Nexity, the listed French real estate operator, is in exclusive talks to sell its residential property management services company to private equity firm, Bridgepoint.
The purchase price is based on an enterprise value of €440 mln.
Nexity is pivoting its business to suit new market conditions, as revealed by the company when it released Q3 results on 25 October. The company said it had initiated a process to find strategic and financial partners for its property management and distribution businesses.
Proceeds will go to paydown debt.
'I am proud of Nexity’s capacity to once again deliver on its commitments, by swiftly entering into this first strategic and financial partnership, enabling us to implement our roadmap, refocused on accelerating toward urban regeneration and managed real estate,' said Véronique Bédague, chairwoman and CEO.
Vincent-Gaël Baudet, head of Bridgepoint Europe in France, said: 'Property management, lease management and property sale and rental businesses are highly attractive to us. We understand and know them well, and plan to unlock the group’s full growth potential.'
'The contemplated acquisition of Nexity’s Residential Property Management Services business fits directly with our ambition, supporting French SMEs in along their strategic transformation and growth journey.'
