24
2017 ACTIVITY REPORT
2017
ACTIVITY R
EPORT
N E W P R O P O S A L S ,
N E W E U R O P E A N P E R S P E C T I V E S , N E W
D E V E L O P M E N T S , A N E W S E R V I C E - O R I E N T E D
D I M E N S I O N , A N E W S P A T I A L A N D T E M P O R A L
F L E X I B I L I T Y… F O N C I È R E D E S R É G I O N S I S
A D A P T I N G A N D I N N O V A T I N G
T O A S S I S T W I T H T H E T R A N S F O R M A T I O N
O F B U S I N E S S E S A N D A P P R O A C H E S .
E V E R Y T H I N G I S C H A N G I N G , E X C E P T F O R O N E
T H I N G O N W H I C H O U R H I S T O R Y I S B A S E D :
O U R P A R T N E R S H I P - B A S E D C U LT U R E W H I C H
G U A R A N T E E S T H E B E S T I N B O T H T H E S H O R T
A N D T H E L O N G T E R M , W O R K I N G N O T O N LY F O R
O U R S T A K E H O L D E R S B U T A L S O W I T H T H E M .
. 0 3 .
€ billionof assets
markets:Offices, Hotels, Residential
of assets in Paris, Berlin, Milan
. 0 4 .
M E S S A G E F R O M T H E C H A I R M A N O F T H E B O A R D O F D I R E C T O R S
Foncière des Régions is confirming its shift in focus
to Europe. Its multi-asset property model is more
than ever generating synergies and creating value.
The company that I chair is entering a new phase of
its development based on those two pillars that are
forging its future.
The real estate product is changing at a very fast pace.
Many regions and clients are today moving towards a
new generation of buildings, which combine service,
hotel and residential property. The diversified
positioning of Foncière des Régions, which is unusual
in the reits landscape, corresponds to this change in
lifestyle and working habits at a European level.
The company is undergoing a big change and we, on
the Board, are at the heart of its transformation. In
2017, we gave a lot of attention to customer relations
and new services, to anticipate our partners’ needs
and of course to keep a step ahead in terms of
innovation. The Board is also very deeply committed
to the human resources policy and, on the occasion
of the 2017 Commitment Barometer survey, it took a
closer look at the way in which employees address
these changes, which range from the restructuring
of workspaces to digital tools and collaborative
methods.
Foncière des Régions’s employees are its strength
and their state of mind is the guarantee of its success.
The Board’s strategic seminar which was held in
Milan for two days enabled us to share this state of
mind, to feel the strong team dynamics and to assess
the quality of the company’s management.
In 2018, the pace is going to step up and we will
experience exciting transformations that we will face
serenely and confidently.
T H E M E A N I N GO F H I S T O R Y
J E A N L A U R E N TChairman of the Board of Directors
“In 2017, we gave a lot of attention to customer relations,
new services to anticipate our partners’ needs,
and of course, to keep pace with innovation.”
. 0 5 .
B O A R D O F D I R E C T O R S
Leonardo Del Vecchio
VICE-CHAIRMAN OF THE BOARD OF DIRECTORS
Catherine Allonas-Barthe
PERMANENT REPRESENTATIVEOF ACM VIE
Romolo Bardin
DIRECTOR
Jean-Luc Biamonti
INDEPENDENT DIRECTOR
Sigrid Duhamel
INDEPENDENT DIRECTOR
Sylvie Ouziel
INDEPENDENT DIRECTOR
Christophe Kullmann
DIRECTOR/ CHIEF EXECUTIVE OFFICER
Catherine Soubie
INDEPENDENT DIRECTOR
Sergio Erede
NON-VOTING MEMBER
Delphine Benchetrit
INDEPENDENT DIRECTOR
Bertrand de Feydeau
INDEPENDENT DIRECTOR
Jérôme Grivet
PERMANENT REPRESENTATIVEOF PREDICA
Patricia Savin
INDEPENDENT DIRECTOR
Laurent Tollié
PERMANENT REPRESENTATIVEOF COVÉA COOPÉRATIONS
Pierre Vaquier
INDEPENDENT DIRECTOR
.It defines the strategic orientations of Foncière des Régions and
guarantees their implementation. It is made up of fifteen members,
present both as individuals or as representatives of legal entities,
and one of whom is a non-voting member.
