[Press release] Capital increase for m3 IMMOBILIER
07 Feb 2023
m3 IMMOBILIER, the real estate division of m3 GROUPE, signed a letter of intent on Thursday, February 2, 2023 with the London investment company Floreat, for a CHF 100 million fundraising in the form of a capital increase leading to a minority stake of 16%.
m3 IMMOBILIER, the real estate division of m3 GROUPE chaired by Abdallah Chatila, signed a letter of intent on February 2 with the Floreat, the London-based investment group. This capital increase is seen as the recognition of m3 IMMOBILIER’s strategy, which incorporates all aspects of the real estate industry, from project development to property management and sales, thus generating increased value. The transaction should lead to m3 IMMOBILIER being valued at around CHF 800 million.
“We have wanted to invest in Geneva for several years, particularly in the real estate sector. We believe in the strength of the local economy and were immediately convinced by the wide range of real estate services offered by m3 IMMOBILIER. I am very happy to enter the capital of this group, and to work alongside Abdallah Chatila for the growth and dynamism of this division,” says Mutaz Otaibi, CEO of Floreat.
This fundraising will bolster the real estate division of m3 GROUPE and accelerate the completion of thirty real estate projects currently in progress. m3 IMMOBILIER currently has CHF 2.8 billion invested in development projects, which are expected to be completed over the next seven years.
“This funding, which we have been working on for a year, will ensure the sustainability of m3 IMMOBILIER and improve its governance, thanks to the arrival of our new external shareholder. I look forward to working alongside Mutaz Otaibi and his team to continue to build the city of tomorrow,” says Yves Cretegny, General Director of m3 IMMOBILIER.
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