French REITs, Key Players of the International Real Estate Markets

1
French REITs, Key Players of the
International Real Estate Markets :
Trends and Prospects
Jean-Paul DUMORTIER
Chairman, FSIF
Chairman, SPF
2
In 2002, an analysis of FSIFstarting from international comparisons, BI,
REITS, SICAFI, British property companies.
A very clear conclusion
z
Tax transparency is necessary.
z
The REITS are an asset class.
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A strong business model
z
Listing on a regulated market (valorization, liquidity transparency)
z
Self-management (limitation of the number of conflicts of interest)
z
Specialization (knowledge of the industrial processes)
z
Notation BBB or A-
z
High regular dividend.
4
A discussion with the government about :
z
Self-management
z
Restrictions of activities
z
Maximum leverage
z
Tax treatment of the latent capital gains
Legislation published in the summer 2003.
The majority of existing companies decided to opt for the SIIC regime
the first year of existence of the status.
Complementary measures decided by the finance bills for 2005 and
2007.
.
5
Effects of the creation of the SIIC
Large success:
- Stock exchange capitalization of the SIIC sector.
85 678
73 054
SIIC françaises
52 700
53 263
48 005
44 165
SIIC "européennes" (ayant opté
pour le patrimoine détenu en
France)
Total
31 358
32 650
26 615
32 414
21 057
25 053
13 296
17 550
20 050
10 301
M€
Source IEIF
31/12/2002 31/12/2003 31/12/2003 31/12/2005 31/12/2006 31/03/2007
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SIIC sector before 2006-12-31
10 companies in 2005
9 companies in 2003
9 companies in 2004
Affine
ADC SIIC
Acanthe Développement
Foncière des régions
ADT SIIC
Altaréa
Gecina
Bail Investissement
Foncière
Foncière des Murs
Icade Emgp
Foncière Massena
Klépierre
Icade Foncière des
Pimonts
SIIC de Paris 8ème
SIIC de Paris
Mercialys (groupe Casino)
SILIC
Tour Eiffel
Warehouse de Pauw
Société Foncière
Lyonnaise
Hammerson (GB)
Corio
Radmaco Europe (NL)
Eurocommercial Properties
Unibail
Wereldhave (NL)
Vastned Retail
17 companies in 2006
Immobetelgeuse
7 companies 2007-03-31
Atelier du Nord de la France
IPBM (GE Capital)
Foncière des 6ème et 7ème
arrondissements de Paris
CBO Territoria
Lucia
Groupe la Lucette
Foncière Inéa
Cegereal
Paref
Compagnie immobilière Betelgeuse CIB
Selectirente
Siic Invest
Dassault
Foncière Paris France
Société de Tayninh
Dolmea
Vectrane
Terreis
Foncière Atland
Zublin Immobilière
France
Segro (exSlough Estates)
Docks Lyonnais
Foncière Développement Logement
Sicafi Matea
Source IEIF
7
Pavillon d’Armenonville
Thursday July 5 & Friday 6, 2007