Nexity completed the sale of its residential property management services business to investment firm Bridgepoint Group for an enterprise value of €440m.
The transaction, which resulted in the formation of a new French operator in real estate services, includes a strategic partnership to boost existing synergies between the alternative asset manager and Nexity's businesses for six years.
Nexity will use the sale proceeds to accelerate its deleveraging process, with the capital gains to be utilized towards a process of informing and consulting with employee representative bodies before implementing a redundancy plan.
Image source - Pexels.
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