Altarea in talks to buy Primonial Group for 1.9 bln euros

June 30 (Reuters) - French real estate developer Altarea said on Wednesday it has entered into exclusive negotiations to acquire property investment company Primonial Group for an enterprise value of 1.9 billion euros ($2.25 billion) to strengthen its expertise in the real estate asset management market.

Altarea said it was in talks with Primonial Group’s shareholders and management to buy 60% of the company in the first quarter of 2022 and then buy the rest in early 2024.

Altarea also unveiled growth targets for 2025, including fully diluted funds from operations ranging between 18 euro and 20 euro per share.

$1 = 0.8437 euros Reporting by Pawel Goraj. Editing by Jane Merriman