Groupe IDEC, the Paris-based global real estate operator, has bought a minority stake in Lincoln’s Simons Group.
The agreement follows several months after the two businesses signed a Memorandum of Understanding.
Signing the deal in Paris with Simons’ Chairman Paul Hodgkinson and Deputy Chairman, Philip Hodgkinson, Groupe IDEC said the move underlined its commitment to international expansion, with the partnership enabling both Groups to capitalise on their respective strengths and expertise to target new business opportunities.
Simons Group Chairman Paul Hodgkinson said the move was a reflection of the growing and important relationship with Groupe IDEC.
“We are delighted to welcome this dynamic European business as a Simons shareholder,” he said.
“We are looking forward to increasing our opportunities and workload through working together on projects and expanding our reach into the international markets.”
Tom Robinson, Simons’ Chief Executive, said: “European and international coverage as well as combined resources, shared best practice and solutions can only be of benefit to customers and strengthen our commercial proposition. It’s an exciting step for both businesses.”