Crédit Agricole Immobilier and Nexity enter into exclusive negotiations in view of the acquisition of Nexity Property Management by Crédit Agricole Immobilier

Press release

Paris, 25 July 2024

Crédit Agricole Immobilier and Nexity
enter into exclusive negotiations in view of the acquisition
of Nexity Property Management by Crédit Agricole Immobilier

Under this agreement, Crédit Agricole Immobilier has undertaken to acquire Nexity Property Management, the property management (managing agency, rental management and technical management services) subsidiary of the Nexity group, a comprehensive real estate operator.

Thanks to the acquisition of Nexity Property Management, a specialized company in the management of commercial, residential, and retail assets, Crédit Agricole Immobilier would gain complementary expertise - in managing high-rise buildings and logistics properties - as well as wider regional coverage. It aims to reinforce its ability to assist all institutional investors, including those from Crédit Agricole regional banks and Crédit Agricole group’s subsidiaries with their investment projects, in line with the universal customer-focused banking approach.

In accordance with its strategic ambition to become one of the leading players by 2025, Crédit Agricole Immobilier would become the first Institutional Property Manager in France, in revenues.

For Nexity, this deal is fully aligned with both the Group’s roadmap and its search for strategic and financial partnerships across its management businesses, which was announced and initiated in 2023.

As the French market leader in commercial property management, Nexity Property Management offers a comprehensive range of end-to-end technical and administrative property management, condominium management, works management and delegated project ownership services as well as management of occupant and building services for major commercial real estate complexes.

The transaction has been approved by the employee representative bodies of Nexity Promotion Construction and Nexity Property Services. It remains subject to approval by the French Competition Authority, with closing expected in the fourth quarter.

Its impact on Crédit Agricole S.A.’s CET1 ratio would be non-material. The deal would generate a return on investment in line with Crédit Agricole’s policy.

Valérie Wanquet, Chief Executive Officer of Crédit Agricole Immobilier, commented:
“Our undertaking to acquire Nexity PM is aligned with our ambition of becoming the French market leader in property management.
This major development project would further bolster our expertise across the real estate management spectrum, offering our clients – institutional owners – the most comprehensive value proposition in the market.