FADESA continues to implement its plans for expansion into other European countries with the acquisition of Financière Rive Gauche, a French company set up in 1991 that is prominent in the property market in Lyon, Paris and the Rhône-Alpes region.
The Chairman of FADESA, Manuel Jove Capellán, and the four main shareholders in Financière Rive Gauche, who include the company's Chairman, Michel Bressot, last friday signed an agreement in Paris transferring a 70% stake in the French company to FADESA. The Spanish property group also has a three-year option on the remaining 30% and during this period the present shareholders and senior managers of Financière Rive Gauche will remain with the company.
FADESA plans to invest around 200m in the French property market over the next three years through Financière Rive Gauche. The company currently has several large projects in progress, which include the 30m Chabrières development.
FADESA will thus be starting to operate in France as the majority shareholder in a French company with wide experience and in-depth knowledge of the local property market, well acquainted with the country's land management and planning procedures, and in addition with a portfolio of interesting development projects. FADESA will be bringing to the French market its model for a fully integrated property business, adapted to the local context, while at the same time giving the company the advantage of its financial clout and its experience in the European property sector.
FADESA's entry into the French market is in line with its strategy of internationalisation, for it already has a presence in Portugal, Morocco, Hungary and Poland.