Gecina http://www.alacrastore.com/company-snapshot/Gecina-1067728 Saturday, October 11, 2008 9:44:08 PM 1067728 Gecina en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/664955spcred/664955normThe latest Full Report from S&Pglobalstructured8/13/2008 3:54:00 PM400Full Report664955FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesCapital GoodsFull ReportStable income from high-quality real estate portfolio in the Paris office property market A large and diversified asset and tenant base Significant share of more stable residential assets in the portfolio Uncertainties from ongoing separation agreement Asset-rotation policy and increasing development activities, representing about 10% of the portfolio The ratings on French property company Gecina primarily reflect the negative implications of the long-lasting uncertainties surrounding Gecina's separation agreement with Metrovacesa S.A. (not rated), notably on financial flexibility and corporate strategy. These negative implications currently outweigh the group's strong business profile, which is underpinned by a large, well-diversified portfolio of high-quality residential assets across France and offices located in central Paris, which form the bulk of Gecina's property portfolio. Key negativeFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPFULLGLOBISSSTRUCCORPRECCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/664956spcred/664956normThe latest Summary from S&Pglobalstructured8/13/2008 3:54:00 PM175Summary664956FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesCapital GoodsSummaryThe ratings on French property company Gecina primarily reflect the negative implications of the long-lasting uncertainties surrounding Gecina's separation agreement with Metrovacesa S.A. (not rated), notably on financial flexibility and corporate strategy. These negative implications currently outweigh the group's strong business profile, which is underpinned by a large, well-diversified portfolio of high-quality residential assets across France and offices located in central Paris, which form the bulk of Gecina's property portfolio. Key negative credit drivers include uncertainties about Gecina's future shareholding structure and the repercussions, if any, on its credit risk profile. The complexity of the separation process and the ongoing delays weigh negatively on Standard&Poor's Ratings Services' assessment of the company's corporate governance. The separation is also takingFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPSUMMARYGLOBISSSTRUCCORPRECCapitalCredit & Investment ResearchS&P Credit ResearchFRANCE - In June ####, Gecina SA, a unit of Metrovacesa SA announced that it was a seeking a buyer for its #% stake or #.### mil ordinary shares in the company, a Paris-based Real estate investment firm.6/28/2008 9:20:16 AM81572I36844P81572I45770GSeeking BuyerGecina SASeeking BuyerMetrovacesa SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Metrovacesa_SA_seeking_buyer_for_minority_stake_in_Gecina_SA-1991098040sdc/19910980401991098040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necEuro P.M.LInvestment & Commodity Firms,Dealers,ExchangesFranceReal estate investment trusts6798FFForeignPublicGFC12029001Seeking buyerRE agcyNot ApplicableOrdinary Share193254004Jun 28 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.00000Gecina SA, located in Paris,France, is a real estateinvestment firm which providesmaintenance, renovation,leasing and sale of commercialand residential buldings andproperties, logistics andparking spaces and hotels,which are mostly located inthe Paris region. Its propertyportfolio includes over 1.2mil sq. m of commercialassets, more than 17,000apartments, more than 90,000sq. m of hotels and 546,000sq. m of logistics platforms.The company was founded in1959.Gecina SA, located in Paris, France, is a real estateinvestment firm which provides maintenance, renovation,leasing and sale of commercial and residential buldings andproperties, logistics and parking spaces and hotels, whichare mostly located in the Paris region. Its propertyportfolio includes over 1.2 mil sq. m of commercial assets,more than 17,000 apartments, more than 90,000 sq. m ofhotels and 546,000 sq. m of logistics platforms. The companywas founded in 1959.Gecina SA, located in Paris, France, is a real estate investment firm which provides maintenance, renovation, leasing and sale of commercial and residential buldings and properties, logistics and parking spaces and hotels, which are mostly located in the Paris region. Its property portfolio includes over 1.2 mil sq. m of commercial assets, more than 17,000 apartments, more than 90,000 sq. m of hotels and 546,000 sq. m of logistics platforms. The company was founded in 1959.0.000000.000000.0000062.43000N25 Jun 08Wed, 25 Jun 2008 00:00:00 ESTDate Announced: 06/25/2008Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000FRANCE - In June 2008, GecinaSA, a unit of Metrovacesa SAannounced that it was aseeking a buyer for its 7%stake or 4.369 mil ordinaryshares in the company, aParis-based Real estateinvestment firm.FRANCE - In June 2008, Gecina SA, a unit of Metrovacesa SA announced that it was a seeking a buyer for its 7% stake or 4.369 mil ordinary shares in the company, a Paris-based Real estate investment firm.FRANCE - In June 2008, Gecina SA, a unit of Metrovacesa SA announced that it was a seekinga buyer for its 7% stake or 4.369 mil ordinary shares in the company, a Paris-based Realestate investment firm.FRANCE - In June 2008, Gecina SA, a unit of Metrovacesa SA announced that it was a seeking a buyer for its 7% stake or 4.369 mil ordinary shares in the company, a Paris-based Real estate investmentfirm.FRANCE - In June 2008, Gecina SA, a unit of Metrovacesa SA announced that it was a seeking a buyer for its 7% stake or 4.369 mil ordinaryshares in the company, a Paris-based Real estate investment firm.