The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Real Estate Real Estate Activities Real Estate Activities 68 - Real estate activities
500 jobs Number of planned job losses
Announcement Date
9 October 2008
Employment effect (start)
Foreseen end date
31 December 2008
Description
Nexity, the French property developer, has announced that it plans to cut 500 jobs from its workforce of 6,653. The French property group plans to cut 500 jobs before January 2009. The group has announced the closure of 8 sites in France. This measures could adapt to the new situation affecting the real estate markets, said the CEO. Nexity's major shareholder, French mutual bank Groupe Caisse d'Epargne, has no plans to sell Nexity
Nexity SA is a residential and commercial real estate developer based in Paris, France. As of 31 December 2007, 72% of the Company's revenue was derived from its residential sector, 13% from commercial and 15% from services and franchises. As a developer of residential real estate, the Company provides solutions in every realm of housing, from subdivision plots, individual houses and apartment buildings, to the full development of neighborhoods complete with homes available for rent or purchase, commercial spaces and public facilities. The Company has various subsidiaries engaged in commercial real estate development. Nexity Enterprises specializes in high-rise buildings, new office buildings and structural renovations throughout the Ile-de-France region, Lille, Bordeaux and Aix/Marseille. Geprim, subcontractor of Nexity, specializes in warehouses, distribution centers and mixed-use units. Nexity Services provides services during every stage of a project design, purchase, daily management, renovation and sale.
Eurofound (2008), Nexity, Internal restructuring in France, factsheet number 67228, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67228.
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