group.A further transaction was completed in 2008, comprising the sale of42 superette, <strong>Casino</strong> supermarket and Franprix/Leader Price storeproperties to AEW Immocommercial and the sale of four <strong>Casino</strong>supermarket properties to another partner.The Group continued with this policy in 2009, selling further superette,supermarket and Franprix/Leader Price store properties in France.It also sold two shopping centres under its 2007 partnership with realestate investment fund Whitehall. This partnership, created to developshopping centres in Poland, leverages the property developmentteam’s skills through a dedicated unit called Mayland.In 2009, <strong>Casino</strong> created GreenYellow, a wholly-owned subsidiaryinvolved in photovoltaic (PV) energy. The new venture will leveragethe Group’s expertise in property development, construction andoperation, as well as the favourable geographic location of its stores,a majority of which are in sunny regions.As a designer and promoter of solar power generating systems,GreenYellow has defined a development programme that involvesequipping all of the Group’s sites in mainland France south of aBordeaux-Grenoble line, as well as in Corsica and Reunion Island. Thisrepresents potential capacity of more than 250 MWp (2) . Subsequently,non-Group clients will be able to benefit from GreenYellow’s expertiseto equip their parking lots, commercial sites and industrial buildingswith rooftop PV systems.The first stage of this programme was completed in <strong>2010</strong> with sixsites equipped in mainland France (Istres), Reunion (Saint-André,Saint-Benoît, Saint-Paul, Le Port) and Mayotte (Mamoudzou). Thereare now 42,000 solar panels installed on the rooftops and car parksat these sites, providing a capacity of 12.8 MWp (2) .(1) A tax-advantaged vehicle in France designed to promote investment in property stocks.(2) Megawatts-peak.Registration Document <strong>2010</strong> | <strong>Casino</strong> Group13