Asset manager Bridgepoint has agreed to buy Nexity’s €440m residential property management services business.

Real estate operator Nexity said the proceeds from the proposed sale of it Residential Property Management Services (RPMS) division would be used to reduce the group’s debt level.

The capital gains generated by this transaction would help Nexity ”adapt more quickly to new market conditions and partly offset the cyclical low expected in 2024, the company added.

RPMS has an enterprise value of €440m.

Véronique Bédague, chairwoman and CEO of Nexity, said: “I am proud of Nexity’s capacity to once again deliver on its commitments, by swiftly entering into this first strategic and financial partnership, enabling us to implement our roadmap, refocused on accelerating toward urban regeneration and managed real estate.

“As we wished, this first agreement should enable the Residential Property Management Services business to continue their development, while securing and boosting existing synergies with Nexity’s businesses.”

Vincent-Gaël Baudet, head of Bridgepoint Europe in France, said: “The contemplated acquisition of Nexity’s Residential Property Management Services business fits directly with our mission, supporting French SMEs in along their strategic transformation and growth journey.

The Joint Property Management, Lease Management and property sale and rental businesses are dear to us. We understand and know them well, and plan to unlock the group’s full growth potential.” 

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