The company Altarea Cogedim chaired by Alain Taravella will become majority shareholder in the real estate group Daniel Féau.
By Luxus Plus
The luxury real estate specialist in Paris Daniel Féau announced last Wednesday the start of negotiations for the takeover by Altagroupe which will return to its capital.
Altagroupe is Altarea Cogedim’s holding company wholly owned by Alain Taravella’s family.
The company is the third largest developer of real estate in France behind Nexity and Bouygues immobilier.
It is expected that this structure will buy all of the shares of Daniel Féau’s two sons, aged 76 and 78, who held 35% of the shares.
At the same time, 68-year-old Charles-Marie Jottras, CEO of the Daniel Féau Group since 1995, has agreed to change from majority shareholder (68%) to minority shareholder.
The level of this future participation was not specified, as was the entry into the capital of the group’s current general manager Nicolas Pettex-Muffat .
It is expected that these two men, currently in charge of the group, remain in their post.
With the acquisition of Féau, altarea Cogedim is acquiring a specialist in high-end real estate: « Our model is atypical because exclusively focused on Paris. In the capital, we are number one in the high-end with, last year, a sale in three which made more than 2 million euros. We realized 53% of the transactions to more than 4 million euros », says the CEO of Daniel Féau group, which has 120 people and registered 1.253 billion euros in sales in 2018.
This partnership will be an opportunity to continue the development of the company Féau including the deployment of new agencies.