Nature of Business
Cerenicimo is the leading French platform for speciality rental real estate products, exclusively sold through independent private investment advisers (‘IPIA’). The business has seen strong growth in recent years, driven by the demand for retirement homes, the expanding tourism industry and the under-capacity of student accommodation. With its well-established, niche product, Cerenicimo enjoys a leading market position within the French real estate investment market.
Cerenicimo was formed in 1995 as an independent wholesaler of tax-incentivised rental real estate products, marketed exclusively through the IPIA channel. Cerenicimo also operates through its website www.cerenicimo.fr
We were introduced to CEO Benjamin Nicaise in 2006, during his search for a financial partner to help develop and grow his business. Our sector experience and recent success with French property website, Se Loger, was instrumental in building a relationship with close alignment and we were chosen to partner with Cerenicimo.
We invested c.€18m for a minority stake to help tap into the fast-growing underlying markets and fund new residential investment products.
We have worked closely with the business since our investment, in particular with Benjamin, to strengthen the management team and put in place strong governance. Despite the impact on the financial services sector from the credit crunch, Cerenicimo has performed well and almost doubled its revenues and profits between 2006 and 2013.
Regulatory notice: This transaction involved a recommendation of 3i Investments plc, advised by 3i France.
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