The Real Estate Division of Chedraui is in charge of three strategic tasks: managing the properties owned and leased by the Company; building and remodeling our stores in Mexico; and marketing and managing our shopping centers.

This segment now has 39 shopping centers, each anchored by one of our stores. At the end of December 2012, we had a gross leasable area of 276,222 square meters and an occupancy rate of 95%. Revenues of this segment represented 1% of the consolidated revenues of the Group and 10% of consolidated EBITDA.

The substantial demographic growth experienced by the country and its healthy levels of domestic consumption, added to the optimal maintenance we perform on our shopping centers and appropriate diversity of lessees that rent space, will enable us to continue operating this business in a solid manner in the short, medium and long terms.