Actusnews Wire - Professional broadcaster of corporate and regulated information, authorised by the AMF and the CSSF.

  PAREF company press release from 19/02/2019

  19/02/2019 - 18:00

PAREF - 2018 Full-Year results


2018 FULL-YEAR RESULTS
Increasing results showing the efficiency of PAREF Group's strategy

 

Financial indicators in strong growth

  • Net result of €11.8 Mn (+43%)
  • Net commissions of €13.2 Mn vs. €8.9 Mn in 2017 (+48%)
  • EPRA Triple net NAV at €99.1 per share (+4%)
  • Loan to value1 at a historical low of 4% vs. 23% as at December 31, 2017

A portfolio of asset under management of €1.6 Bn

  • €1,439 Mn managed on behalf of third parties through SCPI2 and OPCI3, thanks to a gross subscription amount of €236 Mn in 2018 vs. €160 Mn in 2017 (+48%)
  • €138 Mn of owned assets (+3% on a like-for-like basis)

Proposed distribution of €3.85 per share for the fiscal year 2018 to be paid in cash, a 28% increase compared to 2017, for approval by the Annual General Meeting to be held in May 2019 (date to be confirmed).

The management board of PAREF, during the board meeting held on February 19, 2019, approved the closing of the annual statutory and consolidated accounts as of December 31, 2018. The review of results by auditors is in progress.

 “The financial and operational results of 2018 are demonstrating once again the relevance of PAREF Group's strategy. The diversification of our activities and revenue sources insures strong resilience of our business model and value creation for our shareholders.”

Antoine Castro - CEO

 

I - Management activity on behalf of third parties (PAREF Gestion)

  • Subscription and portfolio under management

2018 has been again a successful year in terms of gross subscription from retail investors with a +48% growth compared to 2017, reaching c. €236 Mn (€160 Mn in 2017). This result is mainly explained by strong performance of opened-end SCPI funds Novapierre Allemagne and Interpierre France with €176 Mn and €54 Mn gross subscription respectively over the period.
In addition to the good performance in subscription, the net subscription remains high with a net to gross subscription ratio of 79 % in 2018, showing investors' strong confidence in the Group's products and the quality of management.

As at December 31, 2018, PAREF Gestion manages €1,439 Mn of assets on behalf of third parties, a +22% increase on a like-for-like basis compared to 2017 (-6% compared to December 31, 2017 due to the disposal of the asset held by OPCI fund 54 Boétie in the second semester of 2018, representing an asset value of €349M€ at the end of 2017).

 

Breakdown of the funds managed by PAREF Gestion as at December 31, 2018:

Type Funds Strategy Assets under Management
(€ Mn)
Dec 31, 2017
Assets under Management
(€ Mn)
Dec 31, 2018
Evolution in %
SCPI Novapierre Allemagne (OF4) Retail (Germany) 269 449 67%
Pierre 48 (OF4) Residential (Paris) 281 285 1%
Novapierre 1 (OF4) Retail (Greather Paris) 153 156 2%
Interpierre France (OF4) Office/Logistic 97 136 40%
Capiforce Pierre (CF[5]) Diversified 53 53 0%
Atlantique Pierre 1 (CF5) Diversified 43 48 11%
Cifocoma 1 (CF5) Retail 20 18 -7%
Cifocoma 2 (CF5) Retail 21 22 6%
Sub-total SCPI   939 1,167 24%
OPCI Vivapierre (OF4) Hôtel (France) 100 94 -6%
54 Boétie (OF4)   349 - n.a
OPPCI de murs d'hôtels (CF5)   115 142 23%
Sub-total OPCI   564 236 -58%
Other   28 35 25%
Total     1,531 1,439 -6%

 

Breakdown of the 2018 gross subscription:

Type Funds Gross subscription
in 2017
(€ Mn)
Gross subscription
in 2018
(€ Mn)
Evolution in %
SCPI Pierre 48 4 3 -30%
Novapierre 1 10 4 -64%
Interpierre France 39 54 39%
Novapierre Allemagne 107 176 64%
Total   160 236 48%
  • Commissions

Thanks to the dynamic gross subscription in 2018 and the growth in assets managed on behalf of third parties, PAREF Gestion achieved substantial growth on its gross subscription and management commissions, reaching €21.2 Mn (+40%) and €6.6 Mn (+25%) respectively.

