Launch of OROX Europe SA with the acquisition of a controlling stake in Cording Real Estate Group
Edmond de Rothschild (Suisse) S.A. has agreed to enter into a strategic alliance with Cording Real Estate Group to create a comprehensive European investment management business.
Edmond de Rothschild (Suisse) S.A., via its affiliate OROX Europe, has agreed to acquire a majority stake in Cording Real Estate Group, a German, UK and Benelux Real Estate investment and asset management firm with €2.3 billion management mandates and 80 employees. Cording’s activities include investment management, asset management and property management.
This transaction will further strengthen the Edmond de Rothschild Real Estate franchise, currently managed by the Group’s affiliates CLEAVELAND in France and OROX in Switzerland and Northern Europe, by adding scale and entry to new markets. The strategic partnership will combine €7.8 billion assets and 125 employees, with 11 offices in the UK, Germany, the Netherlands, France, and Switzerland.
Under the terms of the agreement, Cording’s existing management team will remain as minority shareholders. Rodney Bysh will remain as CEO of Cording Real Estate Group, while John Partridge will remain Chairman of the Cording business.
Rodney Bysh, CEO of Cording Real Estate Group, said: “Since the formation of the company in 2008, the management team has sought to build a comprehensive Northern European investment platform with the depth and expertise to provide investors with best-in-class deals and investment strategies. We see in Edmond de Rothschild a strong and solid partner, with deep sector expertise and excellent market access. This transaction will allow us to foster our development further.”
Ariane de Rothschild, President of the Edmond de Rothschild Group’s Executive Committee, commented: “I am very pleased to welcome the Cording team to the Edmond de Rothschild Group. This strategic alliance is an important step in further developing and strengthening our Real Estate platform, in line with our Group’s strategy. Cording’s activities and team complete our Real Estate offering and give us immediate access to three new markets in Northern Europe, while positioning us as a key player in the Real Estate investment & asset management market. This transaction perfectly reflects what our Group stands for: entrepreneurs thriving to build innovative expertise, to constantly improve the services we offer our clients.”
The acquisition is subject to regulatory approvals and is expected to complete in the final quarter of 2017.