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Belambra creates its real estate company
Leisure activities economy - 03 January 2012
Belambra announces the creation of Foncière Belambra, a real estate intervention tool having authority to hold buildings operated by the Belambra group. This dedicated company concerns 6 buildings and will be managed by the real estate and development department of Belambra.
Other buildings will be added to the portfolio as and when development operations permit. The real estate investment vehicle could then adopt the status of OPCI* and possibly open up its capital to outside investors.
At the beginning of December, two 12-year leases for a net €20mn amount, including a tranche of €7mn to finance work in progress, were negotiated with BNP Paribas (lead bank) and Crédit Agricole.
The operation is crucial to Belambra’s ongoing growth strategy:
- it offers an alternative real estate financing solution to sales under co-ownership, especially for those buildings not eligible for this approach (hotels, for example),
- it opens up the possibility for holiday club managers seeking an exit strategy to transfer building ownership to Foncière Belambra and operation to Belambra.
* OPCI: organisme de placement collectif immobilier non coté, or unlisted open-ended property fund, very similar in structure to the UCITS (OPCVM in French). It is managed by a portfolio management company accredited by the French Financial Markets Authority (AMF).
