(Paris, 31st March 2008) - The Caisse Nationale des Caisses d'Epargne, Crédit Foncier de France and the Maisons France Confort group today announce the 49% stake acquired by GCE Foncier Coinvest1 in the capital of MFC PI (holding company controlling the Maisons France Confort group). The Vandromme family maintains the majority stake in this controlling structure, while the shareholders in the listed MFC structure remain unchanged2.
This acquisition follows the announcement made on 30th June last year, materialised by the agreements signed on 18th December 2007. The main objectives of this operation are:
- strengthening and extending the long-standing partnerships already existing between the two groups: prescribing loans and associated products, developing joint real estate projects and partnership in development projects, setting up investor products, providing deposits and guarantees, developing real estate diagnoses and studies, developing crossed expertise in sustainable development;
- completing the range of real estate professions developed by the Caisse d'Epargne group.
The industrial partnerships bringing together the Caisse d'Epargne and Maisons France Confort resulted in the first tangible project on 21st February this year with the ¤15 home scheme. In fact, the two groups are founding partners of the "Own your own home for ¤15 per day®" charter. Initiated by the Ministry for Housing and Towns, this operation is designed to help first-time buyers with modest incomes in regions where the local authorities take part in the operation. The signatories undertake to offer financing solutions and a wide range of homes for a budget similar to the cost of renting.
A new partnership with Natixis Garanties and the Banque Palatine also means Maisons Confort France can increase its completion guarantees fund, thus providing the group with greater scope for development.
All the different partnerships should be operational before the end of 2008.
Following the signature of the agreement between the two groups, Nicolas Mérindol, Managing Director of the Caisse d'Epargne group, and Patrick Vandromme Chairman of Maisons France Confort, congratulated themselves on "a partnership generating value for both groups and their shareholders, the implementation of which will benefit all clients hoping to buy their own individual home."
1GCE Foncier Coinvest is a holding company in which the Caisse Nationale des Caisse d'Epargne has a 51% stake and Crédit Foncier de France, its subsidiary, a 49% share.
2In its appraisal of the consequences of this concerted action, dated 28th January 2008, the French financial markets authority did not consider that there was any need to register a public offering project on the basis of articles 234-7 1° and 234-3 2° of the general regulations.
Anne-Sophie Jourdain - Tel.: +33 (0)158 40 41 54
Anne Baslez - Tel.: +33 (0)157 44 78 78
|Maisons France Confort
Patrick Vandromme - Tel.: +33 (0)233 80 66 60
Jean-Christophe Godet - Tel.: +33 (0)233 80 66 60
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