French construction group Icade is to increase its stake in the French property company Mr Bricolage. The takeover on 1 January 2008 will see Icade Group take control of 95% of the capital of Mr Bricolage. The deal will involve 32% by converting the BRS (Bonds Redeemable in Shares) it holds into shares and 63% by the acquisition of additional shares from the Mr. Bricolage Group.

French construction group Icade is to increase its stake in the French property company Mr Bricolage. The takeover on 1 January 2008 will see Icade Group take control of 95% of the capital of Mr Bricolage. The deal will involve 32% by converting the BRS (Bonds Redeemable in Shares) it holds into shares and 63% by the acquisition of additional shares from the Mr. Bricolage Group.

According to Icade, the company is pursuing and consolidating the 'strategic partnership' it began with Mr Bricolage Group in 2005. The structure of the deal will allow it ‘to develop and diversify its assets while at the same time ensuring that this acquisition enjoys the benefits of the SIIC scheme from 1st January 2008’.

Icade said the Mr Bricolage property company currently carries the property assets of about 40 shops operated by the Mr Bricolage diy retailer, valued at about EUR 90 mln.