.
Jean LaurentCHAIRMAN OF THE BOARDINDEPENDENT DIRECTOR
A newraison d’être
C H R I S T O P H E K U L L M A N NChief Executive Offi cer
. 0 6 .
C E O ’ S E D I T O R I A L
. 0 7 .
SU PPORT AND ASS ISTANCEthe ambition of Foncière des Régions is to transform our clients
through real estate. Our partnership-oriented DNA places
us very close to the expectations of our clients, to bring them
a new real estate experience. As a global real estate operator,
both investor and developer, we converge our products – offices,
residential property and hotels – into multi-purpose buildings
that are in tune with today’s new challenges.
L IV ING
transformation in-house: that is the approach adopted by Foncière
des Régions, by giving priority to the end user. To keep our ear closer
to the ground and to capture trends, we have switched to the digital
mode. Our multiple property expertise breaks down the walls of
our know-how to forge a service-oriented rationale. To invent
this inspiring on-demand approach to real estate, we are opening
out to other universes to step out of the box.
B E ING
a human company that is both agile and attractive is the greatest
ambition of Foncière des Régions. This transformation of our
model is based on the commitment and talent of our employees.
The key concepts in our Human Resources policy are support,
transmitting the value of our skills and developing loyalty. We are
European both in our attitude and in our organization. A group
where our employees feel happy to work, where it is possible to
undertake any project and where mistakes are accepted. A group
in which women and men have the same chances of success. A
group that is decidedly different, ready to invent the real estate
that will change the way we work, live and travel.
. 0 8 .
M A N A G E M E N T C O M M I T T E E
T R E N D Sb y t h e m e m b e r s o f t h e M a n a g e m e n t C o m m i t t e e—
CLIENTS 1
Being constantly attentive to both their current and their future needs.
M A R I E L L E S E E G M U L L E ROperations Director
EXPERIMENTATION 2
Berlin is reinventing itself and has become our laboratory of tomorrow’s real estate.
T H I E R R Y B E A U D E M O U L I NCEO Residential
COLLABORATIVE 3
Our projects increasingly combine different uses, businesses and staff.
A L E X E I D A L P A S T R OGeneral Manager, Italy
TOMORROW 4
More services and more experiences for our clients, more synergies and more Europe in our businesses,
and even more perspectives for our employees.
C H R I S T O P H E K U L L M A N NChief Executive Offi cer
ANTICIPATION 5
We are no longer looking to rent built buildings, we want to build rented buildings.
A U D R E Y C A M U SHead of Development
SYNERGIES 6
Products, activities, countries, tools and, of course, processes.
M A R J O L A I N E A L Q U I E R D E L ’ É P I N EHead of Audit and Internal Control
ASSETS 7
To ensure the continuity of our assets at a time when everything is changing, we have to bring them to life.
T U G D U A L M I L L E TChief Financial Offi cer
IDENTITY 8
Foncière des Régions’s identity is going to change to reveal our transformation.
Y V E S M A R Q U EChief Operating Offi cer
CONTINUITY 9
Operation after operation, we affirm our status as the preferred partner of players
in the European hotel industry.
D O M I N I Q U E O Z A N N EDeputy CEO – Hotels
OPEN 10
Digital technology is opening dialogue with our clients and reinventing our relationship with them.
L A U R I E G O U D A L L I E RChief Digital Offi cer
DIVERSIFICATION 11
Extend our areas of intervention, always provide our clients with more,
for all our three products: this is our priority.
O L I V I E R E S T È V EDeputy CEO – Offi ces
. 0 9 .
ALWAYS
MORE STRIVE FOR CONVERGENCES BETWEEN OUR PRODUCTS
Increasingly, the barriers between
work, housing and recreation are disappearing.
Uses are converging.
Office and hotel products are becoming increasingly closer.
Synergies are being developed between
Foncière des Régions’ businesses and are
at the heart of its buildings.
Today, we think of
diversity upstream.
. 1 0 .
“On the Alexanderplatz, the crossroads of transport
and retail at the heart of Berlin, we are going to roll out all our businesses
– hotels, residential and offi ces – in an urban complex that will create a new future for this
square that is laden with history.”
