Odin Deep Dives
Deep Dive

Emeria

Updated Expansion in progress
01

Business and ownership

Emeria provides real-estate services and technology to residential and commercial customers across property acquisition, leasing, renting, block management and sales. Its brands include Foncia in France, where it reported more than 500 branches, plus more than 200 branches across Germany, Belgium, Switzerland, Luxembourg and the Netherlands. In June 2025, Emeria reported group revenue above EUR 1.5 billion.

Emeria SASU, formerly Foncia Management SAS, is a French company. In October 2021, TA Associates agreed to acquire 25% of Foncia, with Partners Group remaining majority shareholder. In March 2022, Emeria announced its planned acquisition of FirstPort to enter the United Kingdom and said it expected the group to have 700 European agencies and more than 17,000 employees after closing.

Timeline

DateEventDetails
29 Mar 2022 Emeria announced planned FirstPort acquisitionM-a Emeria planned to enter the UK through the acquisition and expected 700 European agencies and more than 17,000 employees after closing.
12 Oct 2021 TA Associates agreed to acquire 25% of FonciaOwnership Partners Group remained Foncia's majority shareholder.
02

Current credit and regulatory developments

Fitch downgraded Emeria SASU's Long-Term Issuer Default Rating to CCC+ from B- on 4 June 2026. On 12 June, S&P downgraded Flamingo Lux II (Emeria) to CCC+ from B-, citing persistent high leverage and refinancing risk; the outlook is negative. At a February 2026 evidence session, the UK Parliament's HCLG Committee examined complaints about high charges and slow repairs by property-management companies.

03

Capital structure

Emeria's first-lien senior-secured term loans comprise Facility B (LoanX LX193463), due 27 March 2028 at EURIBOR plus 3.50%, and Additional Facility B2 (LoanX LX209469), due 24 March 2028 at EURIBOR plus 5.25%.

Emeria has two EUR 400 million senior-secured note series due 31 March 2028, bearing coupons of 3.375% and 7.750%. The 7.750% series was priced in January 2023. Flamingo Lux II SCA also has 5.000% notes, ISIN XS2324523583, due 31 March 2029.

Debt instruments

InstrumentPrincipalMaturityTermsSeniority / status
Facility B loanTerm Loan - 27 Mar 2028 EURIBOR + 3.50% First-lien senior secured
Additional Facility B2 loanTerm Loan - 24 Mar 2028 EURIBOR + 5.25% First-lien senior secured
3.375% notes due 2028Other EUR 400m 31 Mar 2028 3.375% Senior secured notes
7.750% senior secured notes due 2028Other EUR 400m 31 Mar 2028 7.750% Senior secured notes
Flamingo Lux II SCA 5.000% notes due 2029Other - 31 Mar 2029 5.000% -
04

Debt-market observations

On 6 May 2026, an Ares CLO report marked Additional Facility B2 at 81.833% of par and Facility B at 81.571%. A CVC CLO report marked the Flamingo Lux II 5.000% notes at 35.6173% of par on 13 February 2026. These observations are holder report marks rather than executable quotations.

Debt-market observations

InstrumentDateObservationMeasureMarket-data basis
Additional Facility B2 Loan (LX209469) 6 May 2026 81.833% of par Price Public CLO Report Mark
Facility B Loan (LX193463) 6 May 2026 81.571% of par Price Public CLO Report Mark
Flamingo Lux II 5.000% notes due 2029 (XS2324523583) 13 Feb 2026 35.617% of par Price Public CLO Report Mark
05

Management

Bruno Vaquette became chief executive officer on 18 August 2025. Laurent Carozzi became group chief financial officer on 1 March 2026.