Commissions (in €k) 2017 2018 Evolution in %
Management commissions 5,286 6,620 +25%
Subscription commissions 15,123 21,182 +40%
Retro-commissions -11,551 -14,652 +27%
Net commissions 8,858 13,150 +48%

 

II - Real-estate activity (PAREF SA)

During 2018, PAREF has largely improved rental activities on its owned assets with more than 50,000 sqm let or re-let, representing c. 45% of total space of the portfolio. In particular, PAREF has signed a 12-year firm lease for the hotel resorts located at Dax and Saint-Paul-Lès-Dax with the historical operator Thermes Adour, a major player in the thermal industry. The lease will mature in July 2031.

The financial occupancy rate of its owned assets increased to 82.8 % compared to 81.8% as at December 31, 20176. The weighted average unexpired lease term stands at 4.8 years at the end of 2018 (compared to 4.4 years at the end of 2017). The expiry schedule of rents of owned assets is as follows:

 

In addition, PAREF continues to manage proactively its owned portfolio with the disposal of 3 assets, including Melun Vaux-le-Pesnil building, parking lots located in Pantin and half of an office asset located in Saint Maurice, for a total net sale price of €2.1 Mn, representing a 15 % premium in average above the last appraisals.

PAREF Group portfolio valuation7 stands at €138 Mn as at December 31, 2018, of which €127 Mn of real-estate assets (including the participation in Gaïa office) and €11 Mn of financial assets invested in the SCPI funds managed by the Group, following the disposal of shares in SCPI Interpierre for ca. €9.5 Mn in the second semester of 2018.

Key indicators on owned assets8 2017 2018
Number of assets 22 20
Lettable area (in operation) 133,422 sqm 129,069 sqm
Financial occupancy rate (in operation) 81.8% 82.8%
Valuation €125 Mn €127Mn

 

In total, the net rental income of PAREF's owned assets stands at €6.8 Mn in 2018, decreasing compared to 2017 (-18%) mainly due to the disposal of Pantin Courtois office in August 2017, which is partly compensated by a positive evolution of rental income thanks to sustained rental activities. Net rental income also increased by +0.3% on a like-for-like basis mainly thanks to the leasing activity during the year.

 

2018 rental income on owned assets (in k€) 2017 2018 Evolution in %
Gross rental income 9,114 7,512 -18%
Non-recoverable rental expenses -790 - 793 0%
Other income 13 102 x7
Total net rental income 8,337 6,822 -18%

 

The average gross initial yield on these assets stands at 6.9%, showing a slight decrease compared to 7.2% at the end of 20179.

 

 

III - 2018 Results

Consolidated P&L

Detailed consolidated P&L (in €k) 2017 2018 Evolution in %
Gross rental income 9,114 7,512 -18%
Non-recoverable rental expenses -790 -793 0%
Other income 13 102 x7
Net rental income 8,337 6,822 -18%
Revenues on commissions 20,409 27,802 36%
-of which management commissions 5,286 6,620 25%
-of which subscription commissions 15,123 21,182 40%
Retro-commissions -11,551 -14,652 27%
Net revenues on commissions 8,858 13,150 48%
General expenses -8,947 -9,166 2%
Depreciation and amortization -767 -415 -46%
Current operating result 7,481  10,390 39%
Variation of fair value on investment properties 646 5,843 x8
Result on disposals of investment properties 2,919 216 -93%
Operating result 11,046 16,449 49%
Financial products 122 90 -26%
Financial expenses -3,375 -2,080 -38%
Net financial expenses -3,253 -1,989 -39%
Other expenses and incomes on financial assets 160 246 54%
Fair-value adjustments of financial instruments 536 398 -26%
Result on disposal of shares in companies consolidated under Equity method   595 n.a.
Results of companies consolidated under the equity-method 712 -1,818 n.a.
Result before tax 9,201 13,880 51%
Income tax -940 -2,077 121%
Net result 8,261 11,803 43%
Non-controlling interests - - n.a.
Net result (owners of the parent) 8,261 11,803 43%
Average number of shares (non-diluted) 1,197,128 1,379,932  
Net result / share (owners of the parent) 6.90 8.55 24%
Average number of shares (diluted) 1,201,543 1,384,022  
Net result / share (owners of the parent diluted) 6.88 8.53 24%

