Les Constructeurs du Bois

1 founder, 16 employees

Founded in 2011 by François Duchaine, a graduate of ENSTIB (one of the two wood schools in France) with experience in primary wood processing (sawmill trading) and later as a director of a carpentry company, he dedicated himself to real estate development with Les Constructeurs du Bois to develop wood construction projects, which were still marginal at that time. He was soon joined in this venture by his wife, Cygrine Duchaine, Administrative Director, and Christophe Baudon, Associate Deputy Director, who has over 20 years of experience in structural work and project management. After nearly 10 years of existence, the company and its team experienced a scaling-up with the new market orientation towards low-carbon and bio-based construction: since 2020, the team has been strengthened with several experienced managers (design office, sales, etc.) and wood specialists (several of whom are also trained at ENSTIB). In the context of strong growth, the company welcomed Lucas Duchaine, the son of François and Cygrine, who, after studying at Sciences Po Strasbourg and a stint in investment banking, joined the family business to focus on finance, strategy, and CSR. The management team also includes an Operational Director, Manuel Da Costa; a Development Director, Jacques-Alexandre Vignon; and a Design Office Manager, Alexis Vacant.

François Duchaine

Chief Executive Officer (CEO)

Cygrine Duchaine

Deputy Director

Christophe Baudon

Associate Technical Director

Lucas Duchaine

Head of Corporate Development

According to ADEME, the building sector represents 23% of greenhouse gas emissions in France, making it the third most polluting sector in the country. The agency notes that the majority (75%) of these emissions occur during construction, highlighting the importance of revising our construction methods. Since 1982, France has seen an average annual increase of 1.5% in the area of artificialized land, reaching nearly 9% of the national territory today (Insee). This trend generates numerous environmental pressures, such as the loss of biodiversity, reduction of agricultural land, and decreased ability of soils to absorb water due to their impermeabilization. We therefore need to radically rethink our production methods in the construction sector to meet our commitments under the Paris Agreement. Moreover, the real estate development industry has generally tended to favor real estate programs based on a standardized asset type, duplicated across an entire program (size, price, residential or commercial), thereby limiting social diversity within the programs. To address these issues, it is essential to value actors who engage in environmentally friendly practices and promote social connections and diversity.

From its inception, Les Constructeurs du Bois (LCB) has adopted an ambitious environmental and social approach by constructing buildings with over 80% wood. This approach has allowed it to stay ahead of the sector’s new requirements. LCB is actively involved in sustainable projects, embracing innovative urban planning practices. By prioritizing the use of bio-based materials, especially wood, the group significantly reduces the carbon footprint of its constructions and, consequently, promotes the well-being of its users. LCB collaborates with local suppliers, ensuring that the wood used is sourced from France or Europe, thus reinforcing their commitment to short supply chains. With a strong focus on minimizing land artificialization, the company favors projects on brownfield sites (>80% of the eco-districts concerned) and currently has two rehabilitation projects underway. LCB aims for exemplary CSR practices: for instance, the group implements rigorous waste management, water management optimization, and energy consumption reduction practices in its programs. Additionally, its eco-districts promote social and intergenerational diversity, including senior and student residences, social housing, condominiums, medical centers, and micro-crèches. Ahead of the RE2020 requirements, LCB is capable of meeting the renovation and decarbonization expectations for the real estate sector, actively contributing to the transition towards a more sustainable future. The introduction of an impact premium linked to the bond issuance establishes a framework to embed the proactive approach by setting ambitious targets for achieving higher RE2020 thresholds (i.e., RE2025 to RE2031) and rehabilitation goals (still to be developed by the company).

Les Constructeurs du Bois (LCB) is a family-owned real estate development group. Specifically, the company identifies available land, including urban brownfield sites in collaboration with public developers (through calls for projects), and develops real estate programs that mix residential, private or social housing, and/or commercial spaces such as medical centers or micro-crèches. The programs are typically sold, usually before the construction phase, to institutional investors for the majority (bulk sales of assets), healthcare professionals, or local authorities (medical centers and micro-crèches), as well as to private individuals (individual sales, which are currently relatively marginal due to market conditions), with a gross margin of approximately 20%. LCB benefits from its own design office, which ensures expertise in wood-specific design, and an in-house general contractor, allowing for direct coordination of technical lots. These elements enable LCB to achieve exemplary profitability for the sector, with a 12% EBITDA in 2023. Procurement is primarily ensured through local and long-standing partners, such as Vosges-based carpenters. With this positioning, LCB is experiencing significant growth, with revenue doubling between 2021 and 2023 to €15M, and a substantial project portfolio totaling €176M to date, of which 23% is sold or reserved (bulk sales to institutional investors) and 53% is underway or under construction permits.

Les Constructeurs du Bois’ positioning addresses both social and environmental challenges: