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Primonial to buy minority stake in its real estate subsidiary, increasing its ownership to 100%

Primonial Group will increase its ownership of €14 billion ($16 billion) subsidiary Primonial Real Estate Investment Management to 100% following an agreement to purchase a minority stake from wealth management firm Union Financiere de France Banque, a spokesman said.

UFFB held the 30.3% stake, which is valued at €91 million, since 2011, UFFB said in a news release.

Primonial Group has €23.4 billion in assets under management and is owned by pan-European private equity firm Bridgepoint Capital.

The transaction is subject to approval by French financial regulator Autorite des Marches Financiers.