Asset management and private banking firm Edmond de Rothschild is buying a majority stake in Cording Real Estate Group, for an undisclosed sum, to help the company’s entry into new markets.
Edmond de Rothschild said Wednesday its affiliate OROX Europe, will acquire a majority stake in Cording, an asset management firm with €2.3bn management mandates and 80 employees. Cording’s activities include investment management, asset management and property management.
Edmond de Rothschild said the deal will further strengthen its real estate franchise in France and OROX in Switzerland and Northern Europe, by adding scale and entry to new markets. The strategic partnership will combine €7.8bn assets and 125 employees, with 11 offices in the UK, Germany, the Netherlands, France, and Switzerland.
As part of the acquisition, Cording’s existing management team will remain as minority shareholders. Rodney Bysh will remain as CEO of Cording Real Estate Group, while John Partridge will remain chairman of the Cording business.
Ariane de Rothschild, president of the Edmond de Rothschild’s executive committee said: “This strategic alliance is an important step in further developing and strengthening our real estate platform, in line with our group’s strategy.
“Cording’s activities and team complete our real estate offering and give us immediate access to three new markets in Northern Europe.”
The acquisition is subject to regulatory approvals and is expected to complete in the final quarter of 2017.