The board of Icade, the French real estate investment trust (SIIC), has backed the proposed acquisition next month of 66% of the Tour Descartes in La Defense, Paris for EUR 256 mln. The 41-storey Tour Descartes provides 66,000 m[sup]2[/sup] of floor space. It was built in 1985 to accommodate the registered office of IBM France until at least 31 December 2009, Icade said. Icade Arcoba will carry out refurbishment work on the tower when the current tenant leaves and the building will be marketable by 2011.
The board of Icade, the French real estate investment trust (SIIC), has backed the proposed acquisition next month of 66% of the Tour Descartes in La Defense, Paris for EUR 256 mln. The 41-storey Tour Descartes provides 66,000 m2 of floor space. It was built in 1985 to accommodate the registered office of IBM France until at least 31 December 2009, Icade said. Icade Arcoba will carry out refurbishment work on the tower when the current tenant leaves and the building will be marketable by 2011.
Icade also announced that the board has approved the proposed acquisition, via Icade Fonciere Publique, of three hospitals in the second half of 2007 for EUR 75 mln. The assets are the Esquirol Saint-Hilaire private hospital in Agen (329 beds), the Marzet private general hospital in Pau (192 beds) and the Chenes private general hospital in Aire /Adour (92 beds). Together they provide a total of 45,300 m2 of usable area. The Harpin Group, vendor of the properties, will continue to operate them on a long-term lease. The net immediate rate of return on the acquisition is more than 7.5%, Icade said.
Separately, Icade said it is studying the appropriateness of extending its tax-friendly SIIC status.
