The creation of value should continue at a sustained rate in 2005.

Shopping centre development
ALTAREA has a particular property company profile due to the relative importance of its programme of investment generated by its development activity.

ALTAREA's growth model is based on the creation of new shopping centres and, to a marginal extent, on its acquisitions activity. As at 31 December 2004, in addition to the operated assets (professionally valued at 393 million euros), ALTAREA was handling a portfolio of projects which, in the next 5 years, will represent an investment volume of 700 million euros and which should generate about 70 million euros in additional rents.

In 2005, ALTAREA pursued its development policy. In a communiqué dated 24 March 2005, the public development establishment Seine Arche announced that it had retained the Altarea-Eiffage grouping to complete a property complex of 132,000m².

In the coming weeks, negotiations will take place with the Altarea-Eiffage grouping with a view to signing heads of agreement prior to the signature of a sale undertaking. These heads of agreement will define the context and the resources of a year-long programme of studies carried out between the operator and the project owner to draw up the architectural project and its schedule..

Residential development
Consistent with and in addition to its business as an investor in shopping centres, ALTAREA wishes to continue to develop its residential development business on the basis of a volume strategy depending on the market situation.