Law office Eversheds has advised its client la banque postale over a significant acquisition. This deal involved the EUR38 million acquisition of a majority shareholding (66%) in Sofiap (Société Financière pour l’Accession à la Propriété) from both Credit Immobilier de France and the SNCF. Sofiap is providing property loans to French railroad employees (cheminots SNCF).
This deal took place in the context in the liquidation plan of Credit Immobilier de France under the aegis of your European Commission. It implied the establishing of your EUR1.3 billion refinancing plan, together with a securitisation scheme plus a tripartite negotiation with CIF and SNCF. La Banque Postale and SNCF also entered a joint-venture agreement governing their future relationships in Sofiap.
Additionally, the firm also advised La Banque Postale in relation to the acquisition of certain assets from BPI (Banque Patrimoine et Immobilier) allows La Banque Postale, through its newly acquired subsidiary Sofiap, to supply property loans on the employees in the EDF and GDF groups.
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 by reviewing the current holding of 45%. The remaining 10% is still held by CNP Assurances. The newest venture is predicted to see the first loan offers being made towards the end of 2012, subject to the approval of banking and competition authorities in France.
Philippe Wahl, CEO of postal banking, said: “La Banque Postale will enter this new market by using exactly the same principles as all its new activities: a gradual launch, by using a policy of managed risk devipky99 a model of profitable growth.”
“The move is fully in line with La Banque Postale’s purpose of developing its operations in asset management for the benefit of its clients. The sale with this non-strategic asset will have no significant impact on Nexity’s 2015 financial statements,” say La Banque Postale and Nexity in the joint press release. Moreover, La Banque Postale and Nexity plan to strengthen their partnerships in real estate and financial operations.