Campus Grand Parc in Villejuif, Ivry Confluences or the ZAC Rouget-de-Lisle in Vitry-sur-Seine… The list of development operations carried out by the mixed economy company Sadev 94 (Company for the development and development of cities of Val-de-Marne) includes the department’s flagship projects. In terms of housing construction, it is thus the third development operator in Ile-de-France.
In a report published on May 17, the Regional Chamber of Accounts (CRC) took an interest in its management over the period 2015-2019. The jurisdiction thus considers that its financial situation is “healthy”, with sustained growth in its turnover over the financial year. The 33% increase in debt between 2015 and 2019 does not worry the CRC either, which highlights that nearly half of this debt is guaranteed.
Economic model to review
The economic model of the company would nevertheless have to be reviewed for the chamber. It notes: “Its position in its core business, concession development, is doubly called into question. The report thus points to the growing competition for the concession of operations, in particular from private players. He cites the example of the ZAC Paul-Hochart concession in Villejuif, which Sadev 94 lost to Eiffage Aménagement.
The CRC notably offers him as a future avenue to open up to “new territories” and stresses that the developer must renew his portfolio, because a large part of his operations will end in the years to come.
Change the shareholding
The Regional Chamber of Accounts also considers that Sadev must change its shareholding: apart from the public territorial establishment (EPT) Grand-Orly Seine Bièvre, none of the local authorities with its capital, namely eighteen municipalities and the Department, are not competent in terms of planning. This competence had in fact been transferred to the EPTs with the NOTRe law. The CRC thus calls for the two other intermunicipalities in the department, Paris-Est Marne & Bois and Grand Paris Sud-Est Avenir, to also become shareholders.
In his response, the managing director of Sadev 94, Christophe Richard, considers that “the territorial scale chosen by the legislator should not prevent the developer from building as close as possible to future users” and that “the municipalities, departments and regions continue to play a structuring role in terms of development”.
Caution
As for the real estate co-promotion activity, launched by Sadev 94 in 2015 in order to secure additional income (even if it remains first and foremost a developer), the court judges that it must be the subject of more transparency, particularly at the level of operations management. The CRC therefore recommends “ [faire] precede a minimum call for competition, on qualitative criteria, the choice of its private partners”. And warns: “Above all, the Chamber calls on the granting authorities to exercise the greatest caution: these private operations must not be carried out to the detriment of the operations granted. »
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