French property group Nexity is partnering with asset manager La Française AM to create a new real estate management and services giant in the French property industry.

The new arm, known as LFP Nexity Services Immobiliers, will have 600 staff and incorporate Nexity's Kéops services arm as well as the activities of Colliers UFGPM, a subsidiary of La Française AM. It will be 75%-owned by Nexity with La Française AM holding the remaining 25%.

'The new combine's size and market positioning make it the leader in property management and the fourth largest player in commercial real estate advisory and transactional business,' the companies said in a joint statement on Monday.

Française Real Estate Managers, the property arm of La Française AM, is a specialist in SCPI fund management, with EUR 6.2 bn of property assets under management. The company is majority-owned by Crédit Mutuel Nord Europe.