China's Fosun Group has agreed to take a controlling stake in France's Paref Group, the Paris-focused real estate investor, for a price close to €45 mln.

bourse

Bourse

Fosun Property Holdings Limited has been granted exclusive negotiation rights by Paref after making a binding offer for a 50.01% portion of the company's share capital from four existing shareholders. The price is €75 per share for a total of 604,473 shares.

Paref operates principally as a commercial and residential investor in and outside the Paris region, as well as managing properties on behalf of third parties through Paref Gestion, a subsidiary which manages six SCPIs and 3 OPPCIs.

As of December 31 2016, PAREF owned €167 mln in property assets, and managed assets worth €1.328 bn on behalf of third parties. Its shares are trading on Euronext Paris.

Fosun Property Holdings is the property investment and management platform of Fosun Group, with more than RMB 150bn of assets under management (over €25 bn) including real estate holdings and teams located in New York, Tokyo, Sydney, Milan, London, Sao Paulo, Zurich, India, Singapore, Moscow and Lisbon.

The deal is expected to close in the second half of 2017.