French property company Affine has purchased a 64.22% interest in peer Compagnie Fonciere Fideimur from three shareholders at a price of EUR 19.10 per share. Fideimur has a portfolio that includes seven buildings in the 8th arrondissement of Paris, as well as other real estate assets in the capital and across the country. The portfolio covers a total of 61,000 m[sup]2[/sup] and is valued at EUR 150 mln.
French property company Affine has purchased a 64.22% interest in peer Compagnie Fonciere Fideimur from three shareholders at a price of EUR 19.10 per share. Fideimur has a portfolio that includes seven buildings in the 8th arrondissement of Paris, as well as other real estate assets in the capital and across the country. The portfolio covers a total of 61,000 m2 and is valued at EUR 150 mln.
'Affine intends to endorse the strategy defined by Fideimur's directors with a view to making it a property company specialising in Parisian real estate,' Affine said. Fideimur has initiated the process of seeking a listing on Euronext Paris.
The Paris-focused group is also planning a capital increase of around 520,000 shares, and has unveiled its intention to gain SIIC status following this operation. SIIC is the French equivalent of a real estate investment trust (REIT).
Created in 1990, Affine is one of the leading SIICs in the French commercial property sector, with 296 properties, of which 196 under lease finance contracts and 100 as rental properties. Its consolidated net profit for 2006 was EUR 63.2 mln, which represents an increase of 261% year-on-year.