Altarea signs an agreement for the acquisition of the Primonial group

"Altarea announces that it has today concluded with the shareholders (Bridgepoint, Latour Capital, Société Générale Assurances) and the management of the Primonial group the final agreements relating to the acquisition" of the latter, the buyer said in a press release.

This acquisition will be done in two stages, with the buyback of 60% of Primonial during the first quarter of 2022 and of the remaining capital during the first quarter of 2024, details the press release.

Until then, this transaction remains subject to the usual conditions precedent in the matter, in particular the agreements of the Financial Markets Authority and the Financial Sector Supervisory Commission, and the approval of the Competition Authority.

Altarea announced at the end of June that it had entered into negotiations for the acquisition of Primonial.

The scope of this operation includes the target's real estate asset management activities, with 30 billion euros in assets under management, and distribution activities with 12 billion euros in assets advised, as well as a 15% minority stake in the management company La Financière de l'Échiquier, a subsidiary of Primonial.

The new group thus formed expects to be able to intervene, as investor and developer, on the entire real estate value chain and on all asset classes, Altarea explained at the time.

At the end of the buyout process, the entire management team of the Primonial group will remain unchanged and will retain its decision-making autonomy within the new group, the buyer also assured.

Altarea has seen its place grow in the last few years in the French real estate landscape, where it is now the second developer behind its competitor Nexity.