France's Icade files tender offer for Silic

French listed property group Icade has filed its tender offer for peer group Silic in a move which will create the largest business park owner in France, with a portfolio of over EUR 10 bn.

Paris-based Icade is offering five shares for every four Silic shares. The bid, which has been recommended by the Silic board of directors as well as independent experts, is expected to start at the end of March and run for 25 trading days.

'The filing by Icade of its tender offer for Silic constitutes a new step of the combination between Icade and Silic, which will allow the combined group to benefit from a privileged position in Grand Paris,' said Serge Grzybowski, Chairman and Chief executive officer of Icade.

HoldCo SIIC, which is controlled by Caisse des dépôts et consignations, the majority shareholder in Icade, owns nearly 44% in Silic and has already committed to tender all of its shares in Silic to the exchange offer.

Icade - a subsidiary of Caisse des dépôts, posted consolidated revenue of EUR 1.5 bn in 2011 and a net current cash flow of EUR 223 mln. Its portfolio is 47% invested in prime office space and 25% in business parks. Analysts say an acquisition of Silic would create synergies, and allow the company to gain critical mass in this segment.