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Amundi and Crédit Agricole Immobilier combine their real estate management activities

London, United Kingdom,

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.

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About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players[1], offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets.

With its six international investment hubs[2], financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 4,500 employees in nearly 40 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.650 trillion of assets[3].

 

Amundi, a Trusted Partner, working every day in the interest of its clients and society

www.amundi.com    

 

 

Footnotes

 

  1. ^ [1] Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019
  2. ^ [2] Boston, Dublin, London, Milan, Paris and Tokyo
  3. ^ [3] Amundi data as at 30/09/2020

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