FdR asks AMF for license to manage OPCIs

Fonciere des Regions (FdR) has asked the French stock market regulator AMF for a license to enable it to manage OPCIs, a new type of non listed investment vehicles introduced in France at the end of 2007. 'We hope to receive the green light from the AMF before the summer,' spokesperson Philippe Boyer told PropertyEU. The company plans to team up with other investors to launch its own OPCI investment vehicle by the end of this year or early next year.

FdR, which sold almost EUR 2 bn of property between 2007 and 2008 as part of a major disposal programme, said last week that it expects to sell another EUR 500 mln of assets in 2009. In its full year results published last week, the French property giant also unveiled a new strategic plan for 2009 and 2010 which will enable it to 'address a more severe deteriotation in the economic environment.'

The company will focus on boosting its financial structure, reducing costs and strengthening asset management over the next two years. 'We expect to complete the leasing of the remaining space (25,000 m2) in the Carre Suffren property by September and negotiations are ongoing for the leasing of the remaining 25,000 m² in the CB 21 tower at La Defense,' Boyer said. In Italy, the company is seeking to lease 16,000 m² within Torre Garibaldi near Milan's station.

FdR saw its Net Asset Value per share drop by 13% in 2008 to EUR 96.9, from 111.9 a year before. The company is proposing a dividend of EUR 5.3 per share to its shareholders, with an option to pay the dividend in shares.