French property firm Fonciere Sepric said on Friday that it is launching an Initial Public Offering on Euronext Paris in order to achieve real estate investment trust or SIIC status in the first quarter of 2009. Founded in 1994, Fonciere Sepric invests in commercial property such as retail parks, and currently has a portfolio of 82 units across the country. The assets, totalling around 73,800 m2, have a market value of EUR 141 mln, and generate rental income of EUR 8.5 mln.
French property firm Fonciere Sepric said on Friday that it is launching an Initial Public Offering on Euronext Paris in order to achieve real estate investment trust or SIIC status in the first quarter of 2009. Founded in 1994, Fonciere Sepric invests in commercial property such as retail parks, and currently has a portfolio of 82 units across the country. The assets, totalling around 73,800 m2, have a market value of EUR 141 mln, and generate rental income of EUR 8.5 mln.
Fonciere Sepric said it is offering 1 million new shares at a price of EUR 6 per share in an offer running to December 17, 2008. The group's loan to value ratio is 31.4%, it said.
Philippe Vergely, Chief Executive and founder of the company, said: 'The admission of Foncière Sepric to Euronext Paris will allow the company to access a new source of financing. Despite the difficult financial market conditions, we are confident of the success of this operation.'
