Crédit Agricole Immobilier has entered into exclusive negotiations to purchase Nexity Property Management, a subsidiary of Nexity specializing in property management services.
This acquisition would bolster Crédit Agricole Immobilier's expertise in managing commercial, residential, and retail properties, particularly high-rise buildings and logistics facilities. Additionally, it will enable the company to further strengthen support for institutional investors, including regional banks and those within the Crédit Agricole Group.
By expanding its geographic reach and service offerings, Crédit Agricole Immobilier aims to become the leading institutional property manager in France by 2025 in revenues.
Valérie Wanquet, CEO of Crédit Agricole Immobilier, commented: ‘Our undertaking to acquire Nexity PM is aligned with our ambition of becoming the French market leader in property management. This major development project would further bolster our expertise across the real estate management spectrum, offering our clients - institutional owners - the most comprehensive value proposition in the market. In accordance with Crédit Agricole group's Societal Project, this operation would enable us to provide our clients with greater support in addressing their strategic environmental and societal priorities, notably as regards navigating the energy transition and reducing the carbon footprint of their real estate assets.’
Jean-Claude Bassien, Nexity's deputy CEO, added: ‘This deal is fully aligned with our refocusing strategy initiated in 2023 and the implementation of our roadmap. Following the sale of our Property Management for Individuals business in April, the signing of this new agreement marks another major milestone in the transformation of Nexity's business model towards that of an urban operator dedicated to serving regions across France and focused on urban regeneration and managed real estate, while stepping up the pace of its deleveraging.’
Nexity views this transaction as a strategic fit, aligning with its broader plan to establish strategic and financial partnerships within its management division. This strategy was unveiled and initiated in 2023.
The deal has been endorsed by Nexity's employee representatives and is now pending approval from the French Competition Authority. The closing is anticipated in Q4 2024.
