Actively pursuing its strategy of developing in the regions outside the Paris area, Kaufman & Broad S.A. today announced the acquisition of Foncier Investissement, a developer-builder that is particularly active in Aquitaine, as well as in the Midi-Pyrénées and Languedoc-Roussillon regions.

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Foncier Investissement, which builds apartment units targeting traditional homebuyers and private and institutional investors, as well as vacation properties, operates under two brands: France Résidence in Aquitaine and Malardeau in the Midi-Pyrénées and Languedoc-Roussillon regions.

Foncier Investissement is expected to generate revenues of roughly €100 million in 2005, with a gross margin of 20%, on a par with Kaufman & Broad’s margin in the regions outside the Paris area.

Foncier Investissement currently has nine programs, representing a total of 972 home units. It also has large land reserves, representing more than 3,200 units, of which over 1,700 in the Bordeaux area. Thanks to this acquisition, Kaufman & Broad expects to build more than 800 homes in this region in 2005.

The company will continue to be managed by its current chief executive, Jacques Rubio, with the support of his teams.

Commenting on the acquisition, Guy Nafilyan, Chairman and Chief Executive Officer of Kaufman & Broad S.A. said: “The acquisition of Foncier Investissement is perfectly in line with our strategy of developing a major presence in southwestern France, especially in the Aquitaine region which enjoys strong growth potential. It will also enable us to develop our vacation property business. The purchase of Foncier Investissement comes immediately after the acquisition of Avantis which is solidly established in the Midi-Pyrénées region. When combined with Kaufman & Broad’s strong organic growth, the two acquisitions allow us to foresee a significant increase in revenues in 2005.”

For more than 30 years, Kaufman & Broad S.A. has been designing, building and selling single-family homes and apartments, as well as office properties on behalf of third parties. Its size, profitability and strong brand name have made Kaufman & Broad S.A. one of France’s leading developers and builders of homes.


Senior Vice President,
Finance and Strategy:
Philippe Misteli
+33 (0) 145 382 073 –
Press Relations:
Florence Ovide-Etienne / Valérie Copé
+33 (0) 140 710 722

Website : www.

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