| The over-all performance amounts
to 22% p.a. since it began !
 PAREF,
a limited equity partnership (SCA) was established in June
1997 to set up a diversified property portfolio in the Paris
region, and possibly in the rest of France.
PAREF acts on behalf of institutions and individuals who
find it the ideal tool for grasping opportunities on the property
market.
To optimise its performance, PAREF is purchasing commercial
and domestic property with a significant financial leverage
effect (60 to 80%).
The company was created for a period of 12 to 15
years. It is developing a three-stage strategy :
1) a period of intensive investment,
2) a period of active portfolio management,
3) a period of disinvestment.s
Shares are issued at 138 € from 01/1/2005.
For new associates, the minimum investment is 1000 shares.
According to cautious projections, as planned PAREF's performance
is 22% per annum. This return improves slightly as the property
market picks up.
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PAREF
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