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006512:Operators of nonresidential buildings6513:Operators of apartment buildings6514:Dwelling operators, except apartments6798:Real estate investment trusts7011:Hotels and motels7521:Automobile parking12029001Unknown6799UnknownPrivate5311:Department stores6513:Operators of apartment buildings6519:Lessors of real property, nec6531:Real estate agents and managers6552:Land subdividers and developers, except cemeteries7011:Hotels and motels7521:Automobile parking279824001MadridSpain6531ForeignPublicMVC0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/656056spcred/656056normThe latest News from S&Pglobalstructured6/25/2008 1:09:47 PM100News656056FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesCapital GoodsNewsPARIS (Standard&Poor's) June 25, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on French property group Gecina (BB+/Negative/B) remain unchanged following yesterday's court of appeals ruling regarding recent activity of two of the company's main shareholders. The court upheld the French regulator's December 2007 statement, in which it said that the shareholders--Mr. Rivero and Mr. Soler, with a combined 31.5% stake--are acting in concert. A full takeover bid on Gecina would be required if together they reach the 33.3% ownership threshold. This would occur automatically when the company completes planned capital reduction, which is itself the last stage of the process to separate Gecina from its today minority shareholder Metrovacesa S.A. (not rated). WeFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPNEWSGLOBISSSTRUCCORPRECCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643231spcred/643231normThe latest News from S&Pglobalstructured4/16/2008 6:24:03 PM100News643231FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesBuilding MaterialsCapital GoodsNewsLONDON (Standard&Poor's) April 16, 2008--Standard&Poor's Ratings Services said today that it lowered its ratings on all senior unsecured debt issued by French property company Gecina (BB+/Negative/B) to 'BB+' from 'BBB-', aligning them with the corporate credit rating on the group. At the same time, Standard&Poor's removed the 'BBB-' ratings on this debt from CreditWatch, where they had been placed with negative implications on July 28, 2006. We have also assigned a recovery rating of '3' to the senior unsecured €600 million and €500 million bonds, indicating our expectation of meaningful (50%-70%) recovery for the bondholders in the event of a payment default. Although the nominal recovery percentage is higher than the rating threshold, theFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPNEWSGLOBISSSTRUCCORPRECBuildingCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643136spcred/643136normThe latest News from S&Pglobalstructured4/16/2008 3:18:00 PM100News643136FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesBuilding MaterialsCapital GoodsNewsLONDON (Standard&Poor's) April 16, 2008--Standard&Poor's Ratings Services said today that it lowered its ratings on all senior unsecured debt issued by French property company Gecina (BB+/Negative/B) to 'BB+' from 'BBB-', aligning them with the corporate credit rating on the group. At the same time, Standard&Poor's removed the 'BBB-' ratings on this debt from CreditWatch, where they had been placed with negative implications on July 28, 2006. We have also assigned a recovery rating of '3' to the senior unsecured €600 million and €500 million bonds, indicating our expectation of meaningful (50%-70%) recovery for the bondholders in the event of a payment default. Although the nominal recovery percentage is higher than the rating threshold, theFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPNEWSGLOBISSSTRUCCORPRECBuildingCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/637687spcred/637687normThe latest News from S&P3/20/2008 3:31:01 PMNews100globalstructured637687FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesBuilding MaterialsCapital GoodsNewsPARIS (Standard&Poor's) March 20, 2008--Standard&Poor's Ratings Services said today that it lowered its long- and short-term corporate credit ratings on French property company Gecina to 'BB+/B' from 'BBB-/A-3'. At the same time, the ratings were removed from CreditWatch with negative implications, where they had originally been placed on July 28, 2006. The outlook is negative. The ratings on the unsecured debt remain unchanged at 'BBB-' and remain on CreditWatch with negative implications until we assign a recovery rating and a final rating. Given the unsecured nature of the instruments and related French jurisdiction, the issue ratings could either be one notch higher than or in line with the corporate credit rating. "The downgrade reflects ongoing uncertaintiesFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPNEWSGLOBISSSTRUCCORPRECBuildingCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/637688spcred/637688normThe latest Research Update from S&P3/20/2008 3:31:01 PMResearch Update175globalstructured637688FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceReal Estate CompaniesCorporationsBuilding MaterialsCapital GoodsResearch UpdateOn March 20, 2008, Standard&Poor's Ratings Services lowered its long- and short-term