Newsroom

Amundi and Crédit Agricole Immobilier combine their real estate management activities

London, United Kingdom, 9/14/16,  by Amundi

Amundi and Crédit Agricole Immobilier have decided to combine their real estate management activities by merging their specialised management companies Amundi Immobilier and CA Immobilier Investors (CAII). 

Amundi and Crédit Agricole Immobilier have decided to combine their real estate management activities by merging their specialised management companies Amundi Immobilier and CA Immobilier Investors (CAII).

Amundi Immobilier managed more than €12 billion of assets at end-2015 (of which around 60% for retail customers and 40% for institutional clients), positioning it as the leader in France on the Retail market, with 15% market share[1] in terms of assets under management and 38% market share[2] in inflows.

CAII had close to €5 billion in assets under management at end-2015, mainly invested in office and commercial property, on behalf of institutional clients.

The purpose of this deal is to:

  • Create a French player on a European scale (in the European top five), driving ambitious business development with large institutional clients in France and abroad,
  • Strengthen Amundi’s positioning in real estate. Amundi is already a leading player in France in real estate investment funds.

 

This transaction comes within the scope of Crédit Agricole SA’s strategy, defined in its Medium-Term Plan, to identify growth drivers and strengthen synergies among its businesses, and illustrates Amundi’s determination to strengthen its position in real assets[3].

After absorbing CAII, Amundi Immobilier will have close to €20 billion in assets under management at end-2016.

The deal will consist in Crédit Agricole Immobilier contributing CAII shares to Amundi in return for Amundi shares. Based on a valuation of €29.3 million for CAII and a valuation of €43 for the Amundi share (representing the average share price in August), 680,232 new Amundi shares will be issued for the benefit of Crédit Agricole Immobilier. This new share issue represents 0.4% of Amundi’s capital. The transaction will have a neutral impact on Amundi’s net earnings per share in 2016.

These valuations have been attested by two independent appraisers (Commissaires aux apports et à la fusion) and by an independent expert. Furthermore, the staff representative bodies were consulted and have given a favourable opinion.

The transaction is subject to the fulfilment of the usual suspensive conditions, notably obtaining regulatory and tax-related authorisations. The new share issue is expected to take place in the 4th quarter of 2016.

 

 

 

[1] At 30 June 2016. Source: IEIF. French market.

[2] In the first half of 2016. Source: IEIF. French market.

[3] Real Estate, Private Equity, Infrastructure, Private Debt.

Contact
About Amundi

Amundi is Europe’s largest asset manager by assets under management and ranks in the top 10[1] globally. It manages more than 1.470 trillion[2] euros of assets across six main investment hubs[3]. Amundi offers its clients in Europe, Asia-Pacific, the Middle East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Clients also have access to a complete set of services and tools. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization[4].

 

Thanks to its unique research capabilities and the skills of close to 4,500 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.

 

Amundi. Confidence must be earned.

 

Visit www.amundi.com for more information or to find an Amundi office near you.

 

Footnotes

 

  1. ^ [1] Source IPE “Top 400 asset managers” published in June 2018 and based on AUM as of end December 2017
  2. ^ [2] Amundi figures as of September 30, 2018
  3. ^ [3] Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo
  4. ^ [4] Based on market capitalization as of September 30, 2018

A question? A specific need? CONTACT US!

Sites internet Amundi