Caisse d'Epargne will become Nexity's core shareholder taking over at least 38% of the property developer. The two groups said that Nexity will subsequently become the regional lender's property arm. In exchange, Nexity will also take a 25% stake in Caisse d'Epargne's real-estate finance unit Credit Foncier. A final agreement is expected by the end of April.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
