Swiss family-owned financial group Edmond de Rothschild said on Wednesday that it has agreed to acquire a controlling stake in Cording Real Estate Group to strengthen its investment management business.
Under the terms of the deal, which is expected to close by year-end, Edmond de Rothschild will take control of Cording through its affiliate, Orox Europe, while Cording’s existing management team will remain as minority shareholders.
Rodney Bysh will remain as CEO of Cording Real Estate Group, while John Partridge will remain Chairman of the Cording business.
Financial details of the transaction were not disclosed.
Headquartered in London, Cording Real Estate Group is an investment and asset management firm with €2.3 bn management mandates and 80 employees. Cording’s activities include investment management, asset management and property management. Founded in 2008, Cording is active in the UK, Germany and Benelux.
Edmond de Rothschild is currently active in the real estate arena through two subsidiaries, Cleaveland in France and Orox in Switzerland and Northern Europe. Through the acquisition the company will create a real estate platform with €7.8 bn of assets and 125 employees, with 11 offices in the UK, Germany, the Netherlands, France, and Switzerland.
'Since the formation of the company in 2008, the management team has sought to build a comprehensive Northern European investment platform with the depth and expertise to provide investors with best-in-class deals and investment strategies. We see in Edmond de Rothschild a strong and solid partner, with deep sector expertise and excellent market access. This transaction will allow us to foster our development further,' commented Rodney Bysh, CEO of Cording Real Estate Group.
Ariane de Rothschild, President of the Edmond de Rothschild Group’s Executive Committee, commented: 'This strategic alliance is an important step in further developing and strengthening our Real Estate platform, in line with our Group’s strategy.'
