Immobel has divested a project in Rueil-Malmaison, a municipality west of the greater Paris area, to ADIM PARIS Île-de-France Habitat, a subsidiary of the VINCI Construction group. The purchase agreement for the development in question was signed the day before the announcement. The sale's effectiveness was conditional upon the granting of a legally binding building permit.
Immobel's initial acquisition of the site occurred in stages between 2019 and 2022. The development of a corporate headquarters with an area of approximately 20,000 square metres was planned there. However, after the Covid pandemic, it became apparent that demand for purely office space in the Parisian suburbs was stagnating and not recovering as expected. This market development prompted Immobel to strategically realign the project.
Realignment and Approval Process
Consequently, Immobel initiated an amendment to the local land-use plan (PLU). Concurrently, an agreement was reached with ADIM to obtain a building permit for what is now a mixed-use project. This new concept includes a combination of residential units, student accommodation, a crèche, and integrated office spaces, representing an adaptation to changing market needs.
The required building permit became legally valid in August 2026, after all legal objection procedures were successfully completed. The realised sale price of the project corresponds to the book value as of 30 June 2026. The transaction will not have a material impact on Immobel's consolidated results but will contribute to reducing net financial debt by approximately 16.2 million EUR. This measure is part of a group-wide programme for asset divestment and capital structure optimisation.
Strategic Importance of the Transaction
Rikkert Leeman, CEO of Immobel, commented on this transaction, emphasising the practical implementation of the company's strategic direction, which aims for simplification, strengthening, and focus. He highlighted that Immobel had successfully navigated a complex site through extensive land-use change and approval processes. The handover to a partner who was already involved in the conceptualisation underscores the coherent project execution. Each of these steps, Leeman stated, contributes to a leaner portfolio and creates scope for targeted investments in areas where Immobel can generate the greatest added value.
