French financial group La Banque Postale has entered exclusive negotiations with Nexity in order to purchase its stake in Ciloger. Ciloger is a French asset manager specialised in real estate with €4.5bn of assets under management and distributes real estate products (SCPI and OPCI) from groups La Banque Postale and Caisse d’Epargne.
This acquisition would bring La Banque Postale’s stake in Ciloger to 90%, up from its current holding of 45%. The remaining 10% will still be held by CNP Assurances.
“The move is fully in line with La Banque Postale’s aim of developing its operations in asset management for the benefit of its clients. The sale of this non-strategic asset will have no significant impact on Nexity’s 2015 financial statements,” say La Banque Postale and Nexity in a joint press release.
Moreover, La Banque Postale and Nexity intend to strengthen their partnerships in real estate and financial operations.
Pending approval of the deal by competent authorities, the transaction is expected to be concluded during Q2 2015.
The asset management arm of La Banque Postale, La Banque Postale AM, manages €150bn in assets as at 31 December 2014.