Our buildings attract high-quality tenants who provide strong covenants that Core office investors are seeking. ByStéphanie Bensimon, Head of Ardian Real Estate 2020 has proved that even when By the end of 2020, we had completed demand for office space is under un pre- seven exits since Ardian Real Estate’s inception. On cedented pressure, prime assets will continue top of Great*, the team also sold in 2020 a German to attract high-quality tenants and represent office asset in Munich and a premium Paris office a safe haven for investors. building at 14 rue des Pyramides. By focusing on developing high-quality, Through the course of the pandemic, we efficient and flexible assets and adding value saw real estate investors and prospective tenants through hands-on management, we achieved strong focus more than ever on the quality and location performances in acquisitions, disposals and leasing of office assets. Our strategy of acquiring outdated across our target markets in France, Germany and buildings in good locations and transforming them Italy. In Paris, we sold our refurbished Great* office into modern workplaces with attractive shared complex ahead of schedule in May 2020 but spaces has benefited us significantly. Our buildings retained responsibility for leasing the 9,200sqm of attract high-quality tenants who provide strong office space. Six months later, we managed to sign covenants that Core office investors are seeking. This a lease agreement with Sanofi, one of the world’s enabled us to achieve sales that crystallized value leading pharmaceutical groups, which will make gains ahead of our plans. Great* its global headquarters. We also signed another lease with Sanofi in Berlin, contributing The pandemic caused inevitable delays to to our most successful leasing performance in our construction projects and reduced productivity Germany to date, with both agreements covering as a result of site closures. However, thanks to our a total of almost 14,700sqm. local presence in all our markets, we were able to react quickly and minimize disruption. Our largest acquisition this year was in Italy, where we secured one of the country’s largest real We will continue to closely monitor the estate transactions of 2020 with the purchase of market and analyze opportunities in Spain. We hope a portfolio of 25 properties from Banca Monte dei to make our first investment there soon. Paschi di Siena, including four trophy assets within exceptional locations in Milan, Rome and Florence. We intend to heavily redevelop those four properties, * Asset located on Avenue de la Grande Armée, in the axis which represent near 85% of the total deal value. between La Défense and the Paris Central Business District. 2020 ACTIVITY REPORT 109