As you can see we are open to partnerships

GE Real Estate France, subsidiary building of the General Electric group, has a heritage of 5 billion of assets in France, where it is present with a team of 150 employees based in Paris and Toulouse. It is the first European subsidiary of GE Real Estate Europe, with 50 of assets held in the European Union. This in America, in Europe and increasingly in Asia, she holds a portfolio of more than 44 billion dollars and has 24 offices around the world.

1GE Real Estate recently celebrated its 10 years in France, what are the balance sheet and the heritage

At the end of these ten years of presence in France, we have a heritage of real estate assets of 5 billion euros, result of $ 10 billion in acquisitions over the past five years and $ 5 billion assignments, which shows our active management of heritage rather than accumulation logic. It is a model that the land have also adopted since the inception of the SIIC regime.

During these last ten years, GE Real Estate was able to seize the opportunities of the market, which has experienced four major phases, from 1995 to 1997, bad debts; then, for the period 1998-2000, the sale of portfolios whole followed between 2001 and 2003 by the first wave of outsourcing, including that of France Telecom and finally, from 2004 to today, the consolidation and development of the side area. GE Real Estate has participated in each of these four phases. This market has greatly developed, since the amounts of the investments increased from 1 billion in 1996 to more than 26 billion in 2006.

With regard to our heritage, it is first constituted direct held assets in the form of 200immeubles majority of offices located in the Ile-de-France region, representing an amount of EUR 3 billion. The balance is materialized by a portfolio of leasing managed extinction and such interests our 12 in land of the regions, our two partnerships with Cogedim in the development of offices and residential, our share of 33 in Technical, owner of assets France Telecom, where we are alongside lease investment, today merged with land of the regions. As you can see, we are open to partnerships.

Have 2Comment you built this heritage

Historically, we have established our presence through the takeovers of companies and large holdings. In 1998 with the purchase of UIS. in 2001 through the acquisition of the portfolio of France Telecom of 3 billion euros and by Sophia acquisition in 2004, merged later with the teams in place to form GE Real Estate France, which brings together 150 employees in Paris and since 2005 10 people in Toulouse, our first regional office.

The characteristic of GE and what distinguishes us from the funds is that we're investing the cash flow of our parent company and that we manage ourselves our assets with our own teams "asset" and "property management". This presence in France allowed us to expand our investment targets. For example, next to very significant investments, GE also buys unit assets of the order of 15 to 30 million euros or also conducts with Vefa. On the 15 transactions signed in 2006, more than half have been as active unit or Vefa.

3Vous come and redeem the publicly traded company IPBM. Why and for what to do

I would remind you that we are always attentive to market developments. However, the SIIC sector is booming with the creation of new land and the growth of their acquisitions, notably through the third phase of this so-called regime SIIC 3. GE has therefore with IPBM of shell that we have turned into a real estate company. IPBM today has a heritage of EUR 350 million consisting of warehouses and logistics courier and offices. IPBM is designed to develop in the promising sector of outsourcing.