(AOF) – Capelli, a European real estate developer, announces that it has joined forces with the Taché group for the development of mature residential operations in Luxembourg. A first partnership relates to 3 operations developed by Capelli and generates more than 60 million euros in turnover. This long-term partnership desired by the two family groups is organized around a sharing of common values of family entrepreneurship.
The first joint project concerns operations largely secured by administrative authorizations already obtained, and significant levels of pre-marketing.
In the case of this first project, this association allows Capelli to refinance part of the equity it had already invested in order to reallocate it to other projects. For the Taché Group, this first association is in line with its diversification strategy for its real estate division.
Christophe Capelli, President of Capelli explains: “Surrounding ourselves with players wishing to develop in Luxembourg real estate and sharing the same values as our group is one of the areas of development that we have identified to finance part of our growth. With the Taché group, we are thus combining our strengths and our know-how to increase our market share in Luxembourg”.
Jacky Taché, CEO of Taché concludes: “We found in this first association an opportunity to work with the Capelli group which corresponds to the spirit and vision of our group and meets our requirements in terms of real estate investments.” .
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Property companies facing a less buoyant office market
In 2021, take-up (areas rented or purchased by users) in Ile-de-France remained 22% below its pre-health crisis level (2.38 million in 2019), despite the rebound (+ 32% , to 1.85 million) committed in the second half. It fell back to its 2013 level, far from the 2017 record (2.63 million). On the other hand, in the last quarter of 2021, the immediate supply (stock of empty offices) was at its highest for seven years, at 4 million square meters. The impact of teleworking is difficult to assess and it will be spread over several years, as leases expire (firm terms of three, six or nine years) and companies decide to move. This asset class nevertheless has the advantage of offering rents protected from inflation by indexation. In France, the ILAT index (Index of Rents for Tertiary Activities) takes into account inflation (50%), construction costs (25%) and GDP.