Outstanding results for the Socri Limited group

Contents
SOCRI LIMITED’S URBAN COMMERCIAL PROPERTY ACTIVITIES

• A pertinent investment strategy
• An active marketing policy
• Excellent figures for 2022
• Two remarkable acquisitions in 2022
• Ambitious plans for 2023

LUXURY PROPERTY DEVELOPMENT ACTIVITIES IN THE UNITED STATES

SOCRI LIMITED’S STRONG SOCIAL COMMITMENTS

SOCRI LIMITED’S URBAN COMMERCIAL PROPERTY ACTIVITIES
A pertinent investment strategy
The year 2022 once again confirms that the group’s strategy of investing in and committing to retail premises in the city centres of the Mediterranean region, a demographically dynamic area (+0.8% per annum in the former Languedoc Roussillon region, for example), is particularly well-suited to the new consumer challenges and the expectations of local and tourist customers (proximity, shopping for pleasure).
Pierre-Antoine Desplan explains: “A long time ago, we made the choice to design and develop our shopping centres as real ‘living spaces’, where the shopping experience is accompanied by leisure, relaxation and surprises, with centres that are regularly updated, a varied events policy and an increased presence on social media. Our sites are much more than a juxtaposition of shops; they are places where you feel good, with a unique setting for visitors, a subtle blend of urban atmosphere and greenery where you feel like spending time with friends or family. Now more than ever, we are keeping our promise of creating exceptional places”.

An active marketing policy
The marketing policy, with the regular arrival of new retailers, is one of the key factors in the success of the group’s shopping centres, making them leading benchmark destinations in the fashion, home decoration, beauty/health and leisure sectors. It demonstrates the expertise of the SOCRI LIMITED teams, who over many years have built up relationships with the main regional, national and European retail players, and have acquired real knowledge of the local scene. Hubside Store came to Polygone Béziers last year. Selling new and refurbished products at attractive prices, this brand encourages consumers to save money while limiting their environmental impact, with a wide range of devices for sale or hire: smartphones, drones, cameras, scooters, virtual reality goggles, speakers…
The WeFix chain also opened an outlet at Polygone Béziers in 2022.
In 2018, it joined the Fnac/Darty group, cementing its position as France’s leading express repair company. This opening perfectly complements the telephony services on offer in the shopping centre.
At the end of 2022, Polygone Béziers also welcomed a branch of Krys. This French cooperative chain offers visitors a quality optician service at affordable prices. Last but not least, two entrepreneurs, One and Luvia, have added to the Béziers shopping centre’s range of ready-to-wear for women, children and newborns, and childcare products. Four brands have also renewed their leases at Polygone Béziers, demonstrating their confidence in the future of a site that has become more of a regional benchmark with every passing year.
At the La Coupole shopping centre in Nîmes, the Zandra brand opened its doors in July 2022. This store offers a wide selection of trendy jewellery, bags and fashion accessories. Zandra embodies the story of a family business and offers high-quality, elegant, refined and original collections.

Excellent figures for 2022
This general strategy for 2022 resulted in strong sales growth in particular. Polygone Béziers has set a new record for sales, approaching €110 million in 2022, an increase of more than 9% on 2019, its best year until now. Only a year and a half after its takeover, La Coupole de Nîmes has achieved sales that are 18% higher than in 2019, demonstrating SOCRI LIMITED’s effective management of its commercial assets, based on a significant strengthening of the teams on the ground, impeccable site management and a strong marketing drive. As co-owner of Polygone Montpellier, SOCRI LIMITED is also delighted with the site’s good performance, in particular the forecast of almost 14 million visits in 2022, a direct result of the quality of its renovation, designed by SOCRI LIMITED in partnership with the SOCRI PROMOTIONS group. The number of visits to Polygone Béziers and La Coupole de Nîmes in the second half of 2022 is the same as in 2019, even though 2019 was a record year for Polygone Béziers. La Coupole de Nîmes, acquired by the group in June 2021, saw footfall increase by 1.6% in 2022 versus 2019. These results are very positive, given that over the same period, French shopping centres recorded an average decrease in footfall of 11%. The Galeries Lafayette stores in Béziers and Avignon, managed in partnership with the Planet Indigo group, also performed very well in 2022, with cumulative sales of €26.3 million, placing them in the top 5 of their respective Galeries Lafayette comparison groups for several months. This performance is due in particular to rigorous management of the sites, the quality of customer service, constant improvements to make the sites ever more appealing, and a strong marketing and events drive. Lastly, 2022 saw the finalisation of planning studies, audits and diagnostics for the restructuring and extension of the Fontvieille shopping centre in Monaco, which will enable applications for authorisations to be submitted in 2023. The development, which includes a shopping centre, car park, logistics zone, park and housing, is due to open by 2030. Two remarkable acquisitions in 2022
• In February 2022, SOCRI LIMITED, together with Planet Indigo, acquired the Galeries Lafayette Avignon business from the Galeries Lafayette group itself. Located in the CAP SUD shopping centre, Galeries Lafayette benefits from a privileged customer catchment area: at the crossroads of 3 French departments (Vaucluse, Gard and Bouches du Rhône), the city itself has a population of 92,000, and there are many towns and cities in the surrounding area with high purchasing power, including Orange, Cavaillon, Carpentras, L’Isle sur la Sorgue, Rochefort du Gard and Saint-Rémy-de-Provence. This department store employs almost 100 people and has a sales area of 6,500 m². It opened in 1974 and generates average sales of around €20m before tax.

