PARIS, Dec 23 (Reuters) - French-based Icade (ICAD.PA) will buy Compagnie la Lucette (MDLL.PA), another real estate firm, from Morgan Stanley (MS.N) to create a entity with a portfolio of over 5.7 billion euros ($8.2 billion).
Icade will offer two of its shares plus 32.50 euros for 21 Lucette shares in the two-stage transaction.
Initially, Icade will buy a 35 percent stake in Lucette for 9.61 euros per share, or 87.6 million euros. In the first quarter it will acquire another 59.5 percent in exchange for shares that will give the Morgan Stanley fund a 4.5 percent stake in Icade.
This will make Morgan Stanley the second-biggest stakeholder in Icade after state-owned CDC.
Sunday, January 3, 2010
French Properties added
- Magnificient view from the garden of this 5 bedroom village house, Aquitaine, 160500 euros
- Detached 3 bed, 3 bