Affine To Help Investor Transparency

PARIS-French property group Affine, one of the older listed firms which converted early to REIT status soon after introduction of the SIIC regime in 2003, is undertaking a major re-focus on investment, cutting back on development and non-core activities to bring more clarity for its shareholder base.

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.”