CREDIT AGRICOLE SA: Crédit Agricole Immobilier and Casino Immobilier sign an agreement regarding the sale of Sudeco
March 14 2023 - 12:44PM
CREDIT AGRICOLE SA: Crédit Agricole Immobilier and Casino
Immobilier sign an agreement regarding the sale of Sudeco
Press Release
Paris, 14 March 2023
Crédit Agricole
Immobilier and Casino
Immobilier sign an agreement regarding the
sale of Sudeco Crédit Agricole
Immobilier unilaterally committed to acquire Sudeco, the property
management (joint property, rental and facility management)
subsidiary of Casino Immobilier specialised in retail real estate,
to consolidate its position among the industry leaders in
France.
Sudeco has become over the years a major player
in retail assets property management thanks to operational
efficiency, digitalisation of its tools and a comprehensive
business development strategy. Sudeco presenting solid growth
perspectives and having completed its transformation has allowed
Casino Immobilier to consider selling the company. Acquisition
terms proposed by Crédit Agricole Immobilier reflect the value
created so far and provide interesting additional growth
perspectives for Sudeco to enable it to become the property
management market leader in retail and logistic real estate.
With this acquisition, Crédit Agricole
Immobilier, through its subsidiary CAI Corporate et Promotion
(CAICP), would become the fourth largest institutional property
management player in France in terms of revenue1, enabling the
company to accelerate its strategic ambition to be among the top
three in the sector by 2025. This transaction would enable Crédit
Agricole Immobilier to acquire additional expertise in the retail
and logistic market sectors, thus complementing its existing
position in the office and residential sectors. Crédit Agricole
Immobilier would also strengthen its regional footprint and its
ability to support Crédit Agricole’s Regional Banks’ clients in
their real estate investment and ownership projects.
The signing of the purchase agreement for the
acquisition of Sudeco would only occur after the completion of the
information and consultation procedures with the relevant employee
representative bodies of Sudeco2.
Marc Oppenheim, Chief Executive Officer of
Crédit Agricole Immobilier, commented: “The contemplated
acquisition of Sudeco is part of Crédit Agricole Immobilier's
medium-term strategic plan to become a leading national player in
institutional property and facility management by 2025. This
acquisition would enable us to reach a critical size and to
strengthen our legitimacy to meet the needs of institutional owners
in all asset classes. The expertise and high quality of Sudeco's
teams would offer us means for retail assets and we would be
delighted to welcome them at Crédit Agricole Immobilier”.
Stéphanie Zolesio, Chief Executive Officer of
Casino Immobilier, commented: “After having been received several
solicitations in recent years by real estate players wishing to
acquire Sudeco, we have found in Crédit Agricole Immobilier a solid
and a reliable player, with a long-term vision and specialties
complementary to Sudeco, which values the achievements of the
recent years. We were convinced by Crédit Agricole Immobilier's
ambitious plan in this market, which is in direct continuance of
the strategy of Sudeco’s team, whose members are themselves
responsible for maintaining the quality of services for Sudeco's
clients, including Casino Group”.
Franck Helary, Chief Executive Officer of Crédit
Agricole Immobilier Corporate and Promotion, commented: “Sudeco and
CAICP's combined expertise in property and facility management for
all categories of assets held by their institutional clients is
becoming increasingly valuable in light of the environmental
challenges as well as the related implementation timelines - the
tertiary sector decree, the carbon trajectory – and it will help
support the energy transition processes of the assets”.
Loïc Bonnet-Masimbert, Chief Executive Officer
of Sudeco, commented: “During the discussions Sudeco's management
had with Crédit Agricole Immobilier, we were enthusiastic about the
ambition expressed for the property management business and the
place that would be given to Sudeco's teams. We would be delighted
to join Crédit Agricole Immobilier to continue the Sudeco adventure
together”.
About Sudeco
Founded in 1988, Sudeco is a property management
company specialised in retail parks, local shops and logistics in
France, mainly for assets located in the French regions. Sudeco has
a diversified client base, including real estate companies,
institutional investors, management companies, independent
retailers and family offices.
Sudeco is a key player in the ecological
transition through its consulting practice to support its clients
in meeting the new environmental standards for real estate:
obtaining certification, managing energy consumption, managing
their ESG strategy, etc.
Sudeco employs nearly 120 people and achieved a
turnover of more than €20m in 2022.
About Crédit
Agricole Immobilier
Subsidiary of the Crédit Agricole Group, Crédit
Agricole Immobilier, through its two business lines (Crédit
Agricole Immobilier Corporate et Promotion / CAICP and Crédit
Agricole Services Immobiliers / CA-SIM), is a global real estate
player that advises its clients on their real estate projects. The
group's businesses include:
- Residential development
- Commercial development
- Consultancy in commercial real
estate solutions
- Operational real estate
management
- Property management and
transactions for individuals
Crédit Agricole Immobilier has 1,300 employees
and provides expert services to individuals, businesses and local
authorities. The group generated €155 million in net income in
2022.
PRESS CONTACT CREDIT AGRICOLE
IMMOBILIER_________________________________________________________________________________________
Amal Hmimed
+
33 6 20 94 24
96 amal.hmimed@ca-immobilier.fr
PRESS CONTACT
CASINO
IMMOBILIER_________________________________________________________________________________________
Groupe Casino – Direction de la
Communication
+33 1 53 65 24 78
directiondelacommunication@groupe-casino.fr
1 Source: Xerfi2 Subject to Casino exercising its sell
option
- 23 03 14 PR CAI _ Casino Immobilier_ VEN
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