Galeries Lafayette in Avignon offers almost 500 brands, spread across the store’s 10 universes.
The aim of the buyers is to build on the partnership with Planet Indigo and the expertise of the existing teams to confirm Galeries Lafayette as the leading shopping destination in Avignon and gradually roll out a programme to revitalise the site by improving the customer experience day by day.

• In November 2022, the Gaumont Comédie cinema building in Montpellier was acquired from the Pathé Gaumont Cinéma group. With this acquisition, SOCRI LIMITED has confirmed its status as a real estate operator committed to revitalising city centres. This iconic 19th-century Haussmann building, which historically housed a Galeries Lafayette department store, has since 1998 been home to a cinema owned by France’s leading Pathé Gaumont group, with 1,127 seats in 8 screen rooms, totalling around 1,800 m² over 4 floors.
With these two acquisitions, SOCRI LIMITED has consolidated its position as a leading property company in the Mediterranean arc, specialising in city centre commercial assets.

Following its acquisition in June 2021, Socri Limited will begin renovating the La Coupole shopping centre in Nîmes in 2023, with a complete overhaul of the central area, the famous Place de la Coupole, at a cost of around 1 million euros. This first stage will see the installation of monumental glass staircases, a planted pond and a complete overhaul of the floors to make the square more welcoming and convivial. A second, more ambitious phase of renovation, designed to restructure the asset over the long term, is scheduled for 2024 and 2025 at a cost of around 9 million euros, in parallel with the renovation work to be carried out by the City of Nîmes around La Coupole and in Les Halles. Discussions are under way with Nîmes city council to bring this ambitious project to fruition as part of a broad partnership. The aim is that by 2026, La Coupole will once again be an iconic, standard-setting shopping destination in the Écusson area of Nîmes, better promoted, better connected and fully able to play its role as a commercial powerhouse.
As part of its ongoing investment policy to enhance the value of its retail assets, Galeries Lafayette Béziers will be continuing its renovation programme in 2023 with the replacement of the exterior joinery to reduce the energy consumption of this listed building and make it even more comfortable for customers to visit. The Avignon branch will have its entrance in the mall completely restructured to increase its height and therefore its visibility and appeal.

For SOCRI LIMITED’s American subsidiary, KOQIO, a highlight of 2022 was the official start of work on the ultra-luxury villa located on one of Miami Bay’s iconic islands: “Di Lido Island” (one of the six artificial Venetian islands in Miami Beach, built a century ago). The land, which was acquired in 2018, will be the site of a luxury villa called Maison Rive Gauche, which will cover almost 500 m². Construction officially began on 30 November 2022, after planning permission and financing were obtained in the middle of the year. The project is currently valued at nearly $30m, equivalent to the price of a building with around a hundred flats in Montpellier.
For this unique project, Koqio collaborated with world-renowned architecture and design firms such as Strang Design, Dunagan & Diverio, ENEA Landscape and the French architecture firm Aura.
Maison Rive Gauche is set in over 1,000 m² of lushly landscaped grounds, a symbol of Florida, with a magnificent 68 m² roof garden. The house boasts breathtaking views over Biscayne Bay with a spacious dock that can accommodate 2 boats and a direct view of the Miami skyline.

