Nexity enters into exclusive negociations to sell its residential property management services business to Bridgepoint

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NEXITY ENTERS INTO EXCLUSIVE NEGOTIATIONS TO SELL ITS RESIDENTIAL PROPERTY MANAGEMENT SERVICES BUSINESS TO BRIDGEPOINT

Paris, 21 December 2023, 6:05 p.m.

Nexity, a comprehensive real estate operator, announced today that it entered into exclusive negotiations with a view to selling 100% of its Residential Property Management Services (“RPMS”) business1 to Bridgepoint, a European leader in alternative asset management, based on an enterprise value of €440m. This transaction would include a strategic partnership boosting existing synergies with Nexity’s businesses and securing their long-term future.

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The proposed transaction could be finalised in the first half of 2024, following consultation with the relevant employee representative bodies and the customary conditions precedent being met2. It fits with Nexity’s plan to adjust its strategic roadmap to the new market conditions, as announced by Nexity on 25 October upon the release of its Q3 2023 results. The Group stated it had initiated a process to find strategic and financial partners for its property management and distribution businesses.

The planned strategic partnership agreed by Bridgepoint and Nexity would allow all the activities involved (Joint Property Management, Lease Management, Property Rental & Sales, and Insurance Brokerage) to continue their development. The partnership would also enable Nexity to maintain and expand the synergies generated over the past several years across business lines.

The proceeds from this transaction would be used to reduce the Group’s debt level. The capital gains generated by this transaction would help Nexity adapt more quickly to new market conditions and partly offset the cyclical low expected in 2024.

“I am proud of Nexity’s capacity to once again deliver on its commitments, by swiftly entering into this first strategic and financial partnership, enabling us to implement our roadmap, refocused on accelerating toward urban regeneration and managed real estate. As we wished, this first agreement should enable the Residential Property Management Services business to continue their development, while securing and boosting existing synergies with Nexity’s businesses.” Véronique Bédague – Chairwoman and Chief Executive Officer of Nexity

“The contemplated acquisition of Nexity’s Residential Property Management Services business fits directly with our mission, supporting French SMEs in along their strategic transformation and growth journey. The Joint Property Management, Lease Management and property sale & rental businesses are dear to us. We understand and know them well, and plan to unlock the group’s full growth potential. We are honored by Nexity’s trust and proud of our forthcoming commercial and strategic partnership. We look forward to working with the company’s team.” Vincent-Gaël Baudet – Head of Bridgepoint Europe in France

ABOUT BRIDGEPOINT
Bridgepoint is the reference middle-market alternative asset manager in Europe, with c. €40 billion of assets under management. With operations in France for over thirty years, Bridgepoint is one of the principal international private equity players locally. Bridgepoint’s investment team supports French SMEs in the definition and execution of their strategy, in France and abroad, thanks to its operations in Europe, the US and Asia. Bridgepoint invests in high quality businesses addressing resilient and growing markets. Businesses which trust Bridgepoint in France include Balt, Groupe Bertrand/Burger King France, Empruntis, Kereis, Primonial / La Financiere de l’Echiquier, and Vivacy. Bridgepoint is listed on the London Stock Exchange. (www.bridgepoint.eu)

NEXITY – LIFE TOGETHER
With 8,500 employees and €4.7 billion in revenue in 2022, Nexity is France’s leading comprehensive real estate operator, with a nationwide presence and business operations in all areas of real estate development and services. Our strategy as a comprehensive real estate operator is designed to serve all our clients: individuals, companies, institutional investors and local authorities. Our corporate purpose, “Life together”, expresses our commitment to creating sustainable spaces, neighbourhoods and cities that let our clients connect and reconnect. Nexity has been ranked France’s number-one low-carbon project owner by BBCA for the fifth year in a row, is a member of the Bloomberg Gender-Equality Index (GEI), was included in the Best Workplaces 2021 ranking and was awarded Great Place to Work® certification in September 2022.
Nexity is listed on the SRD, Euronext’s Compartment A and the SBF 120.

CONTACTS
Nexity
Géraldine Bop – Head of Financial Communications / +33 (0)6 23 15 40 56
Anne-Sophie Lanaute – Head of Investor Relations and Financial Communications / +33 (0)6 58 17 24 22
[email protected]

Bridgepoint
Sibylle Descamps – CTCom / [email protected] / +33 (0)6 82 09 70 07


1 The Residential Property Management Services business is operated by Nexity Lamy and Oralia Partenaires

2 Transaction subject to approval by the European Commission regarding merger control procedures

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