INMOBILIARIA COLONIAL ENREGISTRE UN BENEFICE AVANT IMPOT DE 372,2 MILLIONS D'EUROS

Le bénéfice attribuable au Groupe après impôt s'élève à 205,6 millions d'euros.

Colonial annonce les résultats du premier trimestre de la nouvelle société née de la fusion entre Grupo Inmocaral et Colonial. Le bénéfice avant impôt atteint 372,2 millions d'euros et le bénéfice net s'élève à 205,6 millions d'euros.

En base homogène, les revenus de location ont enregistré une hausse significative de 4,6 % pour atteindre 72,8 millions d'euros. Le pourcentage d'occupation est de 97,2 %. Le portefeuille d'immeubles à louer, en mars 2007, représente une surface de 1,5 millions de m² (500 000 m² dans le marché immobilier à Paris et 475 000 m² à Madrid et à Barcelone).

These good results are the result of the composition of the company's portfolio, concentrated in rental properties, and especially their location in the best districts in Paris, Barcelona and Madrid. 57% of rental property income (41.2 million euros) was generated in France, through SFL, and the rest (31.6 million euros) came from Spain.

The total value of Inmobiliaria Colonial's assets came to 11.020 billion euros. The company's business model has enabled it to raise the value of its property assets to 9.506 billion euros. In like-for-like terms, the value of its rental properties has grown by 5.4%, giving a gain of 300.5 million euros from revaluation of assets in both France (163.6 million euros) and Spain (136.9 million euros). The rental business has been valued at 6.778 billion euros, which is 7.7% higher than the valuation in December 2006. 85% is concentrated in the office business. In like-for-like terms, the value of the offices has gone up by 5.5%, with upswings in the three markets where the Group has a presence. The residential development business was valued at 2.728 billion euros, which is 2.2% higher than in December 2006.

The NAV per share is 2.79 euros, 8% higher than in December 2006, while the annualised increase was 95%.

Investments made in the first quarter came to 316.8 million euros, 78% or 247.2 million euros of which were used to acquire properties and develop rental asset projects.

Income from sale of assets stood at 86.7 million euros, which came solely from properties located in Madrid, which due to their size, use or location were not in line with Group strategy.

The contribution from the residential land and development business to the quarterly results came to 8.7 million euros. After the merger of Colonial and Inmocaral, our land bank now stands at 3.5 million m2, most of which is concentrated in the first homes segment (65%), followed by logistics and services (35%).

These figures demonstrate the company's commitment to focusing its activities on the most stable property business consistently generating good results.

PUBLIC TENDER OFFER FOR RIOFISA

On 12 April, Inmobiliaria Colonial filed its public tender offer for 100% of Riofisa with the CNMV (Spain's Stock Market Commission), which is still pending. The price will be 44.31 euros per share, payable in cash, which assumes a value of 2 billion euros for the company. Riofisa's main shareholder, Riofisa Holding SL with a 50.001% stake, has made an irrevocable commitment to accept the public tender offer.

After Inmobiliaria Colonial's General Shareholders' meeting on 5 June, the Company is planning to carry out a capital increase of 700 million euros to finance part of this acquisition. The main shareholders of Inmobiliaria Colonial represented on the Company Board have once again demonstrated their full support for the Group's business plan and have signed their commitment to support this increase.

This operation complements Inmobiliaria Colonial's property business model, in the development and operation of shopping centres. This acquisition follows the company's strategy of adding quality properties to its portfolio to guarantee a stable source of income to create a solid company not affected by business cycles and generating value for its shareholders.

Contact:

Pilar Suárez-Carreño
Tel: +34 91 575 45 05
[email protected]