French listed property firm Société de la Tour Eiffel said on Monday it is ploughing ahead with plans to double its portfolio to €1.6 bn over the next three to five years.

French listed property firm Société de la Tour Eiffel said on Monday it is ploughing ahead with plans to double its portfolio to €1.6 bn over the next three to five years.

'This growth strategy is based on the acquisition of secured assets and the development of land reserves,' STE said in a statement.

The company, which is headed by Philippe Lemoine, has concluded €153 mln of acquisitions in Western Paris since last October representing a total of 36,300 m2.

Regarding its land reserves, the company said it will give priority to the development of a 70,000 m2 project on a site in Massy and a 15,000 m2 construction in Orsay.

Since taking control of the Parisian REIT last year, mutual insurer SMABTP has been focusing on strengthening the company's capital base while seeking to reduce its stake in order to allow the company to maintain a tax-efficient REIT status.

In April the investor - which held nearly 90% of STE's capital - sold shares and warrants to a number of European institutional investors including AG Finance (AG Insurance), Crédit Mutuel Arkea (Suravenir), Humanis, Malakoff-Médéric and Mutuelle Générale.

SMABTP currently owns less than the 60% shareholding limit for French REITs.

Later this year STE plans to issue warrants to strengthen its capital by just over €180 mln, thereby reducing its debt ratios to 32.8% from 47.7% at present.