Primonial

In 1989, a wealth and asset management group called Primonial was founded in Paris, France. The company was established to provide investment solutions across various asset classes, including life insurance and real estate. One of the founders was Patrick Petitjean. After a period under the wing of BNP Paribas, the company, with the help of an investment fund, gained its independence in 2010, allowing employees to take a stake in the capital alongside Petitjean. A key part of Primonial's strategy was built on developing expertise in different real estate classes. In 2011, the company created Primonial REIM, its real estate asset management subsidiary, which quickly expanded its focus from commercial properties to healthcare and residential buildings. This division grew significantly, making major acquisitions and expanding its investment scope across the Eurozone. The company's growth attracted significant outside interest. In 2021, French property developer Altarea entered into exclusive negotiations to acquire the Primonial Group in a multi-stage deal valued at approximately €1.9 billion. The transaction aimed to create a European powerhouse in real estate investment and development, combining Altarea's development skills with Primonial's asset management and distribution network. The acquisition was structured in two phases, with the first taking place in 2022 and the second planned for 2024. Following the acquisition, Primonial REIM was rebranded to Praemia REIM in July 2024.