Timeline

DateEventDetails
1 Mar 2026 Laurent Carozzi appointed Emeria group CFOManagement The appointment took effect on 1 March 2026.
18 Aug 2025 Bruno Vaquette appointed Emeria CEOManagement The appointment took effect on 18 August 2025.
06

Sources

Ref.SourceDateLocation
Emeria CEO appointmentpressroom.emeriagroup.com 12 Jun 2025 Whole page
Emeria 2023 financing announcementpressroom.emeriagroup.com 31 Jan 2023 Whole document
TA Associates 2021 Foncia stake announcementta.com 12 Oct 2021 Whole page
FirstPort acquisition / UK entrypressroom.emeriagroup.com 29 Mar 2022 Whole page
Fitch Downgrades Emeria to 'CCC+'Fitch Ratings 4 Jun 2026 Whole page
Flamingo Lux II (Emeria) Downgraded To 'CCC+' From 'B-' On Persistent High Leverage, Refinancing Risk; Outlook NegativeS&P Global Ratings 12 Jun 2026 Whole page
Management companies - Housing Committee questions FirstPort and Rendall & RittnerUK Parliament 3 Feb 2026 Whole page
Ares European CLO VIII DAC reportAres European CLO VIII DAC 6 May 2026 Whole page
Markets Insider Emeria 3.375% 2028 bond pagemarkets.businessinsider.com 19 Jun 2026 Whole page
Emeria 2023 financing announcementpressroom.emeriagroup.com 31 Jan 2023 Whole page
Markets Insider Emeria 7.750% 2028 bond pagemarkets.businessinsider.com 19 Jun 2026 Whole page
CVC Cordatus Loan Fund XV DAC reportise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com 13 Feb 2026 Whole page
Emeria CFO appointmentpressroom.emeriagroup.com 13 Jan 2026 Whole page

Documents

DocumentDateTypeAccess
Emeria CEO appointmentpressroom.emeriagroup.com 12 Jun 2025 Press Release
Open source
Emeria 2023 financing announcementpressroom.emeriagroup.com 31 Jan 2023 Press Release
Open source
TA Associates 2021 Foncia stake announcementta.com 12 Oct 2021 Press Release
Open source
FirstPort acquisition / UK entrypressroom.emeriagroup.com 29 Mar 2022 Press Release
Open source
Fitch Downgrades Emeria to 'CCC+'Fitch Ratings 4 Jun 2026 Credit Opinion
Open source
Flamingo Lux II (Emeria) Downgraded To 'CCC+' From 'B-' On Persistent High Leverage, Refinancing Risk; Outlook NegativeS&P Global Ratings 12 Jun 2026 Credit Opinion
Open source
Management companies - Housing Committee questions FirstPort and Rendall & RittnerUK Parliament 3 Feb 2026 Regulatory Filing
Open source
Ares European CLO VIII DAC reportAres European CLO VIII DAC 6 May 2026 Market Data
Open source
Markets Insider Emeria 3.375% 2028 bond pagemarkets.businessinsider.com 19 Jun 2026 Market Data
Open source
Markets Insider Emeria 7.750% 2028 bond pagemarkets.businessinsider.com 19 Jun 2026 Market Data
Open source
CVC Cordatus Loan Fund XV DAC reportise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com 13 Feb 2026 Market Data
Open source
Emeria CFO appointmentpressroom.emeriagroup.com 13 Jan 2026 Press Release
Open source

S1

Emeria CEO appointment

pressroom.emeriagroup.com | 12 Jun 2025 | Press Release

Location

Whole page

Source extract

Emeria is the leading European provider of real estate services and technologies, providing services to both individuals and businesses. We assist our residential and commercial customers at every stage of their property journey with competitive and comprehensive service offerings: acquisition, lease and renting, block management and sales. The Group generates more than 1.5bn euro of revenues and operates mainly in Europe where it has a multi-branding strategy. Our residential real estate services business is the leader in France, operating under the Foncia brand through a unique network of over 500 branches. We are also a leader in the UK, a market we have successfully entered in 2022. In addition, we also hold leading positions in Germany, Belgium and have a strong presence in Switzerland, Luxembourg, and the Netherlands where we operate under various brands through a network of over 200 branches.

Open source

S2

Emeria 2023 financing announcement

pressroom.emeriagroup.com | 31 Jan 2023 | Press Release

Location

Whole document

Source extract

Emeria SASU (formerly Foncia Management SAS), a simplified joint-stock company (société par actions simplifiée unipersonnelle) organized under the laws of France (the ‘Company’ and together with its consolidated subsidiaries, the ‘Group’)

Open source

S3

TA Associates 2021 Foncia stake announcement

ta.com | 12 Oct 2021 | Press Release

Location

Whole page

Source extract

Incoming shareholder TA Associates has agreed to acquire a 25% stake in Foncia, while Partners Group will continue to hold a majority stake in the Company on behalf of its clients.

