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Immobel acquisition in France

The Immobel Group has announced that it is making further moves outside of Belgium by acquiring the French group Nafilyan & Partners, a major residential property developer in the Paris region. Marnix Galle, Executive Chairman of the Group, explains: “We have always envisaged 2017 as a springboard to give IMMOBEL the resources it needs to accelerate its development. In each cycle there are transition years that have to be optimised in order to prepare for the future. That’s what we've done, and it’s not finished yet. Our ambition is to integrate other markets as well, where the demand is substantial and where we think we can create value. Developing closer ties with NAFILYAN & PARTNERS was an obvious choice for us”.

Nafilyan & Partners is a property development company which was founded in 2014 by two professionals in the sector, Guy Nafilyan, ex-CEO of Kaufman & Broad, and Bruce Karatz, former Chairman & CEO of the American group KB Home, both major players in the residential market in France. The company has 54 employees and has set the standard for developing apartments, groups of detached houses and dwellings in managed blocks. With more than 30 real estate projects currently being marketed, with an average of around 100 dwellings per site, and 3,500 dwellings in its property portfolio, the French developer’s sales team has already sold more than 50 % of the units in the projects offered for sale and secured reservations of units in the order of 180 million Euros in 2017.

The acquisition is taking place in three stages: the first stage via an increase in the Nafilyan & Partners capital, which gives Immobel 15 % of the company. Following this, Immobel will be able to acquire an additional 36 % of the French group through call options during the 2019 financial year, then, during the 2020 financial year, the balance of the shares (49 %) and other capital securities of Nafilyan & Partners.


A Nafilyan development
A Nafilyan development







| 11/12/2017

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