One year after Cyclone Chido, a solid assessment and an ambitious recovery plan with the CDC Habitat group

SIM's commitment and that of its teams is accompanied by increased support from the CDC Habitat group with a capital increase of €10 million, so that SIM can continue to revive production and meet the housing needs of the people of Mayotte.

Chido one year later, between reconstruction and modernization of heritage

Cyclone Chido, which occurred on December 14, 2024, severely impacted SIM's real estate portfolio: nearly 50% of the housing units were damaged, representing €53 million in repairs, in addition to operating losses and asset disposals, for a total cost of €72 million.

Faced with this exceptional situation, SIM launched a two-year reconstruction plan, mobilizing significant human and financial resources. This program aims to repair damaged housing while strengthening sustainability and quality of life within the housing stock. To support this program, SIM reinforced its local teams with the assistance of three employees from the CDC Habitat group, who were deployed for one year.

To date, renovation work has been undertaken, enabling:

• the commencement of work on 1.131 affected housing units;
• the delivery of 574 completed housing units;
  • with the objective of a total delivery of damaged housing by the end of 2026.

The pace of the work is dictated by several local constraints: the extent of the damage to SIM's housing, the technical complexities of some units requiring specific studies, the capacity of the construction sector in Mayotte, and the inherent resilience of each territory, particularly with regard to infrastructure and economic networks, including supply chain management. Despite these constraints, SIM remains fully committed to the reconstruction and maintains its objectives.

Furthermore, aware of the impact on the daily lives of tenants, SIM has implemented rent reductions ranging from 20 to 100% depending on the extent of the damage and maintains regular communication with its tenants on the progress of the work.

Finally, to support the recovery, SIM benefited from several funding sources:

• €20 million in insurance compensation,
• €41 million in subsidized "CATNAT" loans set up by the Banque des Territoires (Caisse des Dépôts Group) at the request of the State, and requested by SIM for the restoration work,
• And a strengthening of SIM's equity.

A new lease of life for SIM: €10,6 million to accelerate housing production

While SIM's development activity slowed after Cyclone Chido, it never ceased. Initial objectives were adjusted, but the results remain very encouraging given this exceptional situation. The recent delivery of 115 housing units in Hajangoua is a testament to this.

To consolidate this momentum and anticipate future needs, the CDC Habitat group has carried out a €10 million capital increase, supplemented by €0,6 million from the Caisse des Dépôts, for the benefit of SIM. This strategic decision will accelerate housing production and prepare for 2026 with:

• The delivery of 390 new homes;
• Nearly 321 housing units have been started.

This capital increase illustrates the desire of SIM and the CDC Habitat group to combine reconstruction and development, in order to sustainably support growth and improve the living conditions of the people of Mayotte.

According to Ahmed Ali MONDROHA, Managing Director of the Mayotte Real Estate Company: “One year after Chido, and although much remains to be done, we are proud of the progress made. We have not only undertaken reconstruction work, but we are also striving to modernize and improve our housing to meet current standards and offer our tenants a safer, more comfortable, and more sustainable living environment in the face of the extreme climate risks that Mayotte faces. This ambition is made possible thanks to the €10 million capital increase provided by the CDC Habitat group, in addition to €0,6 million from the Caisse des Dépôts. This support is a strong signal that allows us to pursue our mission and maintain a proactive development strategy. Our ambition remains unchanged: to sustainably support growth, improve living conditions in Mayotte, and bolster the housing supply in the territory.”

For Anne-Sophie GRAVE, Chairman of the Management Board of CDC Habitat: “Cyclone Chido has highlighted the importance of solidarity and resilience in the face of climate challenges. From the very first days, the CDC Habitat Group fully mobilized alongside SIM to address the consequences of this natural disaster, initiate reconstruction efforts, and support the development of more sustainable housing in Mayotte. The €10 million capital increase that the Group is providing to SIM is consistent with this same approach: it allows us to reaffirm our commitment to supporting the reconstruction and ensuring, in the long term, the development of housing options adapted to the needs of the territory and to climate challenges.”