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Nexity to boost stake in parent of French senior residences provider

Real estate developer Nexity is set to raise its stake in the parent company of French senior residences provider ?gide-Domitys group to 63.15% from 45.15%.

The purchase of the additional 18% interest from ?gide-Domitys founders via JMF Conseil will be completed through the exercise of an option, subject to finalizing documentation. JMF Conseil will own the remaining 36.85% interest.

The transaction builds upon the strategic partnership between the French developer and ?gide-Domitys, which was started in October 2016. Under the agreement, Nexity provides the company financial resources to grow its business, while adding a line of senior independent living facilities to its own, according to a release.

Currently, the ?gide-Domitys group is operating about 80 serviced senior residences.