It then acquired the building in the State

Transimmeubles was created in 1991 and started its activity by transforming housing offices in Paris, in anticipation of a movement that would be expanded because it focused on some 250,000 m2 at the end of the 1990s. Of this total, the company has converted 40,000 m2. This figure is also the rehabilitation of 1.900 apartments, corresponding to 130,000 m2. In fact, this business of merchant of goods has been a windfall for savvy investors who have bought whole buildings housing at "wholesale" price and resold "to cut" to individuals at the time when the values were high. The new Aurillac law passed June 1 "relating to the right of pre-emption and the protection of tenants upon the sale of immovable property" must make it more difficult this kind of operations, offering tenants a right to buy from the outset for sale of the original owner, actually preventing a sale in bulk. This hardening concerned actors specialized in this type of sales batch.

According to the Chamber of notaries of Paris, Seine-Saint-Denis, Val-de-Marne, sales to the cut in the capital account according to the years between 10 and 18 of the number of transactions, which are between 30,000 and 45,000. This percentage reached 15 in 2004. A study published in April 2005 shows that 36 of the concerned apartments are sold occupied half of tenants residents. 64 Balance is transferred after the departure of the occupants. It appears that the price per square metre of thus marketed buildings are 15 lower than the market price.

Very decried the sale to cut has bad image, why The Aurillac law that now encloses this practice goes t - it annoy your activity

Some professionals lack social listening. The great heritage of institutional investors behave brutally in a search for profits too much, without offering alternative tenants, including financial support with a view to starting fresh type moving and relocation. We have always found a friendly solution to all situations of occupation, peacekeeping in places or departure. We we flattons to be rehabilitated or converted 180.000 m2 in Paris including 130,000 m2 of housing, representing 1.900 apartments including some occupants have moved from tenant to owner status. That Act Aurillac proposes to protect the smaller tenants share a good feeling. However, in giving the right to a lessee to acquire the lot occupied by him made price professionals does not issue because they are the more affluent to become owners, others, or means, being brought to the situation today. Not a Word does in the legislation the conditions of implementation of work often vital.

You have started your activity during the crisis of the 1990s by transforming housing offices. You keep you in this niche

Parisian offices market just responding to the strong request of investors, we are now restructuring of fact since 2001 of the Office buildings that retain this destination. We thus conducted in 2005 to the rehabilitation of 22,000 m2 of offices in the 2nd and 9th arrondissements of the Parisian central business district and work in 2006 on 40.000 m2 in the 2nd and 7th on behalf of the Fund Carlyle, Street including the LAC on 23,000 m2 of the old customs, and fund the Cargill buildingin the ninth on two buildings, 5.000 m2.

What is your last acquisition in Paris

The villa of the Arts in September 2005 with the founding family Guéret, which represents 5,000 m2 materialized in 60 workshops of artists, all listed in the supplementary inventory of Historic Monuments. Our project is to restore under the control of the Chief Architect of Historic Monuments, Philippe Houdin, this whole built near the cemetery of Montmartre in 1889 by architects Cambon and Pelte, all which housed including Paul Cézanne, Raoul Dufy, Théodore Rousseau, Eugène career, Auguste Renoir and others... The villa will be rehabilitated after that we will have found a "purchaser patron" for the total of the surfaces that would be kept in a rental perspective.

How do you work with the city of Paris Is it its right of first refusal on all folders

We work in partnership with the city of Paris. We agreed on the villa of the Arts to give us time to find a "patron" to maintain the spirit of the place. Without a fan for these workshops to artists, we imagine a formula that respects the interests of the two parties and the tenants.

On acquisition of real property records, we respect the statutory preemption time of the city of Paris. It has exercised it three times in three years for buildings located housing in Paris on the 16th Street of Lübeck in the Sibuet 12erue, and street of the set in the 9th. It then acquired the building in the State. For other folders on a decade of operations, delay, we have become owners and started marketing and work.

What margin identify you in your operations to cut What was your turnover in 2005. What are your forecasts in 2006

The buildings are acquired on the basis of balance sheets with 10 margin and following the difficulties encountered, it is finally between 8 and 12. Our turnover in 2005 amounted to EUR 46 million and we expect 60 in 2006.

What are the object and the fate of your land

Launched in 1994, the company Foncière du Palais-Royal is dedicated to the acquisition of businesses and offices in Paris. It holds to this day 21 million of assets and we will increase its capital to 40 million. We transform in SIIC offering investors an opportunity to engage upstream in the development of Parisian real estate operations. Thus in 2006, we examine four opportunities for investments for a total amount of EUR 80 million.