Partners Group joins Foncia
The investment company Partners Group from Baar, together with a consortium, is acquiring the French real estate company Foncia. The sellers are the two investment companies Eurazeo and Bridgepoint, which acquired Foncia only in 2011.
The acquisition is for the investment of client funds, Partners Group says. In addition to Partners Group, the buyer consortium includes Caisse de dépôt et placement du Québec (CDPQ) and CIC Capital Corporation, a subsidiary of China Investment Corporation (CIC), as well as Foncia's management.
Foncia, headquartered in Paris, was founded more than 40 years ago and offers a wide range of services in the residential real estate sector. The portfolio comprises more than 1.8 million units in France, Belgium, Switzerland and Germany. With more than 8,000 employees, Foncia generated sales of around 700 million euros in 2015.
The Partners Group consortium, together with Foncia management, intends to continue working on consolidation in the highly fragmented property management sector in France and accelerate international expansion. Partners Group holds a majority stake in the company on behalf of its clients and also takes the lead on the Board of Directors.
According to the sellers, Foncia's enterprise value is 1.83 billion euros. The deal still has to be approved by the antitrust authorities and is expected to be completed by September at the latest. (ah)
