French property group Nexity said on Monday it is in talks with banking giant Caisse Nationale des Caisses d'Epargne (CNCE) to sell its 23.4% stake in Credit Foncier de France. The company said the negotiations centre on a cash offer, and the transaction is expected to be completed in early 2009. The sale will not entail any change in the 38% interest held by CNCE in Nexity, it added, or in the terms and conditions of the business cooperation between them.
French property group Nexity said on Monday it is in talks with banking giant Caisse Nationale des Caisses d'Epargne (CNCE) to sell its 23.4% stake in Credit Foncier de France. The company said the negotiations centre on a cash offer, and the transaction is expected to be completed in early 2009. The sale will not entail any change in the 38% interest held by CNCE in Nexity, it added, or in the terms and conditions of the business cooperation between them.
The parties intend to base the value of the offer on the equity book value of Crédit Foncier de France as well as on an expert appraisal.
Crédit Foncier de France is a financial institution specialising in real-estate financing. It was created in 1852 and it has since become a key player in the commercial and residential property market and developed its financing activities with a wide spectrum of clientele ranging from private individuals to professional customers. The company has outstanding loans of EUR 45.5 bn according to its website. It also owns firms such as Compagnie de Financement Foncier, the largest private bond issuer after the French State; Foncier Expertise, the leader in property valuation services in France; and Keops Entreprises, a major player in commercial real estate.
