French property firm Nexity has announced the disposal of its activities in Portugal to Orion European Real Estate Fund V, a real estate fund managed by Orion Capital Managers, as part of a strategy to refocus its development activities in France.
The company did not disclose financial details for the deal, which follows the sale of Nexity's Polish subsidiary completed in July 2023.
Nexity's Portuguese portfolio includes the New Flower Tower Camellia, a residential tower with 21 floors and 134 apartments, located in Porto.
'These two disposals are perfectly in line with the strategy of reallocating capital to activities in France, in accordance with the timetable announced by Nexity in February 2023 at the time of its annual results. The proceeds from the disposals and the reduction in working capital requirement generated by the extinctive management of the remaining international operations will help to reduce the Group's debt and finance our operations in the field of sustainable cities,' said Véronique Bédague, Chairwoman and CEO of Nexity.
