French property company Icade said it has signed an agreement with Société Nationale Immobilière (SNI), representing a consortium of 25 social housing investors, to dispose of its residential portfolio worth some EUR 2 bn.
French property company Icade said it has signed an agreement with Société Nationale Immobilière (SNI), representing a consortium of 25 social housing investors, to dispose of its residential portfolio worth some EUR 2 bn.
In a statement on Monday, the property arm of Caisse des Depots said that the portfolio, consisting of 29,452 housing units, 'will generate some EUR 600 mln in fiscal capital gains, 50% of which can be distributed within the SIIC regime.'
On completion of the transaction in the first part of 2010, Icade said it 'will continue to gradually sell its housing units held under joint ownership. The 1,553 housing units were valued at some EUR 160 mln at end-June 2009.
Last week, the company said its partnership with Vinci Immobilier has delivered the Henri Barbusse office building in Clichy, near Paris. Designed by architects Dusapin & Leclercq, the complex is fully let to the IT department of the French railway group SNCF, which will relocate to the new office by the end of the year.
The scheme provides around 17,500 m2 of office space as well as a business restaurant and 375 parking spaces. It was developed as a forward purchase for Morgan Stanley's Compagnie La Lucette, which sold it in June this year to Stam Europe's Stam Rei III fund for an undisclosed amount. The transaction was closed on the basis of a net initial yield of 7.2%.
