The board of French property group Icade has approved the merger between the company and its four units – Icade, Icade Fonciere Publique, Icade Patrimoine, and Icade Fonciere des Pimonts - to clear the way for the company to convert to a SIIC, the French equivalent of real estate investment trusts. The conversion will be effective as of January 1, 2007, Icade said.
The board of French property group Icade has approved the merger between the company and its four units – Icade, Icade Fonciere Publique, Icade Patrimoine, and Icade Fonciere des Pimonts - to clear the way for the company to convert to a SIIC, the French equivalent of real estate investment trusts. The conversion will be effective as of January 1, 2007, Icade said.
The company added that it has provisionally identified investments of about EUR 2.8 bn and disposals worth EUR 1.6 bn to be carried out between 2008 and 2012. Beyond these identified assets, Icade has an additional estimated investment capability of EUR 1.8 bn, it said.
On Monday, Icade announced the purchase of two clinics in the Centre au Terme region in France for an undisclosed amount. The clinics, the Archette a Olivet in Loiret and the Saint-Francois a Mainvilliers in Eure-et-Loir, are occupied by Vedici with a 12-year lease contract.