On July 17, the Pays de la Loire region, the Banque des Territoires, and the Caisse d'Epargne Bretagne Pays de Loire announced the creation of a property investment company dedicated to the tourist industry.
In order to help players in the tourist sector, the Caisse d'Epargne Bretagne Pays de Loire has decided to play an active role in helping this industry to recovery. It consequently decided to participate in the property investment company created by the Region and the Banque des Territoires with a view to buying up the premises of tourist establishments in difficulty to help them to get through the crisis and strengthen their cash flow.
This is a first in France and will mobilize a total of 11 million euros. Its principle is simple: a tourist company in difficulty sells its premises to the property investment company, thereby raising a new source of cash and avoiding the need to take on new debt. The company pays rent which is then used to carry out the energy renovation of its building. Thanks to the buy-back option, it will become the owner of its premises once its financial difficulties are over.
After supporting professional customers during the Covid-19 crisis, the Caisse d'Epargne Bretagne Pays de Loire is continuing to mobilize its efforts to boost economic recovery in a key sector for the region. The second largest regional activity behind the agri-food industry, tourism represents 6.3% of the region's GDP, 65,000 jobs, and annual sales revenues of €7.6 billion.