 

PAREF Group has realized net results of €11.8 Mn in 2018, significantly increasing by 43% compared to 2017:

 

  • Net rental income stands at €6.8 Mn, decreased by 18% compared to 2017, following the disposals in 2017 and 2018;
  • Net commissions strongly increased by +48% thanks to the growth in subscriptions and in the amount of assets managed on behalf of third parties;
  • General expenses amounted to €9.2 Mn, in slight increase by 2% explained by the reinforcement of the team in different departments
  • The variation of fair value on investment properties has significantly increased, reaching €5.8 Mn in 2018, mainly thanks to an increase in value on the resort assets located in Dax and Saint-Paul-Lès-Dax following the signature of a 12-year firm lease;
  • Net financial expenses stand at €2.0 Mn in 2018 (of which €0.5 Mn of indemnities linked to early repayment of existing debts) versus €3.3 Mn in 2017 (excluding fair-value adjustments of financial instruments). This reduction is explained by an active management of liabilities, especially the repayment of existing debts in 2017 and 2018;
  • Results of companies consolidated under the equity-method decrease to -€1.8 Mn, mainly due to the impact of a negative variation on the fair value of Gaïa office asset.

IV - Financial resources

The gross debt of the Group decreased substantially and stands at €35 Mn as at December 31, 2018, an important reduction compared to 2017 (€45 Mn as at December 31, 2017), following the early repayment and the contractual amortization on existing debts.

The consolidated debt is fully composed of loans with mortgages on owned assets.

The average cost of debt of the Group stands at 3.6% as at December 31, 2018 (4.2% as at December 31, 2017) and the average debt maturity is 3.9 years.

The Group implemented a conservative policy on interest rate risk hedging, with more than 80% of the debt issued at fixed rate or covered by hedging instruments at the end of 2018, limiting the sensitivity of the Group to interest rates fluctuations.

Financial ratios are solid with a loan-to-value (LTV10) and an interest coverage ratio (ICR11) of 4% and 7.0x respectively (versus 23% and 4.8x respectively in 2017).

The Group respects the financial covenants on its bank debt: LTV < 55% and ICR > 2x12.

Debt repayment schedule:

 

The Group has an amount of cash and cash equivalent of €28 Mn as at Dec 31, 2018, to cover more than 12 months debt repayment and to meet the regulatory requirement of minimum amount to be held by PAREF Gestion.

The Group also realized a successful capital increase of €17 Mn on April 5, 2018 (settlement on April 11, 2018). This operation largely over-subscribed demonstrated investors' appetite for the Group. The main shareholder stake (FOSUN Group) decreased therefore from 71.37% down to 59.84% allowing PAREF to maintain the SIIC tax status.

 

V - Assets under Management

In k€ 2017 2018 Evolution in %
PAREF owned assets 107,099 111,070 4%
PAREF participations13 38,564 27,217 -29%
Total patrimoine PAREF 145,663 138,287 -5%
SCPI      
  • Interpierre France
97,250 135,815 40%
  • Novapierre 1
153,374 156,072 2%
  • Pierre 48
281,461 284,783 1%
  • Capiforce Pierre
53,325 53,067 0%
  • Atlantique Pierre 1
43,268 48,076 11%
  • Novapierre Allemagne
269,422 449,096 67%
  • Cifocoma 1
19,728 18,312 -7%
  • Cifocoma 2
20,917 22,074 6%
Sub-total SCPI 938,746 1,167,295 24%
OPCI      
  • 54 Boétie
349,100 0 -100%
  • Vivapierre
99,960 94,230 -6%
  • OPPCI spécialisé hôtels
115,290 141,910 23%
Sub-total OPPCI 564,350 236,140 -58%
Other assets managed on behalf of third parties (1) 28,262 35,300 25%
Total Assets under Management by PAREF Gestion 1,531,357 1,438,735 -6%
Retreatments (2) -19,427 -9,909 -49%
TOTAL 1,657,593 1,567,113 -5%

(1) Including Foncière Sélection Régions
(2) Part of PAREF portfolio is managed through OPPCI (Vivapierre) by PAREF Gestion, and SCPI (Interpierre) in 2017

PAREF's owned portfolio stands at €111 Mn, increased by €4 Mn compared to 2017, mainly explained by:

  • Disposals of €1.9 Mn (valuation as at December 31, 2017);
  • Capitalized expenses of €0.1 Mn in 2018;
  • Increase in fair value of investment properties of €5.8 Mn.

