Judge's report

AG2R LA MONDIAL has a well-balanced real estate portfolio, which has shown resilience despite its exposure to offices which was particularly hard hit as a result of the pandemic. The market has since recovered and shows a positive growth trajectory, particularly in the central business districts of Paris and Lyon, where most of its exposure is. In addition, its granular ESG approach is mitigating some of the impact of its large office exposure. This operationalised ESG strategy is focusing on demographic changes as well as climate change. Its innovative investment in senior housing and inter-generational living ensures a high-quality, sustainable and stable source of income for the longer term.