M A R C U S B A R T E N S T E I NHead of Investment & Retail Development, Germany
. 1 1 .
U N D E R L Y I N G T R E N D S
“Concierge services have entered the offi ce,
shared spaces are now in hotels. The diversity of uses and the increase in the services are boosting
porosity between products. These shared codes are fashioning
the new signature of Foncière des Régions.
J O H A N N A W A G N E RHotel Portfolio Manager
of the development pipeline in Europe, with innovative operations such as N2 in Paris, The Sign in Milan or Alexanderplatz in Berlin.
€ billion
ALWAYS
MORE EUROPE IN OUR DAY-TO-DAY LIFE
In 2017, Foncière des Régions
set up operations in Spain,
increased its foothold in Germany
and stepped up the pace in Italy.
60% of its assets are now located
in Europe (excluding France).
Exactly what is needed to continue
to nurture its European culture and
inspiration without boundaries.
. 1 2 .
B R E A K D O W N O F A S S E T S
B Y C O U N T R Y
Germany
Spain
Other
France Italy
. 1 3 .
“The acquisition of a portfolio of 17 hotels concentrated in Barcelona and Madrid has already given us the critical mass on the Spanish market, the world’s
third largest tourist destination. The recruitment of a country manager
guarantees local momentum.”
G A Ë L L E L A YDeputy CEO,
Hotels & Hospitality Management
U N D E R L Y I N G T R E N D S
“The Symbiosis project is our laboratory for experimenting new ways of working in real estate. Co-designed with the
city of Milan, it is designed square meter by square
meter with the future users, and everything becomes a workspace, whether as
offi ces or gardens.”
A N N A D I G I R O N I M OHead of Symbiosis Development,
Head of Product Innovation, Italy
€ billionof investments in major European cities
. 1 4 .
EVER
MORE AGILE IN OUR OFFERINGS
“With coliving, the criterion is not so much
the issue of price as that of the experience and the search
for a community spirit. It is a new way of thinking
of accommodation that is suited to the trends in Berlin
and a new way of creating value on our assets.”
K E V I N L A B U SResidential Asset & Transaction
Management, Germany
“By enriching the best of coworking with client feedback,
Foncière des Régions is inaugurating a new off ering
in its image – fully fl exible yet very demanding in the tiniest details – and under
its own brand: Wellio. With four sites open
in 2018 and about fi fteen by 2022, the group is intending
to become the leader of pro-working in Europe.”
C É L I N E L E O N A R D IDirector, Wellio
pro-working areasin Europe by 2022
m2
coliving rooms in Berlin by 2022
A unique diversity of spaces
A premium offering: comfort and design
Top-of-the-range services
Business and relaxation activities
A “Plug & Play” solution
A Europe-wide network
LIVINGWORKING
In a trendy neighbourhood
A fully appointed apartment of roughly 100 sq.m.
4 to 5 private rooms
Shared kitchen and living room
Wi-Fi and laundry services
To be rented for six months or one year
. 1 5 .
www.wellio.fr
ALWAYS
ALWAYS MORE EXPERIENCES FOR OUR CLIENTS
The revolution in building uses has brought us closer to end
users and opened a new page of our partnership history.
We are still and will continue to be inspired by the client-centric approach.
The hackathon organized with our partners Orange and IBM
brought together more than 100 participants from all horizons, broke down
the codes and contributed to bringing life to the office of tomorrow.
. 1 6 .
“For the Via Cernaia project in Milan, we experienced each stage of the development with our client, Amundi, and shared every single one of its expectations for a fl exible building – combining work and recreation, large spaces and confi dentiality –, service-oriented, smart, easy to live in and ready to change!”
F R A N C E S C A V A G L I A N IHead of Development for Refurbishment Project, Italy
+ FLEXIBILITY
+ SERVICES
. 1 7 .
U N D E R L Y I N G T R E N D S
“Real estate has become the preferred lever of transformation of businesses and a key vector of attractiveness. Location is obviously crucial, but is not the only criterion. Services, client experience, innovation, well-being and performance also count... It is up to us to understand, anticipate and fulfi ll these needs so as to enrich the customer relationship.”
