Executive Board as at 31 December 2017

Jérôme Grumler

Jérôme Grumler holds a post-graduate accounting and finance degree (DESCF), a master’s degree from the University Paris IX Dauphine and a financial engineering master’s degree from the University Paris I Sorbonne. He started his career in a small advisory bank before moving to the Mazars group in 1998 as a financial auditor, then a Manager in the Transaction Support division (auditing and advisory for corporate acquisitions). In June 2005, he joined Sofidy where he is currently Deputy Chief Financial Officer. He is also Chairman of the Executive Board of Selectirente.

Michael Ricciarelli
Head of Commercial Property Portfolio

Michael Ricciarelli holds master’s degrees in private law and in international business law. He started his career in 2005 as a lawyer in the legal division of Groupama Nord-Est. In 2007, he was appointed Legal Director, Property affairs at CEGIS (Compagnie Européenne de Gestion Immobilière et Services). In 2011, he joined Sofidy as Deputy Head of the Property division before becoming Head of Commercial Property Portfolio in 2018.

Supervisory Board as at 31 December 2017


A graduate of Institut Supérieur de Gestion de Paris with a degree in property management from the University of Clermont-Ferrand, Hubert Martinier started his career in 1977 as a management consultant at Score Conseils. He moved to Compagnie Générale des Eaux in 1981 as Treasurer, in charge of flow management and cash investments. In 1985, he joined Banque Internationale de Placement (acquired by Dresdner Bank in 1989), first in the financial engineering department, then at the bank’s life insurance subsidiary AVIP, where he was appointed successively Chief Financial Officer, Deputy Chief Executive Officer, member of the Executive Board, and finally Chief Executive Officer. In 2005, he created his wealth management advisory firm: Hubert MARTINIER – Patrimoine et Assurance SARL. He also serves as a consular judge in the Chambéry Commercial Court.

Hubert Martinier also acted as the liquidator of GFC in early 2005 after the company filed for bankruptcy. Hubert Martinier held no stake in the share capital of this company. GFC (Galvanoplastie et Fonderie du Centre) was placed into receivership after its cessation of payment (ruling of 09/08/2000 of the Bourges Commercial Court placing GFC in receivership) and was then subjected to an asset disposal plan. As the disposal of all of the company’s assets signified the end of its corporate purpose, it had to be placed in liquidation. The partners named Hubert Martinier as liquidator on 3 March 2005. Hubert Martinier knew the company as he had been the permanent representative of a legal entity on its Board of Directors prior to September 2000. Hubert Martinier has never been a shareholder of GFC and has never exercised any operational functions in the company.

Jean-Louis CHARON

A graduate of Ecole Polytechnique and Ecole des Ponts et Chaussées, Jean-Louis Charon has 23 years’ experience, of which around ten in investment. He began his career at the French Ministry of industry, at the head of the Bureau des 141 Investissements Etrangers, before moving to General Electric Medical System and being appointed Managing Director of GEC Thomson Airborne Radars (GTAR). In 2000, Vivendi put him in charge of the LBO of Nexity, of which he joined the Executive and Supervisory Boards. He was previously Chief Executive Officer of the CGIS Group, the real estate division of Vivendi Universal. In 2003, he created Nextar Capital in partnership with LBO France, then at the end of 2004, Citystar, a company currently operating in four sectors: industrial mid-cap LBO transactions in France, European real estate, Asian real estate (two funds), hotel business in Asia.

Antoine FLAMARION (representing AF&Co)

A finance graduate of the University Paris IX Dauphine and a law graduate of the Paris I Sorbonne University, Antoine Flamarion started his career at Merrill Lynch in Paris where he was involved in real estate investments for the bank’s own account. He then moved to Goldman Sachs in London, in the Mortgage & Principal Finance Group division, where he carried out several investment and financing transactions in the European markets, notably in France. In 2004, he created the Tikehau group.

Antoine Flamarion is currently Chairman of AF&Co. He is also a member of the Board of Directors of Sofidy SA and sits on the Supervisory Board of Selectirente SA. He is also a member of the Supervisory Board of Alma Property. Antoine Flamarion is the son of Sofidy Chairman Christian Flamarion.

Isabelle CLERC (representing La Mondiale Partenaire)

After having joined AEW Europe as Head of Retail Fund Management and Head of Asset Management Central Europe, Isabelle Clerc moved to AG2R La Mondiale in June 2015. She is currently Head of Real Estate Investments.


Philippe Labouret spent the first twenty years of his professional life in public service, first as a French Navy officer, then as a civil engineer. He then went on to working for local communities tackling the problem of inner-city desertification. In 1981, he created SODES SA and is Chairman of the company’s Board of Directors. SODES builds city centre shopping malls and specialises in the redevelopment of disadvantaged neighbourhoods. Philippe Labouret also holds the following mandates:

  • Member of the Board of Directors of SOFIDY SA,
  • Member of the Supervisory Board of SCPI IMMORENTE 2,
  • Member of the Supervisory Board of SOFIMMO,
  • Chairman of the Supervisory Board of La Centrale de Création Urbaine,
  • Manager of 21 wealth management companies.
Hélène HELLO ESCUDERO (representing Sofidiane)

Hélène Hello Escudero holds a master’s degree in business law (DJCE). She started her career at Groupe Les Echos in 1991 as a corporate lawyer, then moved to the audit firm Groupe Etoile in 1992, where she was notably in charge of the legal restructuring of several real estate portfolios of Caisse des Dépôts (CAPRI-ICADE). After two years at the holding company of La Mutuelle des Etudiants (LMDE), she joined a corporate advisory law firm in 2004, where she provided legal advice to a portfolio of SMEs. In February 2010, she joined Sofidy as Legal Director.

At the date of registration of this reference document, to the best of the company’s knowledge, no members of the Executive and Supervisory Boards have been the subject of any conviction for fraud, or any incrimination and/or public official sanction, or been associated (with the exception of the case presented above for Hubert Martinier) with bankruptcy, receivership or liquidation proceedings over the last five years.

  • Jean Louis Charon, Chairman,
  • Hubert Martinier,
  • Laurent Camilli, independent observer.
  • Monsieur Hubert MARTINIER, Chairman,
  • Monsieur Jean Louis CHARON.


Portfolio management company – AMF authorisation GP no. 07000042 of 10 July 2007 (in compliance with the AIFM directive since 18 July 2014)
French Société Anonyme (public limited company) with a share capital of €565,328
303 square des Champs Elysées – 91026 Evry Cedex – France
Registered in the Evry Trade and Companies Registry under no. B 338 826 332

Since 1987, Sofidy has been designing and developing investment and savings products (French REITs (SCPI, OPCI), listed property companies (SIIC), non-trading companies, real estate UCITS, dedicated funds), focusing mainly on commercial and office property. A leading fund manager in the arena of real estate asset management in France and Europe, approved by the AMF (the French securities regulator), Sofidy is regularly rewarded for the quality and consistent performances of its funds. Sofidy manages on behalf of more than 40,000 savings clients, as well as a large number of institutional investors, a property portfolio worth close to €4.5 billion, comprising over 4,100 commercial and office assets.