The like-for-like change in fair value amounted also to €5.8 million in 2018, representing an increase of +5.5%.

The average gross initial yield on PAREF's owned assets stands at 6.9% vs. 7.2% at the end of 2018 (excluding Le Gaïa office building).

 

VI - EPRA Net Asset Value

PAREF Group EPRA triple net asset value (NNNAV) stands at €99.1 per share as at December 31, 2018, increasing by €3.4 per share (+4% versus 2017). The evolution is mainly explained by 2018 net results for +€8.2/share, the positive variation of fair value on investment properties and the valuation of PAREF Gestion's management mandates for +€2.7/share, dividend payment for -€3/share and the dilution generated by the capital increase realized in April 2018 for € -4.3/share.

EPRA NNNAV is based on consolidated equity under IFRS rules (including fair value of assets) and financial instruments and debt at fair-value.

  31/12/2017 31/12/2018 Evolution in %
NAV per the financial statements 100.3 124.8 24%
Fair value of financial instruments 0.9 0.5  
Revaluation of intangible and operating assets (PAREF Gestion)14 16.3 19.5  
Other 0 0  
EPRA NAV (in €M) 117.5 144.8 23%
EPRA NAV per share (in €) 98.1 100.3 2%
Fair value of financial instruments -0.9 -0.5  
Fair value of debt -1.5 -0.6  
Deferred taxes -0.4 -0.5  
EPRA NNNAV (in M€) 114.7 143.1 25%
EPRA NNNAV per share (in €) 95.7 99.1 4%
Deferred taxes 0.4 0.5  
Estimated transfer taxes 9.8 9.2  
Going concern NAV (in M€) 124.9 152.9 22%
Going concern NAV / per share (in €) 104.3 105.9 2%

 

VII - Post-closing events

Group PAREF signed two new 9-year leases on Gaïa office building, with 6-year and 5-year firm period respectively. The effective date is between May 2019 and May 2020 for a total surface of 965 sqm. This signature confirms the quality of Gaïa asset and will increase the physical occupation rate to 39%.

 

VIII - Strategy and perspectives

PAREF Group continues to accelerate its development based on 3 main pillars:

  • A progressive growth of PAREF real estate portfolio with a proactive management: asset management of the existing portfolio, asset rotation and selective investments, for a repositioning on large assets located in Greater Paris area;
  • A rational development of the management activity for individual investors through (i) an increase in assets under management on existing products and (ii) the creation of new products;
  • An acceleration of management activity for institutional investors in France and continental Europe, notably thanks to the new entity PAREF Investment Management created in late 2018.

In this context, the Group maintains its distribution policy representing between 65% and 75% of the recurring result over the next years.

 

IX - Other EPRA indicators

  • EPRA Earnings
In k€ 31/12/2017 31/12/2018 Evolution in %
Earnings per IFRS income statement 8,261 11,803 43%
Adjustments      
(i) Change in fair-value of investment properties -646 -5,843 804%
(ii) Profits or losses on disposal of investment properties and other interests -2,919 -216 -93%
(iii) Profits or losses on disposal of financial assets available for sale 0 -595 n.a.
(iv) Tax on profits or losses on disposals 0 0  
(v) Negative goodwill / goodwill impairment 0 0  
(vi) Changes in fair value of financial instruments and associated close-out costs -536 -398 -26%
(vii) Acquisition costs on share deals and non-controlling joint-venture 0 0  
(viii) Deferred tax in respect of the adjustments above 0 0  
(ix) Adjustments (i) to (viii) above in respect of companies consolidated under equity method 767  3,383 341%
(x) Non-controlling interests in respect of the above 0 0  
EPRA Earnings 4,927 8,136 65%
Average number of shares (diluted) 1,197,128 1,379,932  
EPRA Earnings per share (diluted) 4.1€ 5.9 € 44%
  • EPRA Vacancy rate
In k€ 31/12/2017 31/12/2018 Evolution in %
Estimated rental value of vacant space (1) 1,785 1,650  
Estimated rental value of the whole portfolio (1) 9,814 9,580  
EPRA Vacancy Rate 18.2% 17.2% -1.0pts

(1) Including the participation in Gaïa office, excluding shares in SCPI Vivapierre. Excluding Gaïa, EPRA vacancy rate stands at 8.1% as at December 31, 2018 vs. 9.3% as at December 31, 2017.

