US-based GE Real Estate has announced the creation of a new listed property company under the name of IPBM. François Trausch, president of GE Real Estate France, has been appointed president of the Board of Directors. Marc Henrion, manager of the corporate acquisitions and shareholdings department at GE Real Estate France and a director of IPBM, has been appointed managing director.
US-based GE Real Estate has announced the creation of a new listed property company under the name of IPBM. François Trausch, president of GE Real Estate France, has been appointed president of the Board of Directors. Marc Henrion, manager of the corporate acquisitions and shareholdings department at GE Real Estate France and a director of IPBM, has been appointed managing director.
IPBM has decided to opt for the ‘SIIC’ (the French REIT) regime from the financial year starting on November 1, 2006. On November 15 the company acquired a 190,000 m2 warehouse and parcel depot portfolio from Immobilière Mory.
This acquisition has been added to the 50,000m2 of assets spread across Paris, Orleans and Lille and is the first step in the development of this new property quoted company. 'We are happy to be able to extend our activities through IPBM. It is our intention, after ten years in France, to enlarge our field of activity through both a quoted company and other available tools,' said Marc Henrion, director and general manager of IPBM.
GE Real Estate is a business unit of GE Commercial Finance, headquartered in Connecticut. In 2005, it achieved double-digit earnings growth, with net income increasing 14% over 2004.
