Maison Antoine Baud

What Maison Antoine Baud does

Maison Antoine Baud (MAB) is a privately-held French commercial real estate foncière headquartered in Cournon d'Auvergne, founded in 1864 and pivoted into business real estate in 1986. The company owns and manages a diversified portfolio of approximately 170,000 m² of activity spaces, logistics warehouses, offices, and retail units across roughly 45 locations in five French regions, with concentration in Auvergne-Rhône-Alpes and growing footprint in Provence-Alpes-Côte d'Azur, Île-de-France, Hauts-de-France, and Centre-Val de Loire. The portfolio serves approximately 136 tenants — primarily French SMEs, artisans, mid-market firms, and select commercial operators — under standard French commercial lease structures (3/6/9 or 6/9/10 years) with annual indexation on ILC or ILAT indices.

The company's revenue model is anchored in recurring commercial rental income, supplemented by one-time property sales and value-add services such as sale & leaseback arrangements, property financing assistance, and customized tenant improvements. Approximately 80% of the portfolio is composed of activity spaces and warehouses, reflecting a deliberate tilt toward industrial/logistics assets serving small to mid-cap enterprises with surface requirements of 200–2,000 m². The go-to-market is sales-led and direct: properties are listed on the company website (mab-immobilier.com), with inquiries handled via phone, email, and in-person viewings rather than third-party broker channels. Branded development programs such as HORIZONS (Les Gravanches 8,523 m² launching January 2026; Lille 6,879 m² delivering September 2026), the Flamina activity park, and the modernized Carré Sud retail center represent an industrialized approach to pipeline development.

MAB completed a voluntary share buyback at €230 per share and delisted from Euronext Access Paris in 2025, returning to private ownership under the leadership of CEO Patrick Dupré and Deputy General Director Nicolas Brossier. The company maintains an F1 rating from Banque de France, signalling financial solidity, and operates with a lean team of 1–10 employees consistent with an asset-management model rather than a vertically integrated operator. Strategic priorities evidenced in recent activity include energy-efficient new construction (RE 2020 compliance, photovoltaic installation), geographic diversification beyond Auvergne, and modernization of legacy retail assets to defend foot traffic against e-commerce displacement.

Name

Maison Antoine Baud

Legal name

MAB – Maison Antoine Baud

Website

https://mab-immobilier.com

Company type

Public

Founded year

1864

Operating status

Operating

Headcount range

1–10 employees

Short description

Maison Antoine Baud is a French privately-held commercial real estate foncière operating a ~170,000 m² portfolio of activity spaces, warehouses, offices, and retail across ~45 locations in five regions, serving approximately 136 SME and mid-market tenants via long-term commercial leases.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Real Estate (5311), Lessors of Nonresidential Buildings (except Miniwarehouses) (53112), Nonresidential Property Managers (531312)

SIC

Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Commercial real estate leasing
• Business property rental
• Industrial property investment
• Warehouse and logistics space
• Office and retail leasing

Headquarters

HQ city

Cournon-d'auvergne

HQ country

France

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others, Marketing or Sales

Revenue model

1. Commercial Property Rental: MAB generates primary revenue through leasing commercial properties including activity spaces, warehouses, offices, and retail shops to businesses. Rental agreements are typically commercial leases (bail commercial 3/6/9 or 6/9/10 years) with annual rent revisions based on ILC or ILAT indices. Properties are located in strategic economic zones across France, with concentration in Auvergne-Rhône-Alpes region.
2. Property Sales: Secondary revenue stream from selling owned properties to businesses seeking to purchase commercial real estate rather than lease.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Maison Antoine Baud is a French real estate foncière that owns, develops, and leases commercial real estate to businesses across France. Its portfolio includes activity spaces, warehouses, offices, and retail/commercial properties, with key offerings around flexible leasing (3/6/9 or 6/9/10-year commercial leases), sale & leaseback arrangements, property financing assistance, and customized tenant improvements. The company manages approximately 170,000 m² across 45 locations serving around 136 tenants, with branded developments such as Carré Sud, HORIZONS Les Gravanches, HORIZONS Lille, and Parc d'activités de Flamina.

Product overview

Maison Antoine Baud (MAB) operates as a diversified real estate investment and management company offering a portfolio of commercial/enterprise real estate products. The core offering encompasses five property categories: Locaux d'activités (activity/industrial spaces), Entrepôts (warehouses), Bureaux (offices), and Commerces (retail spaces). These are complemented by branded sub-products including Carré Sud shopping center in Aubière, the HORIZONS activity space complexes in Les Gravanches (Clermont-Ferrand) and Lille, and the Parc d'activités de Flamina. The company provides investment, development, and management services for these properties, with approximately 170,000 m² of surface area across 45 locations serving around 136 tenants.

