French developer Altarea said it has entered into exclusive talks for the purchase of the Cogedim group for EUR 650 mln. Altarea will initially pay 60% of the amount, while another 36% will be paid without interest in the next three years and the remaining 4% will depend on the performance of Cogedim in 2007.
French developer Altarea said it has entered into exclusive talks for the purchase of the Cogedim group for EUR 650 mln. Altarea will initially pay 60% of the amount, while another 36% will be paid without interest in the next three years and the remaining 4% will depend on the performance of Cogedim in 2007.
Altarea has a portfolio worth some EUR 1.4 bn and a pipeline of 35 projects across Europe. Listed on Euronext Paris, the company has a capitalisation of EUR 1.6 bn. Cogedim is a developer of residential and commercial property and has been active in asset management since 2005.