Key milestones

2022: The value of MRM’s asset portfolio increases by more than 50% and Altarea becomes a shareholder

In December 2022, MRM changed dimension by the acquisition from Altarea of two shopping centres located in Flins-sur-Seine (Yvelines) and Ollioules (Var), both attached to Carrefour hypermarkets.

The acquisition entailed capital increases of the Company representing a total of €50 million which were carried out at a unit subscription price equal to MRM’s replacement NAV per share as at 30 June 2022, i.e. €48.92. SCOR SE subscribed to an amount of €25 million and Altarea to €25 million. The remainder of the acquisition price was financed by means of a €42 million bank loan.

This financing structure has enabled MRM to maintain a net LTV ratio of less than 45%.

Following the issuing of new shares in relation to the two capital increases carried out within the framework of the acquisition, SCOR SE and Altarea hold stakes of 56.63% and 15.94% respectively. The Company’s free float stands at 27.35%.

Altarea was appointed as a member of the MRM’s Board of directors since 16 November 2022.

This acquisition has a structural effect and open up new opportunities for growth with the rollout of MRM proactive asset management policy on the basis of a larger portfolio.


2019: Completion of MRM’s refocusing on retail properties, strategic turnaround initiated at the time of SCOR’s acquisition of a stake in MRM.

In early 2019, MRM became a pure-play retail property investment company in accordance with the refocusing strategy initiated in 2013. At the time, the company set itself three priorities: optimising the sale price of its office properties by ending the asset management work initiated before putting them on the market, enhancing the value of its shopping centres primarily by means of adopting a major investment programme as of 2016 and dynamic management of its properties.

In January 2019, the sale of Urban in Montreuil marked the completion of the withdrawal from the office property segment. As regards the plan to enhance the value of its retail properties, MRM is in the final stage of this plan in 2019. Lastly, MRM has already begun to reap the rewards of its policy of dynamic management and adapting the retail mix of its properties to consumer behaviours and pursuing its various initiatives.

To find out more about MRM’s property investment strategy: click here

Furthermore, on the back of its solid financial position and cash flow generation capacity, MRM intends to continue with its active and regular policy of paying returns to shareholders adopted in 2014.

2013: recapitalisation and acquisition of a majority stake by SCOR SE

In May 2013, SCOR SE became majority shareholder with a 59.9% stake in MRM’s share capital. This was done by means of a reserved capital increase in which SCOR SE subscribed to €53 million in cash. At the same time, bonds issued previously by one of the Group’s companies (DB Dynamique Financière) were converted into new MRM shares. Lastly, CBRE Global Investors’ advisory duties in terms of asset management were adapted to take account of MRM’s new real estate strategy.

As a result, MRM’s financial position improved considerably and its total net debt, which was 94% at the end of December 2012, was reduced to 51% at the end of June 2013, with a portfolio value of around €270 million. A new governance structure was adopted and the executive management team was brought in-house.

MRM therefore regained leeway, allowing it to focus on its real estate activities and begin to implement the strategy of refocusing on the management of retail properties, accompanied by the gradual disposal of office properties.

2008-13: roll-out of operations in a difficult economic climate and under strained financing conditions

As of mid-2008, the effects of the financial crisis and difficulties with accessing credit resulted in tough market conditions. This meant that MRM was unable to run its initial plan to raise capital on the financial markets, which would have allowed it to finance its property value-enhancement programmes while also reducing its debt ratio. MRM instead implemented a plan to adapt its operations in order to continue working on its value-enhancement projects. The Group focused on the portfolio of existing assets, adjusted its programmes and adopted a selective and sequenced investment approach. A programme of selling off stabilised assets was launched. At the same time, the period from mid-2008 to mid-2013 was subject to ongoing work to reduce debt and manage bank debt repayments.

From 2008 to June 2013, MRM invested around €95 million and carried out a number of redevelopment projects, in particular Marques Avenue A6, the result of the transformation of an existing shopping centre that had become obsolete into an outlet centre (completed in 2009 in Corbeil-Essonnes, sold in 2010), Carré Vélizy, a mixed-use complex for which the proportion dedicated to retail was increased by redeveloping office space (completed in 2009 in Vélizy-Villacoublay), and the Nova building, which underwent major redevelopment (completed in 2012 in the outskirts of La Défense). Over the period from 2008 to mid-2013, MRM sold stabilised office and retail properties for a total of around €250 million. MRM consolidated its portfolio by acquiring assets for around €20 million.

2007: birth of MRM, a mixed office and retail listed property investment company

In December 2007, MRM, a listed company, was transformed into an office and retail property investment company. Its portfolio, worth over €450 million, consisted of assets contributed by two investment funds initially created and managed by CBRE Global Investors and positioned in the value-added segment: one specialising in retail properties in France (Commerces Rendement) and the other one in office properties in the Paris region (Dynamique Bureaux). MRM opted for SIIC tax status on 1 January 2008 and was added to the Euronext IEIF SIIC index in March 2008.