TwentyTwo Real Estate has acquired a circa 40 per cent stake in Financiѐre Scaprim, a real estate service company which provides institutional clients with extensive expertise and asset and property management services for a large array of property types all over France.
With over 20 years’ experience, Financiѐre Scaprim is currently managing circa EUR6bn of assets with a staff of 147 based in 18 offices throughout France.
This acquisition will enable TwentyTwo Real Estate and Financiѐre Scaprim to work closely together to create a “one-stop-shop” firm, providing customers with integrated services combining investment, financial and operational skills.
Senior appointments at both Financiѐre Scaprim and TwentyTwo Real Estate have been made to further accelerate TwentyTwo Real Estate’s drive towards creating a full real estate service offering. Philippe Couturier has been appointed managing director in charge of asset management and client development at Financiѐre Scaprim based in Paris. Christophe Kuhbier has been appointed as director at TwentyTwo Real Estate, based in London, to focus on the development of investment management services across European real estate markets.
Couturier previously worked at Constructa Group and Constructa Asset Management, where he held the position of chief executive officer, working across property, asset and works management.
Kuhbier most recently spent five years working at Perella Weinberg Real Estate with TwentyTwo Real Estate’s founder, Daniel Rigny. At Perella Weinberg, Kuhbier was in charge of sourcing, and the execution and management of real estate investment opportunities covering continental Europe, with a particular focus on France and Spain. Prior to his role at Perella Weinberg, he was a member of the acquisitions teams in France, Germany and Italy at Morgan Stanley Real Estate Funds.
This transaction follows the announcement in June 2013 of TwentyTwo Real Estate’s maiden investment, the acquisition of Financière SELEC, a circa EUR1bn French residential portfolio. Subsidiaries of Financiѐre Scaprim have been managing this portfolio for the last 12 years, meaning that TwentyTwo Real Estate’s shareholding in Financiѐre Scaprim will ensure continuity and oversight in the management of this portfolio going forward.
Daniel Rigny, founder of TwentyTwo Real Estate, says: “Following our EUR1bn maiden investment transaction in France I am very pleased to be able to announce the acquisition of a 40 per cent stake in Financiѐre Scaprim. This will ensure TwentyTwo Real Estate and Financiѐre Scaprim are perfectly positioned to provide an independent, full service real estate offer to institutional owners and tenants. I am confident that the combination of investment, financial and operational skills will be a powerful solution to attract new investors whilst enabling all our existing customers to benefit from our enhanced services. Our ambition is to build Financière Scaprim into a leading independent French real estate service provider to institutional clients.
“As well as increasing our platform in France we are also looking to expand into other European countries, such as Spain, where there is an opportunity for international investors to acquire assets at a significant discount to historical values and where there is demand for operating platforms meeting international investors’ standards. I am very much looking forward to working with Financiѐre Scaprim, Philippe and Christophe and using their wealth of knowledge and expertise to help us expand into these countries where we are seeing an imminent flow of income-generating opportunities.”
Marius Leroux, founder of Financière Scaprim, says: “The partnership with TwentyTwo Real Estate and the appointment of Philippe at Financière Scaprim will provide the company with a strong base to widen the service offering to existing clients and position the company for further growth. I am convinced that this evolution in our shareholding and management constitutes a new attractive framework for our company, clients and staff.”