France-based Nexity has sold 80% of its asset management subsidiary Nexity REIM to the firm’s CEO Laurent Diot.
Following the deal, the subsidiary will be renamed as Harvestate Asset Management, which will continue to provide asset management of investments already performed by Nexity.
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However, Nexity will retain the remaining 20% equity interest in Nexity REIM.
Through this sale, Nexity expects to offer a range of enhanced services, including management of funds and investment vehicles, to its French and foreign institutional investors.
The sale will enable the firm to expand its business scope to encompass regulated activities
by becoming a portfolio management firm.
Alain Dinin, chairman and CEO of Nexity, said: "This spin-off should enable the business to independently ramp up its development more easily than it was able to do as part of a real estate development and services group."
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By GlobalDataLaurent Diot, chairman of Harvestate Asset Management, said: "Backed by its experience in the different real estate business lines that it has acquired as part of the Nexity group, Harvestate Asset Management’s key differentiating factor is its dual culture of rigorous management and creativity rooted in real estate development."
