Gecina has sold four holiday villages operated under the Club Méditerranée brand (Val d’Isère, La Plagne, Peisey Vallandry and Opio sites) to Assurances du Crédit Mutuel.
The sales price came to €280 million excluding duties. This divestment is in line with Gecina’s strategy to realign itself around its core business assets and follows the sale of the logistics business, which was finalized in 2012. Gecina had acquired these four Club Méditerranée holiday villages in 2005 for €194 million.
The Group supported the upgrading and optimization of these assets, financing €43 million of capex. In this way, factoring in the portfolio’s sale, the IRR after the investment’s leverage effect comes out at 13.8% for the Club Méditerranée holiday villages. On this operation, Gecina was advised by BNP Paribas, the law firms Fairway and De Pardieu, and the notary's office Wargny Katz. The buyer was advised by the notary’s office Hitier and by the Caryatid Advisory firm.