CEO and founder Maryse Aulagnon and Deputy CEO Alain Chaussard told PIE in an interview that the move was partly prompted by a massive drop in the Affine share price amid the global financial crisis. Even though this came in parallel with most of the European listed sector, it brought home the key importance of strategy and portfolio transparency.

"One way or another, we are dramatically decreasing the non-property business either by selling or winding up firms in that part of the business," says Chaussard. "Within Affine there will be just property groups--Affine, the listed holding company, Affiparis which holds our Paris investments, and Banimmo which contains assets in Belgium, with a few also located within France. We will dramatically reduce the weight of development, and re-centre our business."

Affine posted a 17.6% increase in net rental income in the first half, nearly doubled operating income, but made a 13% asset depreciation compared to end-December, bringing net asset value per share in at just over €30, compared to its share price last trading around €18. The group, which owns total gross assets of €1.147 billion, including transfer taxes, this year embarked on its new strategy of improving yields, tenant relationships and cost controls--as well as discontinuance of non-core activities, specifically development.