SGAM Alternative Investments, acting for its new SCPI Pierre Entreprise, has acquired a majority stake in the Tour de Lille for an undisclosed amount. The 120-metre high office tower has been bought from a property company managed by the Archon Group. This is the first acquisition made by SGAM AI Pierre Entreprise. Developed in 1995, the Christian de Portzamparc-designed property provides some 8,000 m[sup]2[/sup] of office space.
SGAM Alternative Investments, acting for its new SCPI Pierre Entreprise, has acquired a majority stake in the Tour de Lille for an undisclosed amount. The 120-metre high office tower has been bought from a property company managed by the Archon Group. This is the first acquisition made by SGAM AI Pierre Entreprise. Developed in 1995, the Christian de Portzamparc-designed property provides some 8,000 m2 of office space.
SGAM also said it is planning to transform the SCPI into a OPCI property investment mutual fund. This kind of investment vehicle has been recently introduced in France, and is just the latest in the line of tax-friendly vehicles created in the country to promote investment in property stocks. They also include the SCPIs (non-trading property investment companies) and SIICs (REIT-style structures). They are managed by independent portfolio management companies which must also be licensed by the AMF.
