French investor Omnium Finance is buying a 49.9% stake in property companies Uffi Asset management and Laforet Immobilier. The remaining 50.1% stake is being retained by the two companies' shareholding group led by Michel K. Moubayed.
French investor Omnium Finance is buying a 49.9% stake in property companies Uffi Asset management and Laforet Immobilier. The remaining 50.1% stake is being retained by the two companies' shareholding group led by Michel K. Moubayed.
Omnium's managing director Xavier Chausson said that the acquisition will position Omnium Finance as the largest independent property and financial services firm in France. 'We are very pleased with this strategic merger between complementary businesses that share the same entrepreneurial values,' he added.
Founded in 2002, Omnium Finance is active in investment consultancy, banc assurance products, real estate investment, development and asset management. The company had a turnover of EUR 800mln last year.
Laforet Immobilier is a property agency with 850 offices in France and annual sales of around EUR 6.2bn.
Uffi Asset Management manages EUR 1bn worth of assets for 30,000 investors, and is the second largest independent manager of SCPI investment vehicles in France.
