Every year, CDC Habitat disposes of "several thousand housing units", "either by lot or en bloc", explains Clément Lecuivre, its managing director. "But, of course, these are less visible operations...".
He is referring to the substantial outsourcing project devised by the subsidiary of Caisse des dépôts et consignations, according to Anne-Sophie Grave, chairman of the management board, on CoStar's BiTV set last February; a project which, since the Mipim property conference in February, has fueled numerous discussions.
Thus, CDC Habitat is preparing to market a portfolio of 5,000 to 6,000 housing units located in tense areas, throughout France. "This project is in line with our financing strategy," sums up Clément Lecuivre, whose group manages 560,000 housing units (75% social, 25% intermediate and free) and produces around 20,000 units a year. "To finance this development, we have the support of our shareholder; our operations also generate resources. In addition, we regularly dispose of our properties, the proceeds of which are reinvested in new housing production. These disposals are more or less "visible".
The latest XXL deal? CNP Assurances, advised by AEW, took an 85% stake in the Lamartine fund, valued at €2.4 billion (7,600 unoccupied and intermediate housing units). That was in 2022.
Clément
Three years later, CDC Habitat, which defines itself as a public-interest real estate company, is preparing to put a large-scale project back on the market, which is due to be arbitrated by "early 2026", explains Clément Lecuivre, interviewed today by Business Immo. "Based on this 5,000 to 6,000-unit project, we will then build smaller portfolios. In other words, the Caisse des dépôts et consignations subsidiary is adapting to the current context.
Yes, it believes in the return of institutional investors. However, "in order to attract the interest of as many potential buyers as possible, we need to segment this portfolio", summarizes its CEO. "This will not prevent an investor or pool of investors from positioning themselves on all the assets.
CDC Habitat intends to retain management
"Pursue (its) development strategy" and "animate the market", these are the two stated objectives of CDC Habitat through this operation, as it was "able to do with Lamartine".
" I have the feeling that institutional investors have both the capacity and the desire to invest in the residential market; witness the dynamism observed in managed residential", analyzes Clément Lecuivre, who continues: "In the conventional segment, they have had little presence in recent years, due to a deterioration in financing conditions and a profitability not in line with their asset allocation strategy. Today, this market can be reopened if the transactions are attractive in terms of yield and asset quality"
According to him, the portfolio soon to be put up for sale ticks all the boxes: a mixed-use development of intermediate (50%) and free housing (50%), relatively recent, already delivered and managed by CDC Habitat, with a very low vacancy rate. "This is likely to reassure investors", remarks Clément Lecuivre, who sees this operation as a "test" of the financial returns expected by the market.
The subsidiary of Caisse des dépôts et consignations intends to retain the management of this soon-to-be-outsourced portfolio; "it's an added value to our offer", comments the Managing Director, who hopes to reproduce the Lamartine scheme. For the record, CDC Habitat retained management and 15% of the capital. "We plan to remain very much a minority shareholder in the portfolio(s) - no more than 15%. This sends a positive message to investors. Our interests will thus be aligned over the long term. It's an additional guarantee.