Crédit Agricole Immobilier said it is acquiring a majority stake in French residential property builder Monne-Decroix for an undisclosed amount. The statement confirms an earlier report by French newspaper La Tribune that the bank's property business bought a 70% stake in Monne-Decroix. With about 500 employees, Monne-Decroix posted a turnover of EUR 235 mln last year and net profit of EUR 24.5 mln.
Crédit Agricole Immobilier said it is acquiring a majority stake in French residential property builder Monne-Decroix for an undisclosed amount. The statement confirms an earlier report by French newspaper La Tribune that the bank's property business bought a 70% stake in Monne-Decroix. With about 500 employees, Monne-Decroix posted a turnover of EUR 235 mln last year and net profit of EUR 24.5 mln.
'This purchase of one of the main French players in housing is part of the development ambitions of Crédit Agricole Immobilier, notably in the promotion field. This acquisition will allow Crédit Agricole Immobilier, already present in promotion through its Unimo subsidiary, to be classed among the main French promoters', the bank said in a statement. 'We want to develop our presence in promotion and more particularly in housing. Our reinforcement policy is based on the opening of decentralised branches and the acquisition of regional promoters', said Bernard Michel, head of Crédit Agricole Immobilier.
