PR Newswire/Les Echos/

Not for distribution in the United States of America, Canada, Japan or Australia

PRESS RELEASE

Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV successfully complete
the Secondary Offering of 9.1 % of ALTAREA share capital

Paris, November 26, 2009 - Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE
BV, announce the success of the placement of 928,479 shares in ALTAREA, a
company active in the real estate sector and listed on the compartment A of
Euronext Paris, i.e. a placement representing around 9.1% of the share capital
and of the voting rights of the company.

After completion of this offering, the sellers no longer hold any ALTAREA
shares.

The offering was carried out through a private placement to institutional
investors. The shares were placed at a price of EUR 100 per share.

The offering was completed by Kempen & Co and Société Générale Corporate &
Investment Banking acting as Joint Bookrunners and Société Générale
Corporate & Investment Banking acting as Sole Global Coordinator.

No copy of this press release shall be distributed, directly or indirectly, in
or into the United States, Canada, Australia or Japan.
This announ cement does not constitute an offer to sell or a solicitation of an
offer to purchase securities in France, in the United- States or in any other
jurisdiction.

The securities referred to herein may not be and will not be offered or sold to
the public in France except to qualified investors ("investisseurs qualifiés"),
acting for their own account, as defined in, and in accordance with Articles L.
411-2 and D. 411-1 to D. 411-3 of the French Monetary and Financial Code.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended. The ordinary shares of ALTAREA have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and ALTAREA does not intend
to register or to make any public offering of any ordinary shares of ALTAREA in
the United States.

With respect to the member states of the European Economic Area which have
implemented the Directive 2003/71/EC of the European Parliament and the Council
of November 4, 2003 (the "Prospectus Directive"), no action has been undertaken
or will be undertaken to make an offer to the public of the securities referred
to herein requiring a publication of a prospectus in any relevant member state.
As a result, the securities may not and will not be offered in any relevant
member state except in accordance with the exemptions set forth in Article 3(2)
of the Prospectus Directive, if they have been implemented in that relevant
member state, or under any other circumstances which do not require the
publication by ALTAREA of a prospectus pursuant to Article 3 of the Prospectus
Directive and/or to applicable regulations of that relevant member state.
The communication of this press release is not being made, and this press
release has not been approved by, an authorized person for the purposes of
Section 21 of the Financial Services and Markets Act 2000. In the United
Kingdom, this press release is only being distributed to, and is only directed
at, persons that are "qualified investors" within the meaning of Article
2(1)(e)(i), (ii) or (iii) of the Prospectus Directive and that also (i) are
"investment pro fessionals" falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net
worth companies, unincorporated associations, etc. ") of the Order, or (iii) are
persons to whom an invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act
2000) in connection with the issue or sale of any securities may otherwise
lawfully be communicated or caused to be communicated (all such persons together
being referred to as "relevant persons"). In the United Kingdom, this press
release is directed only at relevant persons and must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment
activity to which this press release relates is available only to relevant
persons and will be engaged in only with relevant persons.

Any investment decision to buy shares in ALTAREA must be made solely on the
basis of publicly available information regarding ALTAREA. Such information is
neither the responsibility of Kempen & Co or Société Générale nor the
responsibility of Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV and
has not been independently verified by neither Kempen & Co or Société
Générale nor Affine, MSRESS II Valmur T BV and MSRESS II Valmur TE BV.
Société Générale is authorised to provide investment and banking services by
the Comité des Etablissements de Crédit et des Entreprises d'Investissement.
Kempen & Co and Société Générale are acting for Affine, MSRESS II Valmur T
BV and MSRESS II Valmur TE BV and no one else in connection with the Offering
and will not be responsible to anyone other than Affine, MSRESS II Valmur T BV
and MSRESS II Valmur TE BV for providing the protections afforded to clients of
Kempen & Co or Société Générale nor for pro viding advice in connection with
the placing.

Release, publication or distribution of this press release is forbidden in any
country where it would violate applicable laws or regulations. Consequently,
people physically present in these countries and where this press release is
disseminated, published or distributed must keep themselves informed and comply
with the applicable laws and regulations.

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