In December 2012, Altarea SCA issued a total of EUR 250 million in bonds through two operations: EUR 100 million in 5-year unsecured bonds, issued December 21, 2012, at a fixed rate of 1 3.65%, EUR 150 million through an unsecured 7-year private placement, issued December 28, 2012, at a fixed rate of 3.97%. The average maturity of these financings amounts to 6.2 years, at an average fixed rate of 3.84%. These operations come in addition to the EUR 280 million already raised during the course of 2012 with the Group's usual banks.

They bring total corporate financing in 2012 to EUR 530 million. The Group also initiated a restructuring of its hedging instruments, aligned with market conditions over the next two years. The Group is thus ahead of its refinancing policy, corporate debt maturing in 2013 being largely covered.