“I am pleased to have found such a strong strategic new owner for our French subsidiary BPD Marignan”, stated Walter de Boer, CEO BPD Europe. He continued: “LNC is deeply rooted in France which will put the team at BPD Marignan in a very strong position to continue their successful growth in the French market. Additionally, the sale will further strengthen BPD’s position in our core markets The Netherlands and Germany, and will facilitate our strong growth plans in these markets accordingly.”
BPD MARIGNAN, a wholly-owned subsidiary of BPD Europe BV, is a real estate developer focused on both the residential and commercial sectors, benefiting from a strong national presence across France via 14 regional offices. As of December 31st, 2017, BPD MARIGNAN had a secured pipeline of 15,500 units. In 2017, BPD MARIGNAN sold more than 4,000 housing units.
In compliance with applicable obligations, the works council of BPD Marignan will be consulted on the transaction. The closing of the transaction will be subject to the prior authorization of the relevant merger control authorities. The transaction is expected to close in the 4th quarter of 2018. Upon closing of the transaction, the acquisition entity will be owned 60% by LNC and 40% by PW REAL ESTATE FUND III LP. Financial details will not be disclosed.