  • EPRA Net Initial Yield (NIY) and ‘topped-up' NIY
In % 31/12/2017 31/12/2018 Evolution in %
PAREF Net yield 7.06% 6.29% -0.78pts
 Impact of estimated duties and costs -0.4% -0.4% 0.07pts
 Impact of changes in scope -0.9% 0.2% 1.07pts
EPRA Net initial yield (1) 5.73% 6.10% 0.36pts
 Excluding lease incentives 0.1% 0.3% 0.19pts
EPRA “Topped-Up” Net initial yield (2) 5.83% 6.38% 0.55pts

(1) The EPRA Net Initial Yield rate is defined as the annualized rental income, net of property operation expenses, after deducting rent adjustments, divided by the value of the portfolio, including duties.
(2) The EPRA ‘topped-up' Net Initial Yield rate is defined as the annualized rental income, net of property operating expenses, excluding lease incentives, divided by the value of the portfolio, including taxes.

  • EPRA cost ratios

The ratio below is computed based on PAREF Group owned assets perimeter (including companies consolidated under the equity method).

In k€ 31/12/2017 31/12/2018 Evolution in %
Include:      
(i) General expenses (1) -1,406 -1,916 36%
(ii) Costs related to properties -166 -222 34%
(iii) Net service charge costs/fees -3,429 -3,351 -2%
(iv) Management fees less actual/estimated profit element 0 0 n.a.
(v) Other operating income/recharges intended to cover overhead expenses 0 0 n.a.
(vi) Share of general expenses of companies consolidated under equity method -438 -341 -22%
Exclude:      
(vii) Depreciation and amortization      
(viii) Ground rent costs 1,245 1,257 1%
(ix) Service charge costs recovered through rents but not separately invoiced 1,560 1,469 -6%
EPRA Costs (including direct vacancy costs) (A) -2,634 -3,104 18%
(x) Less: Direct vacancy costs (unrecoverable rent costs) 441 479 9%
EPRA Costs (excluding direct vacancy costs) (B) -2,193 -2,625 20%
(xi) Gross Rental Income less ground rent costs 10,359 8,801 -15%
(xii) Less: service charge costs included in Gross Rental Income -1,245 -1,257 1%
(xiii) Add: share of Gross Rental Income less ground rent costs of companies consolidated under equity method 2,749 3,159 15%
Gross Rental Income 11,863 10,702 -10%
EPRA Cost Ratio (including direct vacancy costs) (A/C) 22.2% 29.0% +6.8 pts
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 18.5% 24.5% +6.0 pts

(1) Without exceptional costs linked to the shareholding structural change of PAREF Group in 2017

 

Balance Sheet - Assets (in €k) 31/12/2017 31/12/2018
Non-current assets    
Investment properties 105,689 110,370
Intangible assets 89 76
Other property, plant and equipment 60 482
Financial assets 10,785 11,073
Shares and investments in companies under the equity method 18,829 9,910
Financial assets held for sale 1,035 1,007
Total non-current assets 136,487 132,918
Current assets    
Stocks - -
Trade receivables and related 8,233 10,372
Other receivables 247 147
Financial instruments - -
Cash & cash equivalents 10,023 28,437
Total current assets 18,503 38,956
Properties and shares held for sale 1,410 700
TOTAL ASSET 156,400 172,574
     
Balance Sheet - Liabilities (in €k) 31/12/2017 31/12/2018
Equity    
Share capital 30,218 36,040
Additional paid-in capital 29,310 39,922
Fair-value through equity 29 45
Fair-value evolution of financial instruments -289 -230
Consolidated reserved 32,806 37,247
Consolidated net result 8,261 11,803
Shareholder equity 100,334 124,827
Minority interest - -
Total Equity 100,334 124,827
Liability    
Non-current liabilities    
Non-current financial debt 39,652 29,226
Non-current taxes due & other employee-related liabilities 176 117
Non-current provisions 267 587
Total non-current liabilities 40,095 29,931
Current liabilities    
Current financial debt 5,704 5,541
Current financial instruments 996 540
Trade payables and related 3,477 4,519
Current taxes due & other employee-related liabilities 3,804 5,293
Other current liabilities 1,990 1,924
Total current liabilities 15,971 17,817
TOTAL LIABILITIES 156,400 172,574

