Crédit Agricole Immobilier and Casino Immobilier sign an agreement for the sale of Sudeco

( — Under a unilateral promise to purchase Agricultural credit Immobilier has agreed to acquire Sudeco, a subsidiary of Property Management (trustee, rental and technical management) of Casino Real estate and specialist in commercial real estate, in order to consolidate its position among the biggest players in the sector in France.

Sudeco has become a major player in Retail Property Management in recent years, thanks to an efficient organization, the digitalization of its tools, and a promising conquest plan. The completed transformation of Sudeco and its dynamic growth thus enable Casino Immobilier to consider its sale: the proposed conditions reflect the value thus created in recent years, and offer interesting prospects for accelerating Sudeco’s trajectory, in order to become the Property Management leader in the commercial and logistics real estate market.

With this acquisition, Crédit Agricole Immobilier, through its subsidiary CAI Corporate and Promotion (CAICP), would become the fourth player in institutional Property Management in France in terms of turnover, allowing it to accelerate its strategic ambition to join the top three of the sector by 2025. This transaction would enable Crédit Agricole Immobilier to acquire expertise in the retail space and logistics segments, thereby supplementing its existing position in offices and residential. Crédit Agricole Immobilier would also strengthen its regional presence and its ability to support Regional Bank customers in their investment and real estate ownership projects.

The signing of the Sudeco acquisition contract would only take place after the procedures for informing and consulting the relevant employee representative bodies of Sudeco.

Marc Oppenheim, Chief Executive Officer of Crédit Agricole Immobilier, said: “The planned acquisition of Sudeco is part of Crédit Agricole Immobilier’s medium-term strategic plan aimed at becoming one of the leading national players in institutional Property Management and Facility Management by 2025. This acquisition would allow us to reach critical size and strengthen our legitimacy to meet the needs of institutional owners in all asset classes.The expertise and quality of Sudeco’s teams would give us the means for commercial assets and we would be delighted to welcome them to Crédit Agricole Immobilier”.

Stéphanie Zolesio, Executive General Manager of Casino Immobilier, declares: “After several interests expressed in recent years by real estate players wishing to acquire Sudeco, we have found in Crédit Agricole Immobilier a solid and responsible player, with a long-term view, having specialties and a complementary positioning to Sudeco, and highlighting the work carried out in recent years.We were convinced by the market conquest project led by Crédit Agricole Immobilier, which is part of a logic of continuity for the teams, themselves same guarantors of the maintenance of the quality of services for Sudeco customers, of which the Casino Group is a part”.

Franck Helary, Managing Director of Crédit Agricole Immobilier Corporate et Promotion, declares: “The dual expertise of Sudeco and CAICP, in terms of Property Management and Facility Management, for all categories of assets held by their institutional clients, takes on a increasing with regard to the environmental challenges and deadlines of the real estate sector – tertiary decree, carbon trajectory – and will make it possible to support the energy transition of buildings”.

Loïc Bonnet-Masimbert, Managing Director of Sudeco, declares: “During the exchanges that Sudeco’s management had with Crédit Agricole Immobilier, we were enthusiastic about the ambition expressed for the Property Management professions and by the place that would be granted to the Sudeco teams. We would be delighted to join Crédit Agricole Immobilier to continue the Sudeco adventure together”.

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