SILIC - Quarterly financial reporting third quarter 2013

PR Newswire/Les Echos/ 
                          - SILIC -
 French Société Anonyme with a share capital of EUR70,193,612
  Registered office: 31 Boulevard des Bouvets, 92000 Nanterre 

                     572 045 151 RCS NANTERRE
           NAF Code 6820 B - SIRET no. 572 045 151 00063
                               THIRD QUARTER 2013
                       Icade obtains control of Silic
                 Growth in operating and financial results
         2013 outlook maintained in a climate of economic slowdown.

Silic's ownership structure changed during the third quarter following the
closing share exchange offer made by Icade, which now owns 93.26% of Silic's
share capital and voting rights. On 15 October, the Board of Directors approved
the terms of the merger between the two companies, which will become effective
on 31 December 2013. The exchange ratio will be proposal during the general
meeting 5 Icade shares for 4 Silic shares.(1)

Business indicators at 30 September 2013 confirm Silic's growth in a climate of
continued economic slowdown:

 - Rental income rose by 2.2% to EUR140.5 million versus EUR137.5 million
   in Q1 2012, driven by the contribution of Cézanne at Saint-Denis, Montréal 
   at Orly-Rungis and Axe-Seine at Nanterre. On a like-for-like basis, rental 
   income rose by 0.5%, with the positive impact of rent indexation offsetting 
   a slight decline in the occupancy rate to 86.0% (versus 87.2% at end-2012).
 - As in previous years, tenant default was extremely low.
 - EBITDA and adjusted EPRA earnings were boosted by the strong commercial
   performance in 2012 and the non-recurrence of certain structural costs 
   incurred in H1 2012.

Investments over the nine months to September amounted to EUR75.3 million and
were mainly devoted to continued construction work at Saint-Denis, Orly-Rungis
and Colombes totalling 65,000 m2. These buildings are scheduled for completion
in 2014 and 2015 and are 82% pre-let. Preparations for the Campus La Défense
project also continued.

Following these investments, debt increased to EUR1,482.8 million at 30
September 2013 from EUR1,432.9 million at end-2012. The Board of Directors has
decided to adapt Silic's financing and hedging structure to its new environment,
as follows:

 - By the end of October 2013, EUR495 million of financing due in 2014
   will be refinanced at fixed rates for periods of 3 to 10 years in a 
   particularly favourable interest-rate environment;
 - The EUR1.5 billion swap portfolio (partially deferred start) has been
   wound up early, leading to payment of a balance of EUR144.3 million. This 
   had no material impact on Silic's 2013 results, equity level or dividend 
   distribution capacity. Caps totalling EUR325 million have also been
   Following these transactions, 85% of Silic's debt is now hedged.

The outlook for 2013 remains positive. With 65,000 m2 of developments under
construction already 82% prelet, Silic has two goals: to tailor its offering to
the requirements of the Paris region office property market and to support
companies in their growth.
                                              Nanterre, 22 October 2013.

Bruno Meyer - Tel.: +33(0)1 41 45 79 65

(1) See press release of 15 October 2013.

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-0- Oct/23/2013 07:48 GMT
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