French SIIC Icade has announced that its majority shareholder Caisse des Dépôts (CdD) has successfully sold 1.4 million Icade shares, representing about 2.85% of share capital and 2.87% of voting rights, to comply with real estate investment trust (REIT) ownership regulations.
French SIIC Icade has announced that its majority shareholder Caisse des Dépôts (CdD) has successfully sold 1.4 million Icade shares, representing about 2.85% of share capital and 2.87% of voting rights, to comply with real estate investment trust (REIT) ownership regulations.
The shares were sold to a number of institutional investors at a price of EUR 65 per share, representing a total divestment of EUR 91 mln. CdD now holds 29 million Icade shares or 58.74% of Icade's share capital, the company added.
The transaction will allow Icade to comply with the new shareholding limits for REITs introduced by the new SIIC 5 regulation coming into force on January 1, 2010. In a statement, Caisse des Dépôts confirmed its commitment to maintain its current stake in Icade.
The placement was led by Société Générale Corporate & Investment Banking.