F A B I E N G U I S S E A UHead of Letting
rented to
projects delivered,89,000 sq.m. of offices
and 683 hotel rooms,
of value creation on the operations
delivered in 2017
ALWAYS
MORE ATTRACTIVE TO OUR EMPLOYEES
The setting up of teleworking is a success.
The Commitment Barometer Survey reveals the quality of life
within the company. Products are both getting closer
and bringing countries and employees closer.
Training and targeted programs such as Ex-aequo,
that boosts gender equality in the company,
open up perspectives. Welcome to
the real estate of today’s world!
. 1 8 .
“The excellent results of the Commitment Barometer are
testimony of employees’ pride in belonging to the Foncière des Régions
group, of their optimism and their trust in our collective future. They also illustrate the eff orts made with respect
to quality of life in the workplace.”
E L S A C A N E T T IHuman Resources Director
employees are proud to work at Foncière des Régions
. 1 9 .
U N D E R L Y I N G T R E N D S
“We now need to be European every day.
This involves the creation of shared functions,
itineraries, codes and tools. For Foncière des Régions
European integration is a wonderful opportunity
to become a united and unique group.”
A R M I N H U T N E RChief Legal Offi cer, Germany
the employees interviewed consider that there is a good atmosphere in the company
believe that they can develop their aptitudes
and skills
Survey conducted by the Kantar TNS institute on the French market from 24 April to 12 May 2017.
. 2 0 .
S H A R E H O L D E R S ’ N O T E S
.
2 0 1 7 D I V I D E N D
.
P E R F O R M A N C E & S H A R E H O L D I N G S T R U C T U R E
Share price performance of Foncière des Régions in 2017
Feb.2017
Jan.2017
100
90
80
70
60
March2017
April2017
May2017
June2017
July2017
August2017
Sept.2017
Oct.2017
Nov.2017
Dec.2017
* Submitted for approval at the AGM of 19 April 2018.
Occupancy rate
%Rentalincome
M€EPRA Earnings
(€4.86 per share)
up 2.3% compared with 2016 dividend
Non-financial performance Green offices
Financial and rental performance
M€
Offices in France
% %%Offices in Italy
Hotels in Europe
Md€ANR EPRA
(€94.50 per share)
In 2017, the Foncière des Régions
share increased by 13.9%, and 19.2% with the reinvested dividend.
€ billion
. 2 1 .
B R E A K D O W N O F C A P I TA L AT E N D 2 0 1 7
.
COMPANY ID
. ISIN Code: FR0000064578
. Mnemonic code: FDR
. Place of listing: Euronext Paris
. Market: Compartment local securities
A Blue Chips-SRD
. Business sector: Real Estate Investment
Trusts
. SRD: eligible
. Indices: MSCI, SBF 120, Euronext IEIF
“SIIC France”, CAC Mid 100, in the benchmark
indices of European real estate companies
“EPRA” and “GPR 250”, and in the FTSE4Good,
DJSI World and Euronext Vigeo ethical indices
(World 120, Eurozone 120, Europe 120 and
France 20)
. Foncière des Régions has a BBB/stable
rating by Standard & Poor’s
DIRECT OWN-NAME OR ADMINISTE RE D SHARE REGISTR ATION
In both cases, all you need to do is contact
your financial intermediary or simply call
0 826 109 119 (BNP Paribas Securities Services).
PRIVATE SHARE HOLDE RSHOTLINE
Toll free:
0 805 400 865(toll free from a land line)
E-mail: [email protected]
47.7%
Public
7.9%
Covéa Finance Group
8.4%
Crédit Mutuel Assurances
7.5%
Crédit Agricole Group
28.5%
Delfi n Group
DESIGN - CREATION
COMMUNICATION DEPARTMENT FONCIÈRE DES RÉGIONS
March 2018
PHOTO CREDITSOlivier Ouadah, Thomas Laisné, Kevin Dolmaire, Daniel Reiter,
Beni Stabili, Foncière des Régions, RSI,Asylum, L’Autre Image.
Images are not contractual
Printed on FSC and European Ecolabel certifi ed paper
30 avenue Kléber - 75016 Paris - FranceTel: +33 (0)1 58 97 50 00
www.foncieredesregions.fr
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