 

CASH-FLOW STATEMENT (in €k) 31/12/2017 31/12/2018
Operating cash-flow    
Net result 8,261 11,803
Depreciation and amortization 778 411
Valuation movements on assets -646 -5,843
Valuation movements on financial instruments -520 -398
Valuation on financial assets held for sale -16 1
Tax 940 2,077
Result on disposals - 2,919 -810
Results of companies consolidated under the equity-method -712 1,818
Cash-flow from operating activities after net financial items and taxes 5,165 9,059
Net financial expenses 3,253 1,989
Tax paid -796 -1,694
Cash-flow from operating activities before net financial items and taxes 7,622 9,355
Other variations in working capital -888 -18
Net cash-flow from operating activities 6,734 9,336
Investment cash-flow    
Acquisition of tangible assets -558 -38
Acquisition of other assets -523 -500
Assets disposal 27,409 2,126
Acquisition of financial assets -2,292 -2,426
Financial assets disposal 0 0
Variation in companies consolidated under the equity-method   9,450
Financial products received 705 466
Change in perimeter 0 0
Cash-flow from investments 24,741 9,077
Financing cash-flow    
Variation in capital 151 553
Capital increase 0 16,435
Increase in financial debt 0 0
Other financial debt evolution 0 -8
Debt repayment -2, 280 -10,000
Variation on bank overdraft 450 -571
Financial expenses paid -3,331 -2,092
Dividend paid to shareholders and minorities -2,417 -4,316
Cash-flow from financial activities -25,427 1
Change in accounting methodology on Interpierre 0 0
Increase/ Decrease in cash 6,048 18,414
Cash & cash equivalent at opening 3,975 10,023
Cash & cash equivalent at closing 10,023 28,437

 

Financial agenda
April 25, 2019: Financial information as at March 31, 2019

About PAREF Group
PAREF operates in two major complementary areas: (i) Commercial and residential investments owned by SIIC PAREF primarily in corporate real estate in the Paris region (€138 Mn asset as at December 31, 2018) and (ii) Management on behalf of third parties via PAREF Gestion (€1,426 Mn funds under management as at December 31, 2018), an AMF-certified management company.

PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.fr

Contacts

Antoine CASTRO
Chief Executive Officer
Antoine ONFRAY
Chief Financial Officer

info@paref.com
Phone: 01 40 29 86 86

Press Contact
Citigate Dewe Rogerson, Alexandre Dechaux
01 53 32 84 79
Alexandre.dechaux@citigatedewerogerson.com

 

1 Loan-to-value: consolidated net debt divided by the consolidated asset value excluding transfer taxes (LTV at 8% including the 50% share in Wep Watford versus 26% in 2017)
2 « Sociétés Civiles de Placements Immobiliers » (non-trading real estate investment companies)
3 « Organisme de Placement Collectif Immobilier » (property investment mutual funds)
4 OF: Opened-end fund
5 CF: Closed-end fund
6 Including 50% participation in Le Gaïa office (excluding Le Gaïa, the financial occupancy rate stands at 91.9% in 2018 vs. 90.7% in 2017).
7 Including shares in companies consolidated under the equity method (50% in Wep Watford (Gaïa office - Nanterre, La Défense)), and 27.24% in Vivapierre OPPCI at the end of 2018.
8 Including Gaïa office share. Excluding shares in Vivapierre and the value of Paref Gestion shares.
9 Excluding Gaïa office.
10 Loan-to-value: consolidated net debt divided by the consolidated asset value excluding transfer taxes
11 ICR: financial expenses (including interest on swaps and undrawn credit lines but excluding penalty on fixed debt repayment) divided by EBITDA
12 Financial covenants on mortgaged debt are also respected
13 Including shares in companies consolidated under the equity method (50% in Wep Watford (Gaïa office - Nanterre, La Défense), and 27.24% in Vivapierre OPPCI (and 10.8% in Interpierre SCPI as at Dec 31, 2017. Excludes Paref Gestion shares
14 PAREF Gestion valuation is based on multiples applied on revenues with an average over the last 2 years (2x on management fees and 0.5x on subscription fees in average).