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For Immediate Release – January 15, 2008 (€62.3M) Opened Its Doors in Early September

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For Immediate Release – January 15, 2008 (€62.3M) Opened Its Doors in Early September KLÉPIERRE COMPLETED AN INVESTMENT PROGRAM TARGETING HIGH-QUALITY ASSETS IN 2007 The financial crisis of the summer of 2007, and the dimmer economic outlook for the United States and Europe, had only a minor impact on the investment market, where competition was intense throughout the year ended December 31, 2007. However, the compression in cap rates, which had buoyed the investment market over the last two years, slowed considerably in the course of the second half of the year. Against this backdrop, Klépierre pursued its growth policy selectively, giving preference to investments with the highest property value creation, primarily by enhancing the value of its existing real estate portfolio, but also by pursuing or initiating upstream large-scale projects in major European metropolitan areas. In 2007, Klépierre invested nearly 1.1 billion euros, including 1 billion euros in shopping centers, 64.3 million euros in retail properties and 14.6 million euros in office space. Commitments signed during the period totaled 1.7 billion euros, including 988 million euros that will be paid out at a later date. More than 590 million euros invested in shopping centers that offer an immediately attractive return Investment outlay in shopping centers in operation reached 591.4 million euros in 2007, primarily concentrated in six countries. These acquisitions will generate an additional 85.6 million euros in net rents full-year. In light of their dates of acquisition, the contribution to net lease income for 2007 comes to 20.8 million euros. These acquisitions were completed for an average yield of slightly above 7%, a level that leaves a comfortable margin for appreciation, which should be reflected in appraisals over the coming months. France accounted for 50% of this total, with 296.4 million euros. Klépierre paid 116 million euros to acquire interests in 13 shopping centers or retail facilities pursuant to the memorandum of agreement entered into on December 21, 2006 with Mr. Henry Hermand. It also acquired last July two Leclerc hypermarkets adjacent to the existing Blagnac and Saint- Orens (Toulouse) malls, which it owns. The Victor Hugo shopping center in Valence (€48.4M), which Ségécé had been managing since it opened in 1994, was added to holdings at the very end of the year. As for own account development, the Champs de Mars mall in Angoulême For immediate release – January 15, 2008 (€62.3M) opened its doors in early September. The inauguration of the extensions of the Rambouillet (7,520 sq.m) and Orléans-Saran (6,537 sq.m) centers were also among the highlights of 2007. In addition, Klépierre disposed in late November of its 50% interest in the Cordeliers shopping center in Poitiers, for a total of 34.2 million euros, which was almost 35% more than the appraised value on June 30, 2007. In Poland, Klépierre acquired three centers—Rybnik, Sosnowiec and Lublin, which were inaugurated during the year—from Plaza Centers Europe, for a total of 168 million euros, thus bringing to an end the existing agreements with this developer in Poland. 1/6 In Portugal, Klépierre raised its stake in the Parque Nascente shopping center in Gondomar from 50% to 100% by acquiring the 50% stake owned by Predica for 64.8 million euros last September. This transaction is in addition to the investment plan through year-end 2011 released on June 30, 2007 totaling 4.4 billion euros, of which 3.1 billion euros were under control at this date. In Greece, the Larissa shopping center was acquired in June for 21 million euros. Nearly 360 million euros invested in projects with a controlled-risk profile For immediate release Investments for ongoing projects, both in terms of new shopping centers and extensions of existing ones, rose to 359.4 million euros in 2007 (compared with €108.6 M in 2006). These figures attest to Klépierre’s strategic intention of identifying new retail assets far upstream in order to gain control over the design and lease-up, which are two key factors in their ultimate value enhancement. In France, Klépierre invested 239.4 million euros spread over 15 extension projects (€158 M), which reveals the important growth pipeline that the existing portfolio possesses, and 8 sites in the project phase (€56 M). These 20 investments have an estimated end value of more than 1,1 billion euros. Of the 120 million euros invested outside France, 111 million euros correspond to the first outlay made in connection with the Corvin project in Budapest (34 600 sq.m GLA for a €229 M investment). The Spanish project in Madrid-Vallecas (45 600 sq.m GLA for €226 M) did not lead to a significant outlay in 2007 (€6.2 million), as the major