Spanish property group Inmocaral is in talks with two companies in relation to a merger with its French unit Societe Fonciere Lyonnaise (SFL), Spanish daily La Gaceta reported. Citing Inmocaral's ceo Luis Portillo, the newspaper said Inmocaral is considering the possibility of expanding its French business prior to selling a 15% to 20% stake in SFL.
Spanish property group Inmocaral is in talks with two companies in relation to a merger with its French unit Societe Fonciere Lyonnaise (SFL), Spanish daily La Gaceta reported. Citing Inmocaral's ceo Luis Portillo, the newspaper said Inmocaral is considering the possibility of expanding its French business prior to selling a 15% to 20% stake in SFL.
SFL is a SIIC, the French equivalent to a real estate investment trust (REIT). Inmocaral currently owns almost 90% of SFL, but it has to sell part of its stake to abide by new French regulations that ban the core shareholder of any SIIC from controlling more that 60% of the shares.
