Spanish group Restaura SL has sold a 45% interest in its French real estate investment arm R-SIIC. The company, which previously held a 98.5% stake in R-SIIC, has disposed of a total of 71,068 R-SIIC shares, representing a 45% stake in the French firm. The stocks were bought by the Spanish property investor Fonrestaura Internacional for a total price of EUR 13.5 mln.
Spanish group Restaura SL has sold a 45% interest in its French real estate investment arm R-SIIC. The company, which previously held a 98.5% stake in R-SIIC, has disposed of a total of 71,068 R-SIIC shares, representing a 45% stake in the French firm. The stocks were bought by the Spanish property investor Fonrestaura Internacional for a total price of EUR 13.5 mln.
Restaura's disposal was prompted by the need to comply with new legislation on SIICs, the French version of real estate investment trusts. The legislation introduced last year limits individual shareholders from holding more than 60% of a SIIC from January 2009. Following the disposal, Restaura will ask the French stock market regulator AMF to exempt the company from launching a public offer for R-SIIC.
