Page 8 - CODIC Rapport Annuel 2014/2015

The CEO’s message

Following a year of transition in 2013-2014, 2014-2015 is indisputably
proving to be one of consolidation and growth. As I’ve heard it put,
′CODIC is back′. One thing is certain: doors continue to open for
CODIC, promising a dynamic and attractive future.

2014-2015 began with the purchase of CODIC International by
two French families, the Descours and the Mulliez, through the
company EUROPE Invest. Through EMABE Invest, I also worked
alongside these two family groups throughout this process of
reinvestment. With our new shareholders, we will be able to
strengthen our capacity for development on our target markets,
ensuring a promising future.

In addition to the confidence placed in us by the banks and financial institutions that support
our projects, we also successfully completed our second bond issue, for a total of 30 million
euros. This bond issue has allowed CODIC to diversify its financing sources and to raise the
average maturity of its debt.

This year was punctuated by several important sales, the first of which took place in June
2014, when the official deed of purchase of the WHITE PARC retail park (Villennes-Orgeval)
was signed by a subsidiary of the Deutsche Bank; this project was officially inaugurated on
27 May 2014. The retail park is occupied by stores such as Darty, Carré Blanc, Générale
d’Optique, Orchestra, Gautier, etc.

Following the signature of the long-term lease with the city of Luxembourg in December 2014,
which set out the project’s legal basis, in January 2015 CODIC International then partnered
with ADIA to develop the non-residential parts of the Royal-Hamilius project. ADIA holds a
majority share (51%) in three companies that are dedicated to offices, commerce and car
parks. CODIC will work on the residential portion of the project on its own. Financing for
the overall project came from a banking consortium composed of BNP Paribas Fortis (the
agent), BGL BNP Paribas, ING Luxembourg and Belfius.

In April 2015, the official deed of sale for the Gateway building was signed; this was rented
to Deloitte, with Befimmo as the investor. The sale took place at an unprecedented rate
of 4.65%. The sale of this flagship project demonstrates both the superior quality and the
attractiveness of this development, as well as the market demand for AAA investments like
Gateway that enjoy an excellent location and that are rented to leading companies on a
long-term basis.

Since then, work on Royal-Hamilius and Gateway have been in full swing. Space continues
to be rented out, as well, and Royal-Hamilius will have the pleasure of welcoming dynamic
brands such as Galeria INNO, which will be opening its first department store in Luxembourg,
and Delhaize, which will open a 100% urban concept store. The Royal-Hamilius project will
expand the Luxembourg catchment area, while also boosting the Grand Duchy of
Luxembourg’s influence.

6 Codic Annual Report 2014/2015