AEW Europe and HSBC REIM are vying with Amundi Immobilier, the new EUR 5.2 bn investment management firm created from the merger of CAAM RE and Societe Generale AM, to receive the management mandate for the SCPI investment vehicle, Genepierre. Genepierre has so far been managed by Societe Generale and with around EUR 300 mln of commercial properties, is a major fund in the French real estate market.
AEW Europe and HSBC REIM are vying with Amundi Immobilier, the new EUR 5.2 bn investment management firm created from the merger of CAAM RE and Societe Generale AM, to receive the management mandate for the SCPI investment vehicle, Genepierre. Genepierre has so far been managed by Societe Generale and with around EUR 300 mln of commercial properties, is a major fund in the French real estate market.
Following the merger of the asset management units of Credit Agricole and Societe Generale into Amundi Immobilier, a simple transfer of the management mandate to Amundi Immobilier was questioned by the fund's unitholders. A tender process was subsequently launched to decide which asset manager would offer the best conditions and possibilities for the SCPI Genepierre. The fund currently has over 33,000 m2 of vacant space.
A final decision is expected to be taken during Genepierre's shareholders meeting at the end of March. Natixis' AEW Europe is participating in the tender process through its management unit, Nami, which has around EUR 1 bn of assets under management in France.
