Finalisation of the sale of its property management business - EV €440m

NEXITY REACHES A MAJOR MILESTONE IN ITS TRANSFORMATION
AND STEPS UP THE PACE OF ITS DELEVERAGING, FINALISING THE SALE OF ITS PROPERTY MANAGEMENT FOR INDIVIDUALS BUSINESS TO INVESTMENT FIRM BRIDGEPOINT BASED ON AN ENTERPRISE VALUE OF €440M

Paris, 2 April 2024, 5:45 p.m.

Major step in Nexity’s strategy of refocusing on urban regeneration and new developments for the Real Estate Services to Individuals businesses acquired by world-leading investment firm Bridgepoint

The finalisation of this sale with Bridgepoint is a new step in Nexity’s transformation as the Group refocuses its business model on serving regions across France as an urban operator. The pivot towards urban regeneration accelerated in 2023, with the launch of Nexity Héritage, our expert brand, and the signing of a nationwide agreement with Carrefour.

Through this transaction, Bridgepoint aims to give the newly formed entity – a major French operator in real estate services to individuals – the means to consolidate its growth, with solutions tailored to customers spanning the entire real estate value chain.

Strategic and financial partnership to amplify synergies between real estate services to individuals and Nexity 

After the conditions precedent¹ were met, and following consultation with employee representative bodies, who issued a unanimously favourable opinion, the sale to investment firm Bridgepoint was finalised today, under the conditions announced on 21 December 2023. The transaction includes a strategic partnership between Nexity and the new entity, for a period of six years (which may be renewed for a further four years), aimed at boosting existing synergies with the Group’s development businesses and securing their long-term future.

This transaction will also be an opportunity for this new company, which has 3,100 employees (condominium management, rental management, sales and lettings of existing properties, and insurance brokerage), to continue and ramp up its growth.

Stepping the pace of the Group’s deleveraging 

Based on an enterprise value of €440 million, the sale proceeds of €400 million for Nexity, received today, will be used to significantly step up the pace of the Group’s deleveraging process (net debt amounted to €776 million at year-end 2023). The Group’s solid liquidity at year-end 2023 (€882 million in cash and €630 million in undrawn credit facilities) has been bolstered by this sale.