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Altarea completes purchase of French property developer Severini

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Altarea completes purchase of French property developer Severini

Altarea SCA finalized its purchase of Severini Pierres & Loisirs and now controls 85% of the residential property developer's outstanding share capital, as of Jan. 4.

Severini Chairman Jean-Louis Sévérini will remain in his position for a three-year term, after which Altarea will have the option to buy out the shares it does not own in the company.

Bordeaux, France-based Severini posted revenue of 55 million for the financial year ended March 31, 2018, according to a release.

Dethomas Peltier Juvigny & Associés was legal counsel for Altarea, while shareholders of Severini were assisted by Edmond de Rothschild Corporate Finance and business attorneys Gramond & Associés.