The Gross Asset Value (“GAV”) corresponds to the sum of fair value of all real estate assets held by the Group on the basis of the consolidation scope and real estate financial investments: being shares in real estate funds, loans to third parties active in real estate, shares in non consolidated real estate companies. The GAV calculation has been modified in 2010 in order to integrate the real estate financial investments with an impact on June 2011 GAV of EUR 58 Million to be compared with a EUR 35 Million increase of the 2010 GAV. As of June 2011, the amount of financial assets includes the net present value of the EUR 30 Million earn out relating to the Leipziger Platz’s transaction.

The IFRS balance sheet only integrates at fair value the investment properties defined under IAS40. The GAV is at least once a year (generally at December closing) determined on the basis of a valuation report established by an independent expert.

As of June 2011, the Group performed an internal review of the portfolio and tested its evolution in comparison with the assumptions and forecast supporting the valuations as of December 2010. After review of local market trends and outcomes and of assets’ specifics, valuation adjustments have been recorded that were mainly induced by exchange rate movements or operational performance of the assets. The GAV went from EUR 1,744 Million as of December 2010 down to EUR 1,659 Million. The GAV breaks down to 65% for properties under management and 35% of projects and land bank for the Development business line.

GAV by business line as of June 2011 

Data in EUR Million

Gross Asset Value

Data in EUR Million