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Edmond de Rothschild to acquire controlling stake in Cording Real Estate Group

Edmond de Rothschild (Suisse) SA agreed to acquire a majority stake in real estate asset manager Cording Real Estate Group, through its affiliate OROX Europe.

Under the agreement, Cording's current management team will remain as minority shareholders. Cording CEO Rodney Bysh and Chairman John Partridge will also retain their posts.

Cording carries €2.3 billion of management mandates, with 80 employees covering investment management, asset management and property management.

The acquisition further expands parent company Edmond de Rothschild Holding SA's real estate franchise in Europe, having established offices in the U.K., Switzerland, France, the Netherlands and Germany. The Swiss bank said the acquisition lifts the value of its parent company's European real estate operations to €7.8 billion.

The transaction is expected to be completed at 2017-end, pending regulatory approval.