French group Primonial said on Wednesday that it has reached a preliminary agreement to acquire the 30.3% stake it did not already own in its real estate investment arm, Primonial REIM, from UFF Banque (UFFB).
Upon closing of the deal, the Primonial group will have full ownership of Primonial REIM. Financial details were not disclosed.
Stéphane Vidal, chairman of the Primonial group, said that the transaction will not bring any change to Primonial REIM’s development, which will remain aligned with the group’s real estate strategy.
Primonial REIM manages a €14 bn portfolio encompassing 3.5 million m2 in France and abroad.
'Together with Laurent Fléchet, Deputy Chief Executive Officer of the group with responsibility for real estate activities, and Grégory Frapet, Chairman of Primonial REIM’s Executive Board, I would like to thank UFFB for its valuable contribution since the company was formed in 2011,' he added.