French REITs, Key Players of the International Real Estate Markets
Transcription
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. 3 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 6 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