Nexity SA, a French residential and commercial real estate developer, announced Monday the sale by CE Holding Promotion (Groupe BPCE) of 12.2 percent of Nexity's share capital to two institutional investors and New Port SAS.
Groupe BPCE has sold 5.5 million shares representing 10.2 percent of Nexity's share capital to two major French institutional investors - Crédit Agricole Assurance, through its unit Predica, and Crédit Mutuel Arkéa on the basis of a sale price of 35.5 euros per Nexity share ex-dividend 2014.
BPCE also sold 290,000 shares representing 0.54 percent of Nexity's share capital to New Port, a company chaired by Alain Dinin, Nexity's Chairman and CEO, and controlled by Nexity's managers, alongside Crédit Mutuel Arkéa. The operation will be completed on May 27.
Furthermore, New Port has undertaken, subject to financing, to acquire from BPCE up to 802,000 additional shares representing a maximum of 1.48 percent of Nexity's share capital, at the same share price. This additional acquisition will occur by July 8 at the latest.
Once these operations are completed, New Port will have individually crossed the threshold of 5 percent of Nexity's share capital, while the concert group formed by New Port, Crédit Mutuel Arkéa and 188 Nexity key managers and employees would hold about 17.43 percent of the share capital.
New Port has stated that it intends to keep its stake over the long term.
Groupe BPCE, which has 3 representatives on Nexity's Board of Directors, has indicated that it would give up 2 seats in keeping with the reduction of its holding.
Nexity noted that its management will propose to its Board of Directors that those vacated seats be offered to a representative of Crédit Agricole Assurances and a representative of Crédit Mutuel Arkéa.
In Paris, Nexity shares were trading at 38.20 euros, up 0.39 percent.
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