Bridgepoint Buys Fonica from Groupe BPCE

Private equity firm Bridgepoint and French financial holding company Eurazeo have acquired Foncia, the real estate unit of French bank Groupe BPCE, Reuters reported, citing a story by Les Terms of the deal were not released. BPCE has recently been selling and spinning off non-core assets, Reuters said.

(Reuters) – French bank Groupe BPCE has sold its real estate unit Foncia to an alliance of French financial holding company Eurazeo (EURA.PA) and private equity firm Bridgepoint, Les said on Monday.

“A deal was signed last night for an enterprise value of over one billion euros,” the website of French business daily Les Echos reported, without citing any source.

Eurazeo declined to comment while Bridgepoint and BPCE were not immediately available for comment.

BPCE said in March that three funds remained in the running for Foncia.

BPCE which just finished paying back 5 billion euros in state aid it received after the financial crisis, is selling or spinning off non-core assets like Foncia. (Reporting by Dominique Vidalon and Julien Ponthus; Editing by Christian Plumb)