portion of the acquisition price is to be paid when it opens in the fourth quarter of 2008. Klépierre also acquired the Place de l’Etoile center in Luxembourg (pending certain suspensive conditions), covering 21 500 sq.m GLA, for a total of 209.9 million euros (€1 M outlaid to date). Net rent of around 13 million euros is expected when the center opens for business in 2011. These large-scale projects, located in three European capital cities, will rank among the ten largest assets in Klépierre’s portfolio once they are finished. In connection with the partnership it has developed with Finiper, Klépierre has also agreed to buy a 50% interest in the Il Leone center in Lonato (15 987 sq.m GLA, €44.8 M invested for its share) and the Le Corti Venete in Verona (30 181 sq.m GLA, €84.7 M). The definitive acquisitions will be completed in the first quarter of 2008. A third center, currently under construction, will also be acquired when it opens in the first quarter of 2009: 29 952 sq.m GLA, located in Vittuone, in the Western outskirts of Milan, for an investment of 44.2 million euros (50%). Finally, an agreement subject to suspensive conditions was also entered into for the acquisition of the Aqua Portimao shopping center in Portugal for 52.7 million euros, in partnership with Generali (€0.5M outlaid). The center is scheduled to open in 2010. All of these transactions are part of the controlled portion (€3.1 Bn) of the investment program presented by Klépierre on June 30, 2007. Using the conservative rent hypotheses retained for these large-scale projects located in prime areas, the yield initially expected to date is an average of 6.2%. This starting level leaves room for the enhancements that are likely as these projects advance and are leased up, as is already the case for the Madrid-Vallecas shopping center. Full control of Ségécé reinforces group cohesion Klépierre acquired full ownership of Ségécé by acquiring the minority interests held by AXA Reim and BNP Paribas for 20 million euros (10%) and 30 million euros (15%), respectively. 2/6 RETAIL: KLEMURS PURSUES ITS TARGETED DEVELOPMENT STRATEGY In March of 2007, Klémurs acquired a portfolio of assets integrated within retail areas of the first rank on the outskirts of major French metropolitan areas for 37.2 million euros. In making this acquisition, Klémurs began the process of diversifying its portfolio, adding in particular the retail spaces of Mondial Moquette (58% of the investment in value terms). The development phase of the partnership with Buffalo Grill began with the acquisition of 8 new restaurants for 16.8 million euros, bringing to 136 the number of Buffalo Grill restaurant properties owned outright (51) or via property finance leases (85). For immediate release Finally, Klémurs acquired two Sephora retail properties in late 2007, located in the main downtown streets of Metz and Avignon, for an investment of 10.3 million euros. The total of 64.3 million euros invested in 2007 will generate additional rent of 3.9 million euros on a full-year basis. At the end of the year, Klémurs also signed a new partnership agreement with the retail chain Défi Mode and the Vivarte group, under the terms of which Klémurs will become the owner of 112 retail properties (99 000 sq.m) in parallel to the Vivarte group’s takeover of the operation of the clothing retailer’s business. The investment, which will actually be carried out in two phases—87 existing assets will be acquired over the first quarter of 2008, and 25 assets under construction by June 30, 2009 at the latest—will reach 153 million euros for expected net rent of 9.1 million euros full year. This transaction is part of the Group’s broader strategy of forging property partnerships with major retailers. OFFICES: FOUR DISPOSALS AND PURSUIT OF SEREINIS PROJECT Klépierre disposed of two office buildings, located in Levallois-Perret and Rue de Turin (Paris 8th), as well as two minor assets (in Champlan-91, and a warehouse in Strasbourg), for a total amount of 74.7 million euros. These four assets contributed 0.4 million euros to rents in 2007. These transactions were made for an amount that exceeded the most recent appraisals by more than 11%. Finally, the construction of the Sereinis building in Issy-les-Moulineaux continued, generating expenditure of 14.6 million euros in 2007. The delivery of the building is still on track for late 2008, and the lease-up phase is expected to begin in the near future. Upcoming releases: 2007 revenues January 29, 2008 2007 earnings February 12, 2008 (press release the preceding evening) For additional information, please contact: KLEPIERRE KLEPIERRE KEIMA COMMUNICATION Jean-Michel GAULT Soline ROULON Emmanuel DOVERGNE - 01 56 43 44 63 CFO Head of Financial [email protected] Member of the Executive Board Communications Media: Tel.: 01 40 67 35 05 Tel.: 01 40 67 57 39 Alix HERIARD DUBREUIL-
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