Codabel sold to Emeria

The investment, management and development company, joins Emeria, the new name for the Foncia group, from the start of 2022

Emeria (the new name for the Foncia group) is continuing its international development, with the acquisitions of Codabel and the property management arm of Cushman & Wakefield Asset Services Belgium which will be housed under the Esset Property Management brand. As well as France, Esset is now present in three new countries: Belgium, the Netherlands and Luxembourg.

After two years focused on growing its property management business in France, Esset is now present internationally thanks to the acquisitions of Codabel and the Cushmann & Wakefield Asset Services Belgium business.

Codabel, an investment, management and development company located in the Benelux region has been serving international professional investors since 2015.

Cushmann & Wakefield Asset Services Belgium, expert in B2B property, has developed its property management business to support investors in the management of their services property assets.

Similarly, Trevi Corporate, subsidiary of Emeria for more than 10 years, is a specialist player in property management in Belgium and is now part of the Esset brand.

As a result, the new entity will continue to operate its business under the Esset Property Management brand.

The goal of Esset, now a pan-European property management player, is to offer institutional customers an international services offering. As a result, Esset is embarking on a new stage of its growth backed by the strength of Emeria in Europe. In France, Esset has close to 600 employees and, on behalf of its customers, manages more than 15 million m² of services properties and 20,000 units of residential property. Thanks to these new positions in Benelux, Esset has enhanced its services offering further with 100 staff in charge of managing 1.6 million m² of services properties.

Philippe Salle, CEO of Emeria: “With the arrival of Esset in the Netherlands, Emeria is continuing its international expansion strategy and is enabling its property management subsidiary to take a leading position in Europe, now with a presence in France, Belgium, Luxembourg and the Netherlands”.

Philippe Calmon, CEO of Esset: “The key target for Esset has always been to better serve our customers in their property management strategies at a European level. With these new positions in Belgium, the Netherlands and Luxembourg, Esset has embarked on a new chapter in its international expansion.”