La Banque Postale, part of the French post office group, is in exclusive talks to buy a 45% stake in asset manager Ciloger from developer Nexity for an undisclosed amount.
La Banque Postale, part of the French post office group, is in exclusive talks to buy a 45% stake in asset manager Ciloger from developer Nexity for an undisclosed amount.
The acquisition would give Banque Postale a 90% interest in Ciloger, an asset manager with around €4.5 bn in assets. The remaining 10% in Ciloger is owned by insurer CNP.
'The move is fully in line with La Banque Postale’s aim of developing its operations in asset management for the benefit of its clients,' the company said in a statement.
Nexity said Ciloger is non-strategic for the business and added that the sale would have no 'significant impact' on Nexity’s 2015 financial statements.
Established in 1984, Ciloger is the portfolio manager for the SCPI and OPCI real estate investment products sold by La Banque Postale and Caisses d’Epargne. It manages a total of 12 OPCIs for institutional investors, one OPCI for individual investors, and 14 SCPIs.
The transaction is expected to take place during the second quarter of 2015.
