Profits are seriously affected by the First World War, compelling SFL to scale down its portfolio and to retain only its Paris properties until 1939.

SFL owns more than 300 buildings and nearly 2,000 hectares of land in Paris, on the Côte d’Azur, in Belgium and in Italy.
In addition to creating a portfolio of assets in specific neighbourhoods of Paris and other parts of the country with promising development potential, SFL also conducts end-to-end urban development projects designed to create value. These not only include residential construction, but also the building of roads, streets, utility distribution networks, sanitation systems, railway stations, hotels and other infrastructure to increase the value of its buildings.

Profits are affected by the First World War, compelling SFL to scale down its portfolio and to retain only its Paris properties until 1939.
Although none of its properties are destroyed during the war, the company can only perform basic maintenance on its buildings. SFL continues to buy and sell property in order to enhance its portfolio.

On its 100th anniversary, SFL has a portfolio of about 185,000 square metres valued at roughly 1 billion francs, and comprised 50% of retail units and 50% of residential units. These high quality assets are located in prime neighbourhoods such as Champs-de-Mars, Place Victor-Hugo and Neuilly.

Groupe Victoire (acquired by the CGU/Aviva Group in 1994) becomes the majority shareholder of SFL.

SFL maintains its strategic focus on office and retail property, with good results. The Company elects for the new REIT-style tax regime (SIIC), for the benefit of shareholders.

In line with its development strategy, SFL signs an agreement for the purchase of three office properties (77,000 sq.m.) from the Sophia Group for €515 million.
Following the July 2004 friendly takeover bid, Colonial hold approximately 95% of SFL’s capital.
In November, Prédica, the Crédit Agricole Group’s life insurance subsidiary, acquires 9.6% of SFL’s capital. Colonial and Prédica sign a shareholders’ pact underscoring their joint commitment to supporting the growth of SFL’s business and asset portfolio.

In 2006, SFL acquires the backing of a new shareholder, with the change of ownership of its parent company, Colonial. Inmocaral, the Spanish listed property company, purchased a majority stake in Colonial, then made a public offer for the remaining shares. At the close of the offer period, Inmocaral held all of Colonial’s capital. Under French stock market regulations, this meant that Colonial had to make a simplified public offer for the SFL shares it did not already hold, with the result that it now owns just under 85% of SFL.

SFL continues its value creation strategy, purchasing the 22,000 square meter property located at 247-251, rue Saint-Honoré, Paris 1, the 6,000 square meter Le Vaisseau building in Issy-les-Moulineaux and the 17,000 square meter property (post-renovation surface area) at 103 rue de Grenelle, Paris 7. In March 2007, the Company becomes the sole owner of the Cézanne-Saint-Honoré property in Paris's 8th arrondissement through an assets-for-equity swap.

Colonial’s interest in SFL is reduced to 53.4%. SFL’s other main shareholders include banks for 28.4%, the Reig Capital Group investment fund for 4.4% and, since January, the Orion fund with 7.25%.