The Caisse de dépôt et placement du Québec is to acquire French residential property management company Foncia.
Caisse is part of a consortium of buyers – which includes CIC Capital, a subsidiary of China Investment Corporation, and Partners Group, a global investment management firm – that is acquiring Foncia from private equity firms Bridgepoint and Eurazeo.
Foncia, which employs more than 8,000 people and generated 700 million euros in 2015, manages a portfolio of more than 1.8 million properties across Belgium, France, Germany and Switzerland.
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“Under the leadership of Stephane Etroy, head of Europe, private equity, we are pleased to be working with Partners Group and CIC to support Foncia in its continued plans to grow as a European property management leader,” said Roland Lescure, executive vice-president and chief investment officer at Caisse, in a news release.
The acquisition is subject to antitrust clearance.
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