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| Caisse d'Epargne, Nexity create leading French real estate operator After the signature of the asset transfer agreement on 7 June, the directors of the Caisse d'Epargne, a mutual savings bank, and Paris- based real estate developer Nexity presented the terms of their agreement to the press and to the market. Those terms will be submitted for the approval of the shareholders' general meeting during the second half of July. On that date, the Caisse d'Epargne Group will own 38.2% of Nexity in exchange for its asset transfers to that company of 25% of Crédit Foncier, 100% of GCE Immobilier and 32.1% of Eurosic. Thus constituted, Nexity will be the first integrated real-estate operator. Less than five months after the beginning of exclusive negotiations (on 12 February), the two companies have thus finalised a plan to create the leading French property services company, capable of offering the whole range of services: urban planning, development, finance, property, asset management, services and distribution. Nexity, the greater part of whose share capital is still floating, will have its expertise strengthened and its capacity to act extended. A prospectus submitted for registration by the AMF is available to shareholders with a view to final approval of the asset transfer agreement at an extraordinary general meeting convened on 16 July next (a second notice of meeting to be issued for 23 July in the event that a quorum cannot be assembled at the first meeting). write your comments about the article :: © 2007 Construction News :: home page |