French private bank Edmond de Rothschild has signed a preliminary agreement to acquire Cleaveland, a real estate asset manager with €2.5 bn of assets.
French private bank Edmond de Rothschild has signed a preliminary agreement to acquire Cleaveland, a real estate asset manager with €2.5 bn of assets.
The acquisition, which remains subject to the approval by the French stock market regulator AMF, will complement Edmond Rothschid's real estate services offering, which currently includes advisory, asset management and merger&acquisitions. Financial details were not disclosed.
Founded in 2005 by Laurent Fermaut and Dominique Bonin, Cleaveland is a French independent asset management firm for third parties. The company has more than twenty employees, and counts major family offices and private equity funds among its clients.
'Real estate is absolutely essential for our private and institutional clients. After the acquisition in 2014 of a business advisory and consulting real estate, we will offer a full spectrum of services with the Cleaveland acquisition,' said Vincent Taupin, chairman of the board of Edmond de Rothschild.
'We are excited to join Edmond de Rothschild. This strong brand, with many locations worldwide should enable us to accelerate the development of our customers thanks to the many synergies with private banking and asset management of the Group,' added Laurent Fermaut and Dominique Bonin, associate founder of Cleaveland.
