Capelli: The promoter Capelli signs the purchase of land for a major project in Luxembourg

(BFM Bourse) – The price of the promoter from Champagne-au-Mont-d’Or, in full expansion on the Swiss and Luxembourg markets, rebounded on Friday as Capelli finalized the purchase of a plot of land in Howald, in the south of Luxembourg, on which will be built a real estate program likely to generate 200 million euros in revenue.

This is the largest land acquisition ever made by the tricolor Capelli group: more than one hectare of land, on the site of the former Howald shopping complex (rue des Scillas, on the border of Luxembourg City and ‘Hesperange). A particularly interesting land pool in a Luxembourg market marked by a significant housing shortage and on which Capelli quickly forged a reputation by positioning itself on emblematic programs like the Capelli Towers, in Belval, the highest residential tower of the country (52 meters for the main one).

In Howald, Capelli is about to launch a new mixed program over an area of ​​21,000 square meters. “This is a historic step for the group, this acquisition being by its dimensions the most important of the company since its creation. We will now be able to begin the implementation of a large-scale real estate program called South Village, which will profoundly change the face of this area, hitherto essentially economic and commercial”, recalled Christophe Capelli, president of the French company.

Delivery expected in 2025

Ultimately, this predominantly residential mixed project will include 128 housing units, more than 80 shared accommodation units, coworking spaces, 1,300 m² of offices, two restaurants and a convenience store. Capelli has already obtained adequate building permits and expects delivery in the second half of 2025. This operation should ultimately represent a turnover of around 200 million euros, anticipates the group.

This “very fine operation” in a district undergoing full revitalization with, in particular, the passage of the tram “is fully in line with the group’s new strategy which aims to position itself on large-scale operations” like the “Scène des lodges” in France in the 15th arrondissement of Paris, quai de Grenelle.

The rebound of the title on Friday, up 3.66% to 19.85 euros, remains however modest compared to the strong devaluation suffered by Capelli since 2018 on the stock market, amputated by almost two thirds of its capitalization despite temporary attempts to bounce.

Guillaume Bayre – ©2022 BFM Bourse