The French real estate investment trust regime, SIIC, is just 10 years old but in that time it has led the once-fledging domestic industry to maturity, according to a video produced to mark the anniversary.
The French real estate investment trust regime, SIIC, is just 10 years old but in that time it has led the once-fledging domestic industry to maturity, according to a video produced to mark the anniversary.
Speaking in the video which was produced by the European listed real estate association EPRA, Laurent Morel, CEO of retail property SIIC Klepierre said: 'Since the invention of the SIIC regime in Paris 10 years ago it has attracted more than €60 bn of capital into the industry. It has helped create and grow a few champions in each and every segment of the market: offices, logistics and retail.'
Morel said he could not think of what he might want to change as the SIIC was 'close to an ideal' real estate investment trust regime. 'On the whole I think the SIIC regime has strongly supported the growth of the real estate industry in Paris.'
Christophe Kullmann, CEO of Fonciere des Regions, echoed this sentiment. 'Before 2003 our sector was in fact a small sector and now we are a proper industry.’
The full video is available here.
