Client Testimonial
How did Primexis assist Sofidy with the due diligence of O’Parinor

Testimonial –

2 April 2025

For its acquisition of the Parisian shopping center O’Parinor, Sofidy was able to call on Primexis’ expertise to successfully complete this strategic operation. Louis-Frédéric Touati, Real Estate Club Deal Director at Sofidy, shares his experience alongside Jack Capps, Real Estate Director and chartered accountant at Primexis. Together, they look back at the challenges faced, the assistance provided, and the keys to the success of this collaboration.

What were Sofidy’s main challenges before working with Primexis?

Louis-Frédéric Touati: Before calling on Primexis, we had a specific need in terms of financial due diligence for the acquisition of the O’Parinor shopping center in 2023. We were looking for a firm that could assist us with the financial audit of the transaction, while providing us with precious advice on structuring the deal.

“We discovered Primexis through conversations with colleagues who had worked with them on similar projects. Primexis’ experience and reputation in the field of financial due diligence convinced us to work with them on this complex operation.”

Louis-Frédéric Touati

Real Estate Club Deal Director – Sofidy

What role did Primexis play in Sofidy’s acquisition of the O’Parinor shopping center?

Jack Capps: At Primexis, we carried out a full financial audit on the companies owning the O’Parinor Nord shopping center. This included an analysis of the target companies’ historical, provisional, and definitive accounts. We produced a detailed report (“Red Flag”), summarizing our findings on the targets’ accounting and tax system. In addition, we contributed to defining the acquisition’s price formula and prepared the financial tables required for the transaction.

How did Sofidy and Primexis work together on this project?

LFT: Our collaboration with Primexis involved several of our services: fund management, accounting, investment, asset management, and property management. The work was seamlessly coordinated with the close collaboration of our teams and Jack’s Primexis teams. It was crucial in ensuring proper management of all the steps of the project, particularly during the closing and finalization phases.

What challenges did you face during this acquisition? How did you overcome them?

JC: The main challenge was the complexity of the operation’s structure, with multiple target companies, both buyers and sellers. This multiplied the financial flows to be analyzed. The second challenge lies in the management of a shopping center, which is particular in terms of real estate management. Lastly, the tight time frame represented another major obstacle. We overcame these challenges by utilizing specialized experts and remaining constantly available to handle every aspect of the transaction.

How did collaborating with Primexis facilitate Sofidy’s acquisition?

LFT: The value added by Primexis was evident in their responsiveness and ability to provide quick, reliable analyses. Their expertise allowed us to overcome the operation’s obstacles and effectively coordinate the various players involved in this complex transaction.

What were the main advantages of working with Primexis?

JC: Primexis’ greatest asset was their ability to act as an intermediary between all the players involved in the transaction. Their mastery of tax, accounting, and financial aspects allowed them to streamline discussions and optimize managing complex issues. This largely contributed to the success of the operation and its successful conclusion.

Do you plan to continue working with Primexis on other future projects?

LFT: Yes, we plan to continue working with Primexis on other projects. Their expertise and ability to work efficiently as part of a team are qualities that we hope to see in other future initiatives.

“Without hesitation, I would recommend Primexis. Their professionalism, ability to analyze, and responsiveness were key elements to the success of our project.”