Edmond de Rothschild acquires stake in Cording Real Estate
Edmond de Rothschild (Suisse) acquires a majority stake in real estate investment and asset management company Cording Real Estate Group. The aim is to create a comprehensive European investment management business, Rothschild says.
The Cording Real Estate Group, based in London, is an owner-managed real estate service provider in the areas of investment, asset and property management. Founded in 2008, the company's target markets are the UK, Germany and Benelux. Cording currently manages management mandates worth €2.3 billion and employs 80 people in five offices in Germany, two in the UK and one in the Netherlands.
The members of Cording's existing management team will be minority shareholders. Rodney Bysh will continue as Managing Director of Cording Real Estate Group and John Partridge will retain his position as Chairman of the Cording business.
This transaction is designed to strengthen the Edmond de Rothschild Real Estate franchise, currently managed by group subsidiaries Cleaveland, a real estate investment company in France, and Swiss asset manager Orox - by scaling and entering new markets.
Entry into three new markets in one fell swoop
Ariane de Rothschild, President of the Executive Committee of the Edmond de Rothschild Group, says: "Cording's activities and team complement our real estate offering and give us immediate access to three new markets in Northern Europe. At the same time, they position us as an important player in the real estate investment and asset management markets." The strategic partnership between Cording and Rothschild will involve €7.8 billion in assets and 125 employees, as well as eleven offices.
The acquisition is subject to regulatory approval and is expected to close in the fourth quarter of 2017.
The family-owned group specializes in asset management and private banking services. It includes in particular Edmond de Rothschild (Suisse) S.A., a listed public limited company under Swiss law. It was founded in 1953 and has been managed by Baron Benjamin de Rothschild since 1997. As of December 31, 2016, assets under management amounted to CHF 166 billion. The Group has a total of 2,700 employees in 27 branches worldwide.
