French listed property group Altarea has announced the acquisition of the remaining 50% stake it did not already own in Woodeum, a major French brand in low-carbon solid wood residential property.
The stake was bought from WO2 Holding for an undisclosed amount.
Altarea first bought 50% of Woodeum in July 2019.
Against a backdrop of climate change and evolving regulations, the company said that the acquisition confirms its ‘ambition to accelerate its transition to low-carbon housing by strengthening Woodeum’s resources to pursue its growth trend’.
While the construction industry generates nearly a quarter of France’s CO2 emissions, the technologies developed by Woodeum, notably using solid wood, mean it is already constructing buildings that meet RE2020 regulatory thresholds for 2028 and 2031.
The Woodeum acquisition forms part of Altarea's low-carbon strategy, the firm added.
This deal will also give Woodeum greater financial and operational resources and create synergies with the other Altarea Group brands, potentially enabling it to strengthen its research and development strand, as well as expanding its footprint across France and continuing its growth trend.
Woodeum’s management team and organisational structure will remain unchanged. Founded in 2014, the firm employs nearly 80 employees, a third of whom are engineers and technicians specialising in timber construction. The company has delivered over 5,500 homes so far, representing nearly €1.8 bn in revenues and currently has over 3,000 homes under development across France.
Julien Pemezec, CEO of Woodeum, has joined Altarea’s Executive Committee following the deal.
Alain Taravella, Altarea Group chairman and founder, said: ‘First of all, I have to salute the massive achievement of Guillaume Poitrinal and Philippe Zivkovic who, together with Julien Pemezec, have pioneered timber construction in France. They had the vision to use specialist engineering to create a market-leading developer in low-carbon housing. They developed their business by successfully combining specific talents to build remarkable homes in wood, which have been hugely popular with their various customer groups, particularly politicians. The experience of working alongside Woodeum since 2019 and the in-depth understanding it has fostered, both of the company and of CLT solid wood construction, helped us decide to buy the remaining 50% of the company. We are delighted to welcome all Woodeum’s teams to Altarea.’
Jacques Ehrmann, Altarea Group CEO, added: 'As a leader in the low-carbon residential market, Woodeum will fill out and enrich the Group’s residential offering. As with all its brands, Altarea will act as an incubator for Woodeum, allowing it to accelerate its development. This transaction underlines our ambition to develop a low-carbon property model that meets the expectations of regions and residents.'
Julien Pemezec, Woodeum CEO, said: 'As a pioneer of low-carbon construction in France and now market leader with over 5,500 homes delivered or signed across France, Woodeum will be able to take its ambition to a national scale, confident in its unique track record in the market. We are happy to join the Altarea Group and we share their culture of innovation, agility and commitment to the low-carbon city.'
