The financial crisis of the summer of 2007, and the dimmer economic outlook for the United States and Europe, had only a minor impact on the investment market, where competition was intense throughout the year ended December 31, 2007.

However, the compression in cap rates, which had buoyed the investment market over the last two years, slowed considerably in the course of the second half of the year.

Against this backdrop, Klépierre pursued its growth policy selectively, giving preference to investments with the highest property value creation, primarily by enhancing the value of its existing real estate portfolio, but also by pursuing or initiating upstream large-scale projects in major European metropolitan areas.

In 2007, Klépierre invested nearly 1.1 billion euros, including 1 billion euros in shopping centers, 64.3 million euros in retail properties and 14.6 million euros in office space. Commitments signed during the period totaled 1.7 billion euros, including 988 million euros that will be paid out at a later date.
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