Spain's real estate company Realia, a joint venture between Fomento de Construcciones y Contratas (FCC) and Caja Madrid, is selling 5% of its French unit Sociedad SIIC to Dos Mil Doscientos Uno, for EUR 36 mln. The stake is being sold at a price of EUR 366 per share, which compares to EUR 300 per share that Realia paid last year when it bought 87% of SIIC.
Spain's real estate company Realia, a joint venture between Fomento de Construcciones y Contratas (FCC) and Caja Madrid, is selling 5% of its French unit Sociedad SIIC to Dos Mil Doscientos Uno, for EUR 36 mln. The stake is being sold at a price of EUR 366 per share, which compares to EUR 300 per share that Realia paid last year when it bought 87% of SIIC.
In a statement, Realia said the sale is in line with its strategy to partially sell off SIIC as required under French legislation on real estate investment trusts. The new law, backed at the end of last year under the name SIIC 4, introduced a requirement for shareholders to own a maximum of 60% in SIICs, the French equivalent of real estate investment trusts, from January 2009. Realia now holds about 83% of SIIC compared with 88% previously.
Last July, the company sold another 5% of its French subsidiary for EUR 34 mln.
