Realia sells 5 pc of French property firm

4th January 2008, Comments 0 comments

Spanish property company Realia said yesterday it had sold a 5 percent stake in the French real-estate investment trust SIIC.

4 January 2008

MADRID - Spanish property company Realia said yesterday it had sold a 5 percent stake in the French real-estate investment trust SIIC to Garber Investments for EUR 35.7 million.

Realia said the sale price of 366 per SIIC share was at a premium of 22 percent to the price it paid for the French firm in May of 2006, when Realia acquired an 87.3-percent interest at EUR 300 per share.

The Spanish company subsequently raised its holding in SIIC to 93.86 percent but has reduced that now to 78.84 percent. Realia said it plans to further divest shares in SIIC to reduce its stake to under 60 percent in order to benefit from tax breaks given to listed French real-estate investment trusts.

[Copyright El Pais / Adrian Soto 2008]

Subject: Spanish news

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