Savills is launching a new team in France focused on sale-and-leaseback transactions. The international property services firm said that the new group, which is part of the investment department headed by Pascal Rupert, was set up in response to a growing need among corporate entities serviced by Savills to raise capital from property sales. The new team will be directed by Boris Cappelle.
Savills is launching a new team in France focused on sale-and-leaseback transactions. The international property services firm said that the new group, which is part of the investment department headed by Pascal Rupert, was set up in response to a growing need among corporate entities serviced by Savills to raise capital from property sales. The new team will be directed by Boris Cappelle.
The initiative anticipates a growing sale-and-leaseback market in the country due to the introduction at end-2008 of fiscal benefits for companies selling property to real estate investment trusts (SIIC) or other funds regulated by the French stock market watchdog (SCPI or SPPICAV). The changes, which came into force in January as part of the 2009 Budget Law, extends the possibility for a seller to enjoy tax breaks on capital gains (16.5% against the previous 19%).
