Clearwater International has advised the shareholders of Perl on the sale to Nexity.
On Friday 14 March 2014, Nexity signed a memorandum of understanding to acquire 76% of the share capital of Perl. Also party to the deal were Perl’s Chairman and CEO Alain Laurier, Managing Director Laurent Mogno and key members of the leadership team, who together will retain a 24% stake in the company.
Perl and Nexity will pool their capacities to develop diversified real estate products in order to expand Perl’s production in the market for usufruct of rental units on behalf of social and intermediate housing operators, and to create new products for individual and institutional investors as well as first-time buyers.
The completion of this acquisition is subject to approval by the French Competition Authority, and should take place before the end of the first half of 2014.
Perl, founded in 2000, has experienced extremely rapid growth, with nearly 45 new programmes launched in 2013. Perl is unique in its field; a real estate operator whose expertise is based on developing solutions for co-financing rental housing by dividing usufruct and bare ownership of properties, notably for social housing.
Perl posted €160m in revenue in respect of its latest full financial year (April 2012 – March 2013) and expects net revenue growth in the current financial year. Perl’s profitability is in line with Nexity’s expectations regarding operating margin on new homes in France.
The Clearwater International team was led by Laurent Camilli.