PAREF : PAREF : First half-year revenue : 14.3 M EUR

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Growth in recurring operations (excluding property dealings): 12.8% 2.9% decline in rental income on a constant group structure basis Strong growth in management fees: up 130%
Revenues (¤ thousands) HY1 2011 HY1 2010 % Change FY 2010
Rent and costs recovered 10,707 11,126 (3.8%) 22,969
residential 1,563 1,538 1.6% 3,159
commercial 9,144 9,588 (4.6%) 19,810
Management fees 3,608 1,566 130.4% 4,140
Total recurring activities 14,315 12,692 12.8% 27,109
Property dealings 0 900 ns 946
       
Consolidated IFRS revenue 14,315 13,592 5.3% 28,055

Moderate decline in rental income

Rent (and costs recovered) for the first half of 2011 represented ¤ 10.71 million, which was a decrease of 2.9% on a like-for-like basis (compared to 3.8% as reported). Movements related to changes in group structure accounted for a decline of ¤ 94 thousand and were due to: an increase in rent (and costs recovered) of ¤ 443 thousand, related to the change in the consolidation scope resulting from the contribution to SCPI Interpierre (implemented on 1 July 2010), and the sale of buildings, as confirmed in the press release dated 5 May 2011 (building of the Parmentier private hospital and Rivoli and Roule buildings), which resulted in a reduction of ¤ 537 thousand in  rent (and costs recovered). After restatement for these two items, the decline in rent (and costs recovered) was ¤ 324 thousand, primarily due to the review of the rent of the Pantin building (with effect from 1 June 2010). The occupancy rate was 89% at 30 June 2011, unchanged compared to 31 March but down one percentage point compared to the end of 2010; this change was primarily due to the effect of arbitrations and tenants vacating smaller premises in Clichy and Vitry.

Management on behalf of third parties: increased momentum for the trend initiated in 2010

SCPI

During the first six months of the 2011 financial year, the various SCPIs management by PAREF GESTION collected a total of almost ¤ 35 million (note that excluding the contribution to SCPI Interpierre, for the full 2010 financial year a total of ¤ 31.3 million was collected). The subscription fees of SCPI Novapierre (stores) and Pierre 48 (residential property in Paris and the Paris region) represented ¤ 1.66 million and ¤ 0.45 million, respectively. Furthermore, management fees on current subscriptions grew by 8.3% on a like-for-like basis, owing to strong collections since the second half of 2010.

OPCIs

The management of OPCIs (Vivapierre, Naos and Polypierre) also generated recurring fees of ¤ 274 thousand, an increase of 14% compared to the 1st half of 2010.
The environment is favourable for the launch of new investment vehicles, in particular in making use of the SIIC regime.

New development: Acquisition of Watford

Following the announcement made in its quarterly report dated 5 May 2011, on 7 July 2011 PAREF finalised the full acquisition of Watford Eurl from its own resources.  The purpose of this transaction is to own a building site located in Nanterre (92), which benefits from an 11,000 m2 planning permission, free and clear of any appeal.  This acquisition enables PAREF to give a new impetus to its investment policy, with the planned construction of a HQE/BBC (High Environmental Quality) office building.

Shareholders' agenda:
Publication of half year results 9 September 2011 before start of trading and presentation meeting at 11.30am.

About Paref
PAREF Group operates in two major complementary areas:

Commercial and residential investments: PAREF owns various commercial buildings in and out of the Paris region. The Group also owns the temporary usufruct of residential properties in Paris. Management on behalf of third parties: PAREF Gestion, an AMF-certified subsidiary of PAREF manages 3 SCPIs and 3 OPCIs.

At 30 June 2011, PAREF Group managed a property portfolio of ¤ 677 million, of which ¤ 525 million managed on behalf of third parties.

PAREF shares have been listed on Eurolist Compartment C of the Euronext Paris Stock Exchange since December 2005
ISIN code: FR00110263202 - Ticker: PAR

PAREF CITIGATE DEWE ROGERSON
Alain PERROLLAZ
Chairman of the Management Board

Pascal KOSKAS
Member of the Management Board

Tel: +33 (0)1 40 29 86 86
Agnès VILLERET
Analyst - Investor Relations

Lucie LARGUIER
Financial Press Relations

Tel.: +33 (0)1 53 32 78 89 / 95

agnes.villeret@citigate.fr / lucie.larguier@citigate.fr

For further information, please visit the PAREF Group website: www.paref.com

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