VINCI - 2005 annual report

VINCI Immobilier
will be developing
90,000 sq. metres
of offi ce, commercial
and residential
space as part
of the development
of the former
Renault site in
Boulogne Billancourt.
PROPERTY / BUSINESS REPORT
The development property portfolio covered by VINCI Immobilier
amounts to nearly 600,000 sq. metres (net overall surface) in residential
property, which can be used to develop 7,000 units, and 180,000 sq.
metres net overall surface in commercial properties.
Highlights of the year included the launch of operations within the
major development project at the former Renault site in Boulogne-Billancourt
near Paris, in which VINCI Immobilier will be developing the equivalent
of 90,000 sq. metres of offi ce space, commercial property and housing.
To support its partners and meet their needs, VINCI Immobilier
continues to extend its geographic coverage in mainland France. In 2005
it opened three new agencies in Clermont Ferrand, Bordeaux and Nantes.
Taking advantage of the particularly buoyant housing market, VINCI
Immobilier initiated a large number of housing operations, raising the
number of units for sale to 2,900, while work on 2,100 units got under
way (compared to 1,600 units in 2004).
On the commercial and retail property market, which is bolstered
by growing demand on the part of French and foreign investors, highlights
of the year were the start of work on the 46,000 sq. metre Place Vendôme
project in Paris, being carried out under a property development contract;
the sale of the Park Avenue building (in the Paris-Rive Gauche ZAC
development zone) to a German investor, and the fi rst handovers of the
Capital 8 buildings, the former EDF headquarters with an overall net surface
of 66,000 sq. metres, for Unibail. In Le Havre, development of the 55,000 sq.
metre Vauban Docks project continued with the CDEC (Commission
Départementale d’Equipement Commercial) permit fi lings and the signature
of leases with the main retailers.
In the hotel sector, highlights were the handover of the 170-room Radisson
Boulogne Billancourt and the 250-room Eurodisney hotels and the start of
construction on the 195-room Radisson hotel in Marseilles and a 199-room
Novotel in the Vaugirard ZAC development zone in Paris for Accor.
For VINCI Immobilier, activity in 2006 will be in line with 2005.
Residential property will be supported by strong housing demand in a
market where the fast-rising prices of recent years are expected to slow.
In commercial and retail property, the substantial liquidity held by
institutional investors is expected to continue to lend impetus to the
market, especially in the shopping centre and hotel segment, where only
specialised investors have so far been involved.
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