CAPELLI, a European real estate developer listed on Euronext Growth Paris, announces the holding of an Ordinary General Meeting, the date of which will be communicated shortly. This AGO takes place as part of the signing of an agreement relating to the co-development of real estate programs generated by Capelli.
This framework agreement which provides for a right of first refusal concerning the majority acquisition by a co-contractor of a portfolio of 39 projects launched to date or initiated in the co-development activity of the Capelli Group.
The objective of the two signatory groups is to establish a long-term collaboration by uniting their skills in order to jointly develop new real estate projects intended for block sale throughout the national territory.
This agreement, which is excellent news for the future of the Group, ensures the sustainability of these co-development projects in the current market context, while being profitable for both parties.
Given its status as co-developer on a significant number of future programs, the Capelli Group’s business model will be significantly modified and consequently the future structure of accounts. The company’s performance will therefore no longer be measured at the level of consolidated turnover but of net income, Group share. It will also mobilize less equity capital and will thus allow the Group to significantly reduce its debt over time and reposition itself on a development strategy.
The Group’s management and teams having been mobilized for several weeks to finalize this agreement, the preparation of the half-yearly consolidated accounts for the 2023/2024 financial year has been delayed. Consequently, publication is postponed until the end of February 2024 at the latest.
About the CAPELLI Group
With more than 40 years of experience in the design of living spaces, the Group has focused for more than 10 years on the real estate development of housing. Active through 7 locations in Europe (Paris, Lyon, Lille, Bordeaux, Marseille, Luxembourg and Geneva), the Group addresses 4 types of customers: owner-occupiers, individual investors, institutional investors and social landlords. In addition to its housing offering, the Group develops managed residence type products (students, seniors, hotels, business). The Group currently has 135 employees internalizing numerous skills (land development, design offices, sales forces, etc.). The Group is managed and 73.74% owned by the Capelli family. Capelli is listed on Euronext Growth Paris – ISIN code: FR0012969095 – ALCAAP https://capelli-immobilier.fr
Contacts
CAPELLI Group
Christophe Capelli – Chairman and CEO
Rodolphe Peiron – Deputy Managing Director
Tel: + 33 (0)4 78 47 49 29
Press contact: + 33 (0)6 31 35 99 50 – [email protected]
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