It is listed on the first market of Paris

Lease investment, founded in 1961, adopted the status of Sicomi in 1966. Controlled the Suez Group through a holding company IMS until 1998, he was transferred to a consortium of GE and Deutsche Bank for 40 each, and J.E. Roberts for 20. Under the impetus of its new ownership, the company merged in 2000 with Codétour and ICC, two other Sicomi of the Group ISM listed on the second market, and with Selectibail, in 2003 registered the first market. Today, after having doubled its own funds and increased by 50 in three years its housing stock, lease investment has a heritage of 1,528 billion euros and manages a portfolio of leasing of 477 million in extinction. It is listed on the first market of Paris.

What does lease investment

Our activity is that of a land specialist in real estate business which owns 1,528 billion euros of assets, for 54 of offices, 22 of logistical buildings and 24 of malls. They are to 86 in France 65 in Ile-de-France and 21 in the regional cities, Lille, Lyon and region marseillaise and 14 from abroad, mainly in London and Barcelona. Lease investment has still some assets of leasing with a stock of 477 million euros. We have more mounted such funding since 1999.

After the buyout of Sophia by GE Capital, offer for sale by the principal shareholders of the Lyonnaise land of their shareholdings to which GE appears to be interested, you think that latter shareholder in your group may want to bring together all of his entries under a single leadership

Must be a difference between the redemption of Sophia and the detention of a participation of GE Capital along with Deutsche Bank and J.E. Roberts through the ISM holding, in lease investment. ISM, with the consortium, holds the majority of control of our capital. So the hypothesis that you discuss can occur, should be that GE Real Estate buys interests of its partners. The strategy of GE appears to register in a long-term perspective. Other changes are expected in the behaviour of the land. However, I do not think that a reconciliation operation can be considered now.

What is your program

We are pursuing a development policy through a foreign debt currently less than 44 of the assets re-evaluated. We have equity amounted to 830 million euros revalued operation of fusion with Selectibail last year, resulting in terms accounting to double the level. From the part that we represent in the capitalization of the real estate side compartment, we probably have the property that has the most invested in in-house development. We have hired in 2003 226 million in new investments and the prospect of 2004 enrolled in a level higher than EUR 300 million. Our areas of development focus on sectors with higher yield 8 logistics and commercial centres. We intend to maintain a meaningful position in real estate office at a level to the horizon 2007 to 40 of a heritage then estimated at EUR 2.1 billion.

Why did you not yet adopted the new tax status of the SIIC

We were in discussion with the tax authorities on a topic related to the former status of the Sicomi. Bercy wishes to submit to the "exit tax" Sicomi gains until then exemption IS. In addition, a low realization of arbitrations in 2003 did not give rise to precipitate the choice for this option. A stable level of recovery of assets and a major program of arbitrations for that year allow us to reasonably believe that an option may be considered for this new plan starting in fiscal year 2004. However, it is up to the Board of Directors to decide on 7 April.

The property listed change dimension and enter into an industrialized economic universe. We have great confidence in the part that will hold these entities in the real estate side compartment in part by this new tax regime. Limited to less than 1.20 of the market capitalization of Paris, this part does not reflect the importance of real estate in the country's economy. The arrival of foreign funds in the market will contribute to strengthening the representation held by the land in the real estate business. I wish for my part that a land can integrate the CAC 40 in the near future.