French insurance group Groupama has transferred its remaining 37.45% stake in Paris-based business park landlord Silic to a new vehicle jointly owned with Caisse des Dépôts (CDC).

French insurance group Groupama has transferred its remaining 37.45% stake in Paris-based business park landlord Silic to a new vehicle jointly owned with Caisse des Dépôts (CDC).

The operation, part of the merger between CDC's Icade property arm and Silic, brings the total stake controlled directly and indirectly by CDC to 43.95%. The move is aimed at creating France's largest real estate investment trust by market capitalisation and the largest business park owner in France with a portfolio of over EUR 9 bn.

CDC owns a controlling stake (75%) in HoldCo SIIC, and roughly 55.58% of the share capital and voting rights in Icade.

As part of the agreement, Icade is expected to file a share exchange offer in March for the remaining shares in Silic, with HoldCo SIIC planning to tender all its shares in Silic.

The transaction will help Groupama to meet its goal of reducing exposure to equities to 5% by 2012 in an effort to comply with Solvency II requirements, while allowing Icade to focus even more on commercial real estate, as part of its strategy. 'After the successful transformation transactions carried out in 2010 and 2011, the disposal of the residential portfolio, and acquisition and integration of Compagnie la Lucette, Icade pursues its strategy through the combination project with Silic,' the company said.