Open source

S4

FirstPort acquisition / UK entry

pressroom.emeriagroup.com | 29 Mar 2022 | Press Release

Location

Whole page

Source extract

Le groupe Emeria poursuit son developpement a l'international en entrant au Royaume-Uni avec l'acquisition de FirstPort. Apres le closing, Emeria sera present dans 8 pays, comptera 700 agences en Europe, avec plus de 17 000 collaborateurs et collaboratrices. Le Groupe a realise en 2021 un chiffre d'affaires de plus de 1,2 milliard d'euros.

Open source

S5

Fitch Downgrades Emeria to 'CCC+'

Fitch Ratings | 4 Jun 2026 | Credit Opinion

Location

Whole page

Source extract

Fitch Ratings has downgraded Emeria SASU's Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'.

Open source

S6

Flamingo Lux II (Emeria) Downgraded To 'CCC+' From 'B-' On Persistent High Leverage, Refinancing Risk; Outlook Negative

S&P Global Ratings | 12 Jun 2026 | Credit Opinion

Location

Whole page

Source extract

Flamingo Lux II (Emeria) Downgraded To 'CCC+' From 'B-' On Persistent High Leverage, Refinancing Risk; Outlook Negative.

Open source

S7

Management companies - Housing Committee questions FirstPort and Rendall & Rittner

UK Parliament | 3 Feb 2026 | Regulatory Filing

Location

Whole page

Source extract

The evidence session will be examining concerns around complaints of high charges and slow repairs. This latest session follows previous Committee work.

Open source

S8

Ares European CLO VIII DAC report

Ares European CLO VIII DAC | 6 May 2026 | Market Data

Location

Whole page

Source extract

Ares European CLO VIII DAC, as of 6 May 2026: Emeria Additional Facility B2 Loan, LoanX LX209469, EUR 1,000,000 holding, maturity 24/03/2028, market price 81.833%, spread 5.25000%, first-lien senior secured; Emeria Facility B Loan, LoanX LX193463, EUR 1,000,000 holding, maturity 27/03/2028, market price 81.571%, spread 3.50000%, first-lien senior secured.

Open source

S9

Markets Insider Emeria 3.375% 2028 bond page

markets.businessinsider.com | 19 Jun 2026 | Market Data

Location

Whole page

Source extract

Issuer: Emeria SASU; ISIN: XS2324364251; issue volume: EUR 400,000,000; coupon: 3.375%; maturity date: 3/31/2028.

Open source

S10

Emeria 2023 financing announcement

pressroom.emeriagroup.com | 31 Jan 2023 | Press Release

Location

Whole page

Source extract

Emeria SASU today announced that it has successfully priced its offering of EUR 400.0 million in aggregate principal amount of its senior secured notes due 2028 at an issue price of 100.000% with a coupon of 7.750% per annum. The Notes will be issued under the indenture dated as of March 25, 2021 governing the Company's outstanding EUR 400.0 million aggregate principal amount of 3.375% senior secured notes due 2028.

Open source

S11

Markets Insider Emeria 7.750% 2028 bond page

markets.businessinsider.com | 19 Jun 2026 | Market Data

Location

Whole page

Source extract

Issuer: Emeria SASU; ISIN: XS2582774225; issue volume: EUR 400,000,000; issue date: 2/7/2023; coupon: 7.750%; maturity date: 3/31/2028.

Open source

S12

CVC Cordatus Loan Fund XV DAC report

ise-prodnr-eu-west-1-data-integration.s3-eu-west-1.amazonaws.com | 13 Feb 2026 | Market Data

Location

Whole page

Source extract

CVC Cordatus Loan Fund XV DAC, as of 13 February 2026: Flamingo Lux II SCA - 5.0 31Mar29, ISIN XS2324523583, market price 35.6173, senior unsecured, maturity 31-Mar-2029.

Open source

S13

Emeria CFO appointment

pressroom.emeriagroup.com | 13 Jan 2026 | Press Release

Location

Whole page

Source extract

Emeria today announces the appointment of Laurent Carozzi as Group Chief Financial Officer (CFO), effective 1 March 2026. He succeeds Antoine Grenier.

Open source