Nexity jumped on the Paris stock exchange on Friday morning, the property developer having announced on Thursday evening that it had entered into exclusive negotiations with asset manager Bridgepoint for the sale of its personal services business.

At 08:45 GMT, the share was up 6.56%, topping the SBF120, which was up 0.06% at the same time.

The group hopes to sell all its property management activities operated by Nexity Lamy and Oralia Partenaires to the asset manager, based on a total valuation of 400 million euros.

The sale would be accompanied by a partnership agreement between Nexity and Bridgepoint, designed to "perpetuate and amplify existing synergies with Nexity's activities", says a press release from the real estate group.

The deal could close in the first half of 2024.

"The proceeds from the sale would be allocated to reducing the Group's debt, and the capital gains generated by the transaction would (...) partially offset the cyclical downturn expected in 2024", the press release states.

The Group had announced on October 25, on the occasion of its quarterly results, that it had begun looking for a partner for its management and distribution activities. (Written by Corentin Chappron, edited by Blandine Hénault)