Eurogroup

23 September 2005

I currently own a property in Villa Montmarte which was sold to me by French Investment on a 9 year leaseback to Eurogroup. Contradictory to the lease, Eurogroup have sold on the lease to an unscrupulous new owner, who is not paying the rent. He continues not to pay the rent to the other owners too.

Eurogroup should nto have sold the lease. The agents, French investment do not want to know and the developer too does not want to know.

I am disgusted by the whole episode and wish to warn other investors before the take on a lease. I have not had rent for 6 months and the property is likely to be re-pocessed making me loose nearly 50,000 Euros.

Submitted by Mudds on

Seamus


Earlier under this posting (24 Sept 05) you advise about finding out how the co-propriété of the development is managed and then all co-owners meeting. Do we have the right as owners to demand the names and addresses of all the other owners so that we can make contact? We want to make contact with all other owners of a different residence but, bearing in mind that we are also being asked to sign an agreement not to discuss the proposed lease amendments with anyone, I doubt very much that the management company will supply this information. Any suggestions?


Mudds

Submitted by Duke on

Seamus,


Do you think if we tried to contact the other owners via the Notaire it would be successful? We all used the same Notaire who has the addresses of all the owners. I'm thinking along the lines of a letter addressed by name to each owner care of the Notaire that he would forward?


Submitted by SteveG on

Hi Noel,


We too have an apartment in Green Marines and have just received the letter telling us that the lease will be cancelled from next year, although I'm still quite nervous that we won't even receive the rent for this year.


We are considering taking legal action. If you are interested in joining in with us, reply to this post or send a PM.


Submitted by srunner on

Hi


The notary will not give you any name nor address of other owners. You can ask them to the Syndic but they might refuse. Last chance is to go to the Cadastre section of the city hall and buy the name and address of the other owners of your development.


Now if you have signed or given a mandat to the managment company to represent you at the co-ownership meetings and committee, you have to cancel it. It is not legal/lawful! So send a registered letter to the person representing you in the management company) and to the syndic and then ask for the details.


Submitted by srunner on

Eurogroup in Orcieres have been doing the same thing: cancelling the agreements and reselling them to another sub-company. The rents have been reduced as well as the owners rights!

Submitted by srunner on

Hi You are not the only ones. So please get together and act together against those crooks.


On Monday 20 Jan 08, there will be an online Chat/debate with Mr Bouvard, on the Residence de Tourisme in France. He is part of the new cabinet and has been mandated to do some research on the Residence de Tourisme in France and their current situation.


"Un débat Immobilier : les excès de la défiscalisation, avec Michel Bouvard, député de savoie, aura lieu lundi sur le site des Echos. Infos / participation sur http://www.lesechos.fr/info/chats/300234552.htm." The debate is scheduled to be between 3.30 pm and 4.30 (French time)

Questions are more than welcome, in French and English. You can already post them on the website.

Several French people (me included) are going to ask questions but it would be great if some foreigners have some as well. Hope you will participate. You can refer to the problems mentioned above eg Taxes, Changes occuring during the leaseback period, solutions regarding the non payment of the rent.


The maximum of owners or potential buyers or companies interacting on Monday the best it would be for all of us, as it will for sure all help us in the future.


Thanks


Regards,


Un débat avec Michel Bouvard, député de savoie, aura lieu lundi sur le site des Echos. Infos / participation sur http://www.lesechos.fr/info/chats/300234552.htm.

Submitted by ladya on

Dear Froggy, Dear Seamus,

I know Villa Montmartre very well as I was working for the developer and I did the set up of this development ..

Froggy might know me as I have been dealing with most of the non-resident customers unhappy calling or visiting us..

I am not yet working for this company that I like a lot as I launched myself into new adventures , but wanted to object a little bite to your comments, even late. (sorry )

We did had a commitment with Eurogroup for a lease back on this property.. they run it for almost a year having trouble on paying the rent on time... we find out by the investors (60% french / 40% non resident) that they received a letter stating that the lease contract was sold to another company.

From this very first day, we did , (my bosses included), all we could to resolve this matter. I personaly met the manager of eurogroup at Least 5 times to try to find an issue to this problem, knowing that this resale of the lease contract over 50% share was illegal.

We knew him for a long time, and find out we were facing another man at that moment...

We organised meeting in our office with all the investor's agents/advisers to help them through this problem. (Some of them just did not come over ! and did not want to hear about the problem, the sale was done !) and recommand a specialised lawyer in paris.
You shall understand that as the developer, we did not have any "legal" position to react, only co-owners get this possibilites, but that our "moral" engagement was total toward investors, but also toward the partners (agents and client's advisers)

We follow up the situation, and it appears after a few months that most of the co-owners did not want to prosecute Eurogroup for the illegal resale of the lease contract, but just for the rental paiment whoever was running the building ... fine !

I beleive the situation is fine with the rental income paiement since a few years and just wanted to point out, that , despite what you thought, the developer "wanted to know" and did act in consequence.

Best regards
LadyA

Submitted by felixlmnp on

Other investors be aware of purchasing any lease back which has Eurogroup involved. Further I gather French-Investment.com too has a big part to play in the sale of lease back properties. They must be avoided at all costs as they advertise all over Europe quite widely, both at overseas shows and on Airline magazines too.


Eurogroup have not volentered any help and are avoiding all calls on the matter. They should not be dealt with as they are a premier letting company in France.

Submitted by green on

TO NOEL

WE TOO ARE OWNERS AT GREENMARINES BUT HAD BEEN UNABLE TO MAKE CONTACT WITH ANYONE. EUROGROUP HAVE REDUCED AOR GUARANTEED RENT AND ARE THREATENING TO CANCEL THE LEASE UNLESS WE SIGN NEW TERMS. WHAT IS YOUR POSITION S AND T NAPIER