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.
