Fonciere Massena has agreed to buy a portfolio of 60 buildings for EUR 460 mln in a move that will increase the French property company's holdings five-fold. In a statement on Friday, Fonciere Massena said it will issue almost 37 million shares at EUR 12.50 each to fund the acquisition of office properties and residential buildings from French insurer Credit Mutuel Group. The portfolio covers a total floor space of 140,000 m[sup]2[/sup] and the properties are mainly located in the Paris region, with some in Strasbourg. Rents for offices in Paris are increasing after four years of decline, Bloomberg noted, as companies in the region expand their operations in a region with limited availability of new office space.
Fonciere Massena has agreed to buy a portfolio of 60 buildings for EUR 460 mln in a move that will increase the French property company's holdings five-fold. In a statement on Friday, Fonciere Massena said it will issue almost 37 million shares at EUR 12.50 each to fund the acquisition of office properties and residential buildings from French insurer Credit Mutuel Group. The portfolio covers a total floor space of 140,000 m2 and the properties are mainly located in the Paris region, with some in Strasbourg. Rents for offices in Paris are increasing after four years of decline, Bloomberg noted, as companies in the region expand their operations in a region with limited availability of new office space.
Paris-based Fonciere Massena manages and operates residential properties, offices and parking lots, predominantly in Paris and the north of France. The company converted to a SIIC - the French equivalent of a real estate investment trust (REIT) - in 2005. Fonciere Massena has a market capitalisation of just under EUR 83 mln.
