The events giant from Lyon will operate the new four-in-one CO’Met complex.
GL Events settles down in Orléans for nine years | Photo credits: Co’Met
“GL Events, King of Orléans! A lover of puns, the analyst from the firm TP Icap Midacp salutes in a note the announcement made on July 12 by GL Events. The Lyon group, which specializes in event organization and communication, has been selected by the Orleans Metropolitan Council to operate six sites, i.e. almost all of the city’s event venues, from 2023. for a period of nine years, in partnership with the American Oak View Group.
In particular, GL Events will be the first manager of the brand new CO’Met, a complex comprising a 10,000-seat arena for sporting or cultural events, a 16,000 m² exhibition center, the Zénith d’Orléans with a capacity of 5,000 seats and a Palais des Congrès, with a 1,000-seat auditorium and 800 m² of committee rooms. ” Good news, this new contract will not be accompanied by major investments for the group, this set being new and having been entirely financed by the metropolis of Orléans to the tune of 150 million euros. “, emphasizes TP Icap Midcap.
Nine million euros at cruising speed
Combined with the five other sites of which GL Events is now the operator, the CO’Met will ensure an additional turnover of 9 million euros at cruising speed. A drop of water, certainly, for GL Events, whose billings reached 741 million euros last year, but this contract attests to the renewed dynamism of the events sector. ” The current situation in China, with the economic turbulence linked to the policy of zero tolerance vis-à-vis the Covid, must be monitored but it must not overshadow the very strong recovery in activity observed in all other areas. of the group “Concludes the analyst, who maintains his buying advice to aim for 21 euros. The stock is currently trading at 15.80 euros.
PC