CBo Territoria signs a strategic partnership with Ilop Réunion for its Outdoor business
CBo Territoria has signed an agreement for Ilop Réunion, represented by Stéphane André, to acquire a 40% stake in the Group's Outdoor business, which Mr André has managed since 2007. Stéphane André is the founder of events and communications company Ilop Réunion, whose work includes communications for the Grand Raid ultramarathon that takes place on Réunion Island. The deal demonstrates the confidence that the two partners have in developing CBo Territoria group's leisure business.
The Group's Outdoor business consists of operating the following three event locations:
=> Stéphane André presents the Bassin Bleu golf course: watch the video.
aerial view of Cbo Territoria's lands in the west area
“The Group is once again showing its confidence in Stéphane André – who has already been managing these three facilities for many years – and welcomes his investment via Ilop Réunion. This will enable him to contribute even more to the development of these activities, which generated revenue of €3.5 million in 2021,” said Eric Wuillai, Chairman and CEO of CBo Territoria.
After the sale of a 40% stake in the three operating companies to SARL Ilop Réunion, the Outdoor division, previously fully consolidated, will be accounted for under the equity method from 1 January 2022, as shown in CBo Territoria's financial statements for the six months ended 30 June 2022. Income from these activities – mainly comprising their revenue minus personnel expenses and operating expenses – will from now on be presented on the “Income from associates” line of the income statement, which will give greater clarity to income from the Property Investment and Property Development businesses.
2022 financial calendar
First-half revenue: Wednesday 17 August (after the market close)
First-half results: Tuesday 13 September (after the market close) – Presentation meeting: Wednesday 14 September
About CBo Territoria (FR0010193979, CBOT)
CBo Territoria has been a leading player in Réunion Island's property market for almost 20 years, with 4,200 residential plots including 3,300 homes and almost 190,000 m2 of developed office, retail and workshop space. It has become a multi-regional development company specialising in commercial property (€301 million at the end of 2021, making up 80% of its total assets). The Group operates across the whole property value chain (Amenities, Property Development and Property Investment) and is continuing to grow both by developing its existing land and by acquiring new plots. CBo Territoria finances its growth partly through its Property Development business – both residential (multi-family properties and plots of land) and commercial – and through the planned disposal of its remaining residential assets (valued at €43 million at the end of 2021) to SHLMR.
CBo Territoria is a yield-focused property investment company that is listed on Euronext Paris (compartment C) and is eligible for French PEA PME tax-efficient equity savings plans.
Since it was founded, CBo Territoria has been a responsible company committed to a more sustainable property sector. For six years now, it has been in the Top 10 (compartment C) of the Gaïa Index, the French benchmark index for small and medium-sized companies showing the greatest commitment to CSR (corporate social responsibility).
For more information, visit cboterritoria.com
Investor contacts
Caroline Clapier – Chief Financial and Administrative Officer - direction@cboterritoria.com
Agnès Villeret - Komodo - Tel: +33 (0)6 83 28 04 15 - agnes.villeret@agence-komodo.com
Press contacts
Finance: Agnès Villeret - agnes.villeret@agence-komodo.com
Corporate - Paris: Dina Morin - dmorin@capvalue.fr
Réunion Island: Catherine Galatoire - Tel: +33 (0)6 92 65 65 79 - cgalatoire@cboterritoria.com
Regulated information:
Inside Information:
- other releases
Full and original press release in PDF: https://www.actusnews.com/news/75391-cbot-cp-partenariat-strategique-sur-les-activites-outdoor-v.eng-06.07.22.pdf