French asset manager Primonial plans to speed up its real estate strategy and boost total assets under management to over €30 bn by 2021 with the support of new shareholder Bridgepoint.
Following an agreement signed in December 2016, London-based venture capital firm Bridgepoint now holds 52.5% of Primonial’s capital, with Crédit Mutuel Arkea (CMA) retaining 35% and the management and employees of the group holding 12.5%.
Bridgepoint acquired the majority stake from previous shareholders BlackFin Capital Partners and Latour Capital.
Headed by new president Stéphane Vidal (pictured), Primonial has drawn up a strategic plan for the next five years under it aims to strengthen its position in France, accelerate its growth strategy in real estate across Europe and establish a European asset management platform in the long term.
‘We are delighted to welcome Bridgepoint to the group’s capital,’ said Vidal. ‘Its presence in the main European countries and its operations will be a real asset for our development, particularly in the context of growth. We are also pleased to keep Crédit Mutuel Arkéa at our side, a solid banking group that has contributed over the past three years to consolidating our position in the French market.’
Primonial managed or advised on some €16 bn of assets as of 30 September 2016. The company ranked 67th in PropertyEU’s Top 100 Investors ranking for 2016 with €6.5 bn in real estate assets under management.
Recent property deals include the acquisition last September of 68 nursing homes in Germany for €994 mln as part of the company’s strategy of building up a pan-European healthcare property portfolio.
Bridgepoint has completed some €25.7 bn of transactions since 2000.