This property, located between Downtown and South Beach, with a unique selection of natural materials, furniture, artwork and details inspired by the greatest French designers and creators, will perfectly embody the fairytale lifestyle of Miami combined with the French art of living. It will be completed in September 2024 and will set the standard for the ultra-luxury market in terms of design and quality of construction.

Pierre-Antoine DESPLAN, Managing Director, explains: “We decided to enter the luxury property development market in Miami because of the area’s strong growth and for structural reasons: the arrival of a large number of corporate and investment fund head offices after New York and California, a large number of schools and universities, and the regular influx of wealthy retirees. It is also often the point of entry into the United States for European and South American companies, making Miami an economic hub between the different continents. All these factors have made the luxury property market very dynamic over the last few years”. He continues: “For us, it’s an activity that complements and is consistent with our activities in France. We share the same goal of creating exceptional places”. He concludes: “Developing luxury villas in the United States has also had a highly beneficial counter-cyclical effect for the group. While COVID raised questions about the value of French commercial assets, the property value of our investments in the United States has literally exploded, offering the group new financial potential”.
The aim for 2023 will be to finish building our first exceptional villa and to obtain planning permission for the next villa on Treasure Island. The American subsidiary KOQIO will continue its search for unique plots in Miami to further the development of the group on the exceptional villas market.

As part of the SOCRI LIMITED group’s environmental policy, the shopping centres have put in place a system for rational management of energy consumption. This action has reduced energy bills by 30% at Polygone Béziers and 9% at La Coupole, without compromising on visitor comfort.

In 2022, four insect hotels will be installed in the shopping centre in Béziers to provide natural protection for plants. These insect hotels are also a great way of raising awareness. With its Ceïba foundation, SOCRI LIMITED has made a commitment to the Jardin des Plantes de Montpellier by organising a gala dinner to raise funds for the botanical garden. On 18 May 2022, the foundation unveiled its action plan and 60,000 euros were donated to the Jardin des Plantes endowment fund in the presence of the Mayor-President of Montpellier Métropole. Since then, analyses have been carried out and their findings applied in order to “save the Jardin des Plantes” and help preserve this historic site.

The year 2023 will be an important one for SOCRI LIMITED, which will be celebrating 20 years of existence in October.
It’s time to take stock of the main projects we have successfully completed:
2003: Creation of NCO, later renamed SOCRI REIM
2010: Opening of Polygone Béziers in partnership with SOCRI PROMOTIONS
2012: Acquisition of Polygone Béziers from SOCRI PROMOTIONS
2015: Opening of Polygone Riviera in partnership with SOCRI PROMOTIONS and UNIBAIL RODAMCO
2015: Launch on the luxury residential market with the acquisition and renovation of Carré Trocadéro (Avenue Georges Mandel in Paris)
2016: Start of the Galeries Lafayette partnership in Béziers with the Planet Indigo group
2018:
• Opening of a Business Centre in Luxembourg
• Acquisition of the Monoprix lot within the joint ownership property of the Polygone Shopping Centre in Montpellier
• Opening of the subsidiary in Miami and first acquisition of land
2019:

• Acquisition of a second plot of land in Miami

• Creation of a subsidiary in Monaco to restructure/expand the Fontvieille Shopping Centre

2020: Acquisition of the Galeries Lafayette premises in Béziers

2021 : • Acquisition d’un troisième foncier à Miami • Acquisition du centre commercial La Coupole de Nîmes • Création de la fondation d’entreprise Ceïba 2022 :
• Acquisition du fonds de commerce des Galeries Lafayette Avignon
• Acquisition des murs du Gaumont Comédie à Montpellier. Après une année 2022 riche en succès, SOCRI LIMITED va poursuivre en 2023 sa croissance sur ces deux activités : commerce de centre-ville et promotion immobilière à Miami en restant attentif aux éventuelles opportunités fort de sa structure financière solide. L’année 2023 sera l’opportunité de consolider et valoriser les actifs porteurs (Polygone et Galeries Lafayette Béziers, Nîmes Coupole, Monoprix et Gaumont Montpellier, Galeries Lafayette Avignon), travailler aux rénovations et projets en cours (Monaco en priorité mais aussi rénovation de Nîmes Coupole) mais aussi de saisir de nouvelles opportunités dans le sud de la France et aux Etats-Unis. Le groupe Socri Limited compte plus de 6O collaborateurs en France et à l’étranger et a acquis aujourd’hui une organisation lui permettant d’envisager sereinement son avenir.

Press release – Montpellier – 1 Decembre 2022