Acquisition of LP Promotion

Abénex acquired a minority stake in the share capital of LP Promotion, the leading real estate development group in the South-West of France, and will support the group in its new growth initiatives. The operation allows a reorganization of the share capital by ensuring the continuity of the management team in place. Lucien Ponsot, founder of the group, transmits the presidency to his son Laurent (CEO since 2006). Pierre Aoun and Romain Lachieze, having worked for the group for more than 10 years, are respectively promoted to CEO and Deputy CEO. Together, they hold a majority stake in the share capital of the new entity, and welcome Abénex as a new shareholder. Founded in Toulouse in 1996, LP Promotion became a reference in the residential real estate market in the South-West of France in less than two decades. From real estate development to property management, the group provides its clients with high quality residences located in Toulouse and in Bordeaux. LP Promotion targets home buyers as well as buy-to-let investors by providing a full range of products: main residence, first-time ownership, prime housing accommodation, student and senior residences. Since its inception, the Group delivered more than 7,000 housing accommodations in the South-West region. In 2017, LP Promotion targets a consolidated revenue of €180m. Key player in residential housing alongside local authorities, LP Promotion has a portfolio of more than 40 projects. LP Promotion also manages 10 serviced residences and will add 10 units by the end of 2019, which represent about 2,000 housing accommodations for students and senior. The group employs 115 people and indirectly creates each year about 2,600 work opportunities with its real estate development projects.