Eurosic plans to become one of the ten largest listed property companies in France by 2011. The company, which is the property arm of Grouppe Caisse d'Epargne, intends to have a EUR 1 bn property portfolio by the end of 2007, and a EUR 3 bn portfolio before 2011, researchers at Kempen & Co said. The move is part of Eurosic's strategic plan for the period 2007-2011. Some 70% of future acquisitions will be in commercial property with the other 30% involving alternative asset classes and development projects.
Eurosic plans to become one of the ten largest listed property companies in France by 2011. The company, which is the property arm of Grouppe Caisse d'Epargne, intends to have a EUR 1 bn property portfolio by the end of 2007, and a EUR 3 bn portfolio before 2011, researchers at Kempen & Co said. The move is part of Eurosic's strategic plan for the period 2007-2011. Some 70% of future acquisitions will be in commercial property with the other 30% involving alternative asset classes and development projects.
The real estate firm also plans to issue up to EUR 400 mln of new equity during 2007 in order to meet the SIIC 4 requirements regarding free float. In time, Caisse d'Epargne, which holds a 91.63& stake in the company through its bank Palatine, will reduce its stake to 50%, with the remaining being distributed amongst other institutional shareholders.
