Law firm Eversheds has advised its client La Banque Postale on a significant acquisition.

This deal involved the EUR38 million acquisition of a majority shareholding (66%) in Sofiap (Société Financière pour l'Accession à la Propriété) from both Credit Immobilier de France and the SNCF. Sofiap is providing property loans to French railroad employees (cheminots SNCF).

This deal took place in the context of the liquidation plan of Credit Immobilier de France under the aegis of the European Commission. It implied the setting up of a EUR1.3 billion refinancing plan, including a securitisation scheme and a tripartite negotiation with CIF and SNCF. La Banque Postale and SNCF also entered into a joint-venture agreement governing their future relationships in Sofiap.

In addition, the firm also advised La Banque Postale in relation to the acquisition of certain assets from BPI (Banque Patrimoine et Immobilier) will allow La Banque Postale, through its newly acquired subsidiary Sofiap, to provide property loans to the employees of the EDF and GDF groups.

The Eversheds team was led by partner Antoine Martin and Mathieu Taupin, assisted by Camille Pedrini and Audrey Prigent as well as the Competition team led by partner Dan Roskis and the Banking team led by partner Sophie Perus.

Partner Antoine Martin commented:

“It is a pleasure to have advised La Banque Postale on these two recent significant deals. We look forward to continuing work with them as they fulfil their strategic goals.”