French real estate operator Nexity has announced exclusive negotiations with European alternative asset management firm Bridgepoint for the sale of its Residential Property Management Services (RPMS) business, based on an enterprise value of €440 million.
The proposed deal, expected to be finalized in the first half of 2024, aligns with Nexity’s strategy outlined during the Q3 2023 results announcement.
Nexity had previously signaled its intent to seek strategic and financial partners for its property management and distribution businesses.
The partnership between Bridgepoint and Nexity aims to foster the continuous development of all involved activities, including Joint Property Management, Lease Management, Property Rental & Sales, and Insurance Brokerage. Notably, it seeks to reinforce existing synergies and propel the expansion of Nexity’s businesses in a sustained manner.
“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. As we wished, this first agreement should enable the Residential Property Management Services business to continue their development, while securing and boosting existing synergies with Nexity’s businesses,” said Véronique Bédague – Chairwoman and Chief Executive Officer of Nexity.
“The contemplated acquisition of Nexity’s Residential Property Management Services business fits directly with our mission, supporting French SMEs in along their strategic transformation and growth journey. The Joint Property Management, Lease Management and property sale & rental businesses are dear to us. We understand and know them well, and plan to unlock the group’s full growth potential. We are honored by Nexity’s trust and proud of our forthcoming commercial and strategic partnership. We look forward to working with the company’s team,” said Vincent-Gaël Baudet – Head of Bridgepoint Europe in France.
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