Business Immo: If you had to describe Codic International in a few words, would you start with?
Thierry Behiels:Rare are the promoters who can celebrate their 50th birthday; Codic is one of them. Our group has been present in Luxembourg since 1989, where we carried out the Royal Hamilius project (with the British architect Norman Foster) — an operation delivered last year; in Belgium, where two programs characterize us: Zenith and Gateway & Passport (60,000 m² of offices, occupied by KPMG and Deloitte); and, of course, in France, where the Résonnance and Network buildings, in Bagneux, in the heart of the ZAC Écoquartier Victor Hugo, speak volumes about our know-how and our architectural standards, in particular. Our other playgrounds? Budapest or Barcelona. If I had to sum up, then: Codic wants to be an attentive partner with an international dimension, with a global vision but local roots;
BI: What is Codic's real position today?
TB: Our company — 89.11% owned by Europe Invest (controlled by the Descours and Mulliez families) and 10.89% by Emabe Invest (Thierry Behiels) — today relies on three areas of expertise: Codic Office, specializing in the development of high-end offices; Codic Retail, which aims to transform commercial premises into living spaces; and Codic Home, whose guiding principle is to provide housing in exceptional locations — we are not following an industrial logic in this segment. What do these three poles have in common? Develop sustainable and tailor-made real estate. Today we have decided to broaden our spectrum with Codic Invest.
BI: Why did you create Codic Invest? What is the genesis of this fourth center of expertise?
TB: Since we are carrying out more and more important projects. Royal Hamilius attests to this, with an investment value of €320 million. We wanted to give leading investors the opportunity to support us. Codic will constantly identify the most promising financial opportunities possible and design operations from A to Z, from acquisition to design. But, rather than acting alone, we will invest our own funds up to 20% and will get the remaining 80% from investors. Objective ? Offer them high profitability. And for good reason: at Codic, we often work on IRRs above 25%.
BI : Avez-vous déjà identifié un acte fondateur pour ce pôle Codic Invest ?
TB : Oui, à Luxembourg-Ville, le long de l’autoroute A4, au niveau de la Cloche d’Or, où plus de 200 000 travailleurs transfrontaliers affluent, donc 50 % de français. Il s’agit d’un projet de développement de 60 000 m2 de bureaux, de commerces et d’hôtellerie.
La France, un « démonstrateur » des savoir-faire de Codic
En France, Codic recense plusieurs opérations marquantes, « qui démontrent les prises du groupe dans la définition de nouveaux produits ou de nouvelles positions », explique Christophe Sirot, DG de Codic France. Et l’intéressé de citer Val Saint-Quentin (50 000 m² de bureaux), à Saint-Quentin-en-Yvelines (78) — « un business Park à l’anglaise avec 6 ha d’espaces verts », dit-il —, les multiples programmes réalisés à Bagneux (92), qui requalifient la N20 en boulevard urbain, des projets achevés de commerces, rues de Rennes et de Rivoli, ou en cours de développement, à l’instar de B’est (55 000 m² sur 30 ha), à Farébersviller, en Moselle. En face de B’est, le projet Z’est accueillera des PME, PMI, sur 6 000 m2 de locaux d’activités, un hôtel 3 étoiles de 75 chambres, de la restauration supplémentaire, ainsi qu’une nouvelle zone de loisirs.
Other upcoming projects: the Anneau Rouge (25,000 m²; architects: Brenac & Gonzalez) and Newton (33,000 m²; architects: Ateliers 2/3/4/) office complexes, once again in Saint-Quentin-en- Yvelines, where Codic likes to make his way. “We have been present in this territory since the 2000s”, recontextualizes Thierry Behiels. “Thus, alongside the Anneau Rouge complex, we have just delivered the Native building, occupied by Orange and sold to HSBC”.