French financial group Primonial is set to establish a Luxembourg-domiciled platform for the management of its pan-European real estate funds.
Primonial, tallying €15bn of assets under management in the property asset class, said this platform will provide investors with diversification in geographical exposure within the eurozone whilst maintaining a high level of selectivity in real estate assets acquistions.
The new entity will first capitalise on healthcare real estate, in which Primonial remains one of the most invested managers in Europe. It will be overseen by Laurent Fléchet, deputy CEO of Primonial responsible for real estate.
Stéphane Vidal, chairman of Primonial, said the setup of the platform was an important milestone in the firm’s internationalisation strategy. He added that the group’s offering will be strengthened through the M&A deal found with La Financière de L’Echiquier that will close at the end of February.