Nexity has signed a deal to acquire Oralia, the fifth largest property management group in France with a portfolio of over 165,000 units under management in 2013.
The portfolio includes about 31,000 units under rental management agreements, and revenue of approximately EUR60m.
With a network of 25 agencies and 635 employees, the Oralia group operates mainly inside the cities of Paris and Lyon, where it generates more than 75 per cent of its revenue.
This geographic coverage is perfectly in line with the business development strategy of Nexity, which is looking to refocus its agency network locations on France’s major metropolitan areas. After integrating Oralia, the Nexity Group will have 776,000 units under condominium management agreements and 181,000 units under rental management agreements across these two brands, further securing its position as France’s second largest property manager.
The acquisition is subject to approval by the Autorité de la Concurrence (France’s competition regulator), and should be completed during the first half of 2014.