Differentiator

Problem solved

Functional benefit

Brands

• Carré Sud: A commercial space in Aubière, Clermont-Ferrand metropolitan area, undergoing modernization and rebranding in 2025. Features shops, services, and offices with approximately 230 parking spaces.
• Flamina
• HORIZONS

Products and services

• Gestion et investissement en immobilier d'entreprise Core service offering for management and investment in commercial/enterprise real estate, including property acquisition, development, and leasing of industrial, warehouse, office, and retail spaces for business clients.
• Locaux d'activités Activity/industrial spaces combining workshop, storage, and office areas, strategically located near major highways (A75/A71/A89) around Clermont-Ferrand, targeting SMEs, artisans, and logistics operators.
• Entrepôts Logistics warehouses and storage facilities distributed across France, including properties in Puy-de-Dôme, Bouches-du-Rhône, Isère, and other departments, serving logistics operators and e-commerce fulfillment companies.
• Bureaux Office spaces available across multiple French locations including Marseille, Échirolles, Cournon d'Auvergne, Marcoussis, and other cities, ranging from small units (59–229 m²) to larger office floors with PMR elevator access.
• Commerces Retail/commercial spaces including the Carré Sud shopping center in Aubière and other commercial properties across the portfolio, targeting retailers, service providers, and commercial operators.
• Carré Sud Iconic commercial shopping center in Aubière, agglomeration of Clermont-Ferrand, modernized in 2025 with new architectural identity featuring perforated metal facade cladding and architectural lighting, featuring shops, services, and offices with approximately 230 parking spaces.
• HORIZONS Les Gravanches New activity space complex in Gravanches zone, Clermont-Ferrand, comprising 4 buildings with 8,523 m² of divisible activity spaces meeting RE 2020 standards with photovoltaic roof installation.
• HORIZONS Lille Activity spaces in Lille metropolitan area (Lys-Lez-Lannoy/Toufflers), Parc d'activités de Roubaix Est, with modular cells from 200 m², RE2020 compliant offices, available September 2026.
• Parc d'activités de Flamina Activity park inaugurated in 2021 at 23 rue de Flamina, Clermont-Ferrand, featuring 12 activity lots on 4,051 m² with €2.4 million investment, housing Clermont Five and other commercial tenants.
• Programme Cournon d'Auvergne (14 rue de la Fave) Modern building delivered June 2023 at 14 rue de la Fave in Cournon d'Auvergne with 3,069 m² total surface divisible into 7 lots, each containing activity space, offices, and mezzanine.

Quantifiable outcome

• Portfolio of approximately 170,000 m² of commercial real estate
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Clermont FivecoreStrategic or Co-development Partner · 1 January 2021Clermont Five, founded by Moulay El Alaoui (former Clermont Foot 63 player), is the first tenant at the Flamina activity park developed by MAB. The partnership was established during construction to create a customized space for indoor five-a-side football, championship competitions, and archery tag. The partnership extends beyond visibility exchange to include the Five Academy and joint sports/marketing initiatives.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Altarea: Altarea is one of France's largest real estate groups, combining retail, residential, office, and logistics platforms at significantly greater scale than MAB. Comparable as a French commercial real estate incumbent operating in overlapping sub-segments (retail, offices, logistics), but with national scale and full-service development capabilities MAB does not match.
• Klépierre: Klépierre is a major European REIT specializing in shopping centers across Continental Europe. Comparable in commercial real estate operations and tenant-leasing model, though at much larger scale and with a pure retail-shopping-center focus that does not overlap with MAB's activity/warehouse core.
• Carmila: Carmila is a French REIT specializing in shopping centers adjacent to Carrefour hypermarkets across Continental Europe. Comparable as a French-listed commercial REIT with retail tenant base, though substantially larger and more focused on large-format retail than MAB's diversified commercial mix.

Direct peers

• Patrimoine et Commerce: Patrimoine et Commerce is a small-cap French REIT focused on retail parks and commercial properties near mid-sized French cities. Highly comparable to MAB's profile: regional French commercial real estate, SME tenant base, and small management team with sub-€500M enterprise value.
• Affine: Affine is a French diversified REIT combining commercial property (offices, logistics, retail) with a niche banking arm. Directly comparable to MAB in its diversified commercial French real estate strategy and small-to-mid-cap size profile, though with a more office-heavy mix.
• ARGAN: ARGAN is a French REIT specialized in logistics and warehouse real estate, listed on Euronext Paris. Highly comparable to MAB given MAB's ~80% activity-space/warehouse mix and French footprint, though ARGAN operates at substantially larger scale and is purely logistics-focused.
• Frey: Frey is a French commercial real estate developer and foncière focused on retail parks and commercial properties, listed on Euronext Growth. Comparable to MAB in regional French commercial real estate development and tenant-mix strategy, with overlap in serving SME and mid-market commercial tenants.
• SELECTIRENTE: SELECTIRENTE is a French REIT specializing in urban commercial real estate (retail, offices) leased to SMEs and mid-market tenants. Comparable to MAB's SME-focused, small-cap French commercial real estate positioning and similar size profile.
• ANF Immobilier: ANF Immobilier is a small French REIT with a diversified portfolio of commercial, office, and logistics assets in French metropolitan areas. Comparable to MAB in asset-type mix, French regional footprint, and small-cap REIT profile.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maison Antoine Baud