VECTRANE : First half 2007 activity - Strong rise of NAV (excl. transfer taxes): + 14.9%


Vectrane's activity during the first half of 2007 saw year-on-year rental income growth of 9%, at ¤17.5m.

Consolidated rental income for the first half benefited from index adjustment effects as well as from the full impact of acquisitions made at the end of 2006 (Les 2 Alpes and Lille Delos).

Asset portfolio value excl. transfer taxes was ¤637.6m, up 11.5% since 31 December 2006.

The Net Asset Value (NAV) excl. transfer taxes was ¤337.6m, up 14.9% over the half year, or ¤20.58 per share (¤22.84 incl. transfer taxes).

The Group continues to pursue its growth policy, as seen in the acquisition from Groupe Tesson of a ¤12.5m (incl. transfer taxes) asset portfolio of temperature-controlled cold storage warehouses.

This confirms Vectrane's growth strategy within the Eurosic group, which holds 98.75% of the company's capital.


Kamel Benabdallah
Investor Relations
Tel: + 33 1 45 02 23 35
+ 33 6 76 64 52 15

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