Icade and Club Mediterranee sign a property development agreement
Thursday, June 15, 2006
The
Icade Board of Directors approved a property development agreement with
Club Mediterranee. Under the terms of this agreement, Icade will acquire a portfolio of property assets that will be paid for with Icade shares.
The agreement also sets up a partnership between the two companies to promote and sell a range of high-end villas located next to Club Mediterranee villages. Icade acquires a 4% stake in Club Mediterranee. The two companies have until 30 September 2006 to finalise the terms of this agreement.
The Club Mediterranee - Icade agreement includes three elements:
- Icade will become the owner of three Club Mediterranee villages located in the Alps as Chamonix, Avoriaz and Les Deux Alpes. These assets will be paid for with Icade shares. Club Mediterranee will lease these villages through a firm, renewable 12-year contract offering a net return of 7.08%.
- Icade and Club Mediterranee will combine their skills to develop a new range of high-end villas located next to Club Mediterranee villages worldwide. These villas will be sold, and their owners will be given full access to all of Club Med’s facilities and services. The first project is currently planned in Albion on Mauritius Island.
- Through a shareholders’ agreement signed with Accor, Air France-KLM, and the Moroccan investment house Caisse des Depots et de Gestion du Maroc, Icade commits to neither sell its Club Mediterranee shares, nor increase its stake in Club Mediterranee for the next two years.
Rania Deimezi
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Thursday, June 15, 2006
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