corporate credit ratings on French property company Gecina to 'BB+/B' from 'BBB-/A-3'. At the same time, the ratings were removed from CreditWatch with negative implications, where they had originally been placed on July 28, 2006. The outlook is negative. The ratings on the unsecured debt remain unchanged at 'BBB-' and remain on CreditWatch with negative implications until we assign a recovery rating and a final rating. Given the unsecured nature of the instruments and related French jurisdiction, the issue ratings could either be one notch higher than or in line with the corporate credit rating. The downgrade reflects ongoing uncertainties surrounding Gecina's separation agreement with MetrovacesaFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPRESUPDGLOBISSSTRUCRECCORPBuildingCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/621813spcred/621813normThe latest News from S&P12/20/2007 3:36:01 PMNews100structuredglobal621813FranceDiversified REIT'sEurope, Middle East, AfricaStructured FinanceGlobal IssuersCorporationsReal Estate CompaniesBuilding MaterialsCapital GoodsNewsPARIS (Standard&Poor's) Dec. 20, 2007--Standard&Poor's Ratings Services said today that its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on French property company Gecina remain on CreditWatch with negative implications, where they had originally been placed on July 28, 2006. "The CreditWatch status reflects uncertainties on Gecina's future shareholder structure and related financial and strategic implications following the statement published by the French financial market regulator AMF last week," said Standard&Poor's credit analyst Pierre Georges. The French regulator stated that it had suspended the proposed ultimate step in the pending separation process between Gecina and its parent company Metrovacesa S.A. (not rated), expected to be conducted through a capital reduction, because it is notFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPNEWSSTRUCGLOBISSCORPRECBuildingCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/621814spcred/621814normThe latest Research Update from S&P12/20/2007 3:36:01 PMResearch Update175structuredglobal621814FranceDiversified REIT'sEurope, Middle East, AfricaStructured FinanceGlobal IssuersCorporationsReal Estate CompaniesCapital GoodsBuilding MaterialsResearch UpdateOn Dec. 20, 2007, Standard&Poor's Ratings Services said that its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on French property company Gecina remain on CreditWatch with negative implications, where they had originally been placed on July 28, 2006. The CreditWatch status reflects uncertainties on Gecina's future shareholder structure and related financial and strategic implications following the statement published by the French financial market regulator AMF last week. The French regulator stated that it had suspended the proposed ultimate step in the pending separation process between Gecina and its parent company Metrovacesa S.A. (not rated), expected to be conducted through a capital reduction, because it is not in accordance with market regulation. In addition, the regulator considers thatFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPRESUPDSTRUCGLOBISSCORPRECCapitalBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612143spcred/612143normThe latest News from S&P11/8/2007 3:24:33 PMNews100globalstructured612143FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesCapital GoodsBuilding MaterialsNewsPARIS (Standard&Poor's) Nov. 8, 2007--Standard&Poor's Ratings Services said today that its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on French property company Gecina remain on CreditWatch with negative implications, where they were placed on July 28, 2006. The CreditWatch status reflects the ongoing split transaction between Gecina and its 68.5% owner, Metrovacesa S.A. (not rated). "The CreditWatch reflects remaining uncertainties with regards to the full completion of the split transaction as well as Gecina's future ownership structure," said Standard&Poor's credit analyst Pierre Georges. As regards the eventual outcome of the split transaction, we think a successful completion is increasingly likely. However, key shareholders Mr. Rivero and Mr. Soler could potentially be obliged byFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPNEWSGLOBISSSTRUCCORPRECCapitalBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612144spcred/612144normThe latest Research Update from S&P11/8/2007 3:24:33 PMResearch Update175globalstructured612144FranceDiversified REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesCapital GoodsBuilding MaterialsResearch UpdateOn Nov. 8, 2007, Standard&Poor's Ratings Services said that its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on French property company Gecina remain on CreditWatch with negative implications, where they were placed on July 28, 2006. The CreditWatch status reflects the ongoing split transaction between Gecina and its 68.5% owner, Metrovacesa S.A. (not rated). The CreditWatch reflects remaining uncertainties with regards to the full completion of the split transaction as well as Gecina's future ownership structure. As regards the eventual outcome of the split transaction, we think a successful completion is increasingly likely. However, key shareholders Mr. Rivero and Mr. Soler could potentially be obliged by regulators to launch a full takeover bid on Gecina's shares atFRAF4268U40402010 404020 4040 40Gecina359468EUROMIDAFRGFC@FPRESUPDGLOBISSSTRUCCORPRECCapitalBuildingCredit & Investment ResearchS&P Credit Research