STRENGTHENED PARTNERSHIP WITH SHLMR/ACTION LOGEMENT IN INTERMEDIATE AND SOCIAL HOUSING IN THE DISTRICTS DEVELOPED BY CBO TERRITORIA
Agreement to sell 3 future residences of 162 units altogether for a total amount of €31.6 million in December 2021
CBo Territoria is pleased to announce the Sale in Future State of Completion (“VEFA”) to SHLMR/Action Logement of 3 new residences of 162 housing units altogether for a total amount of €31.6 million.
This transaction, which was included in the 2023 development plan, will enable the Group to leverage its cash flow, including the monetary value of the land developed by CBo Territoria, from 2022.
This new successful transaction demonstrates SHLMR/Action Logement's confidence in the high standard of CBo Territoria's product offering and the strong appeal of the neighborhoods developed by the Group, notably Beauséjour, a new model of sustainable urbanization in a tropical environment.
These VEFAs complement the memorandum of understanding signed in 2019 with SHLMR/Action Logement, by which it will progressively acquire almost all of the intermediate housing units in service held by CBo Territoria.
The sales agreement covers the following residences:
- Lobélie in the new town of Beauséjour with 35 intermediate housing units and 12 social housing units;
- Clos des Serins in the Marie Caze district of Saint-Paul with 30 social housing units;
- Foulque also in Marie Caze, Saint-Paul, with 85 intermediate housing units in 2 phases.
Work is scheduled to start in early 2022 for handover in the second half of 2023.
Next financial agenda release
2021 revenues: Wednesday, February 16, 2022, after market close
About CBo Territoria
Leading property developer and planner in Reunion Island and Mayotte, CBo Territoria is a real estate operator listed on Euronext C (FR0010193979, CBOT), and eligible for the PEA PME (Leveraged Share Savings Plan for the SME).
The Group has been in the Top 10 (compartment C) of the Gaïa Index for 5 years for its ESG approach and relies on best practices for its governance.
Owner of 2950 hectares, the Group aims mostly to become a multi-regional Tertiary Property company, whose development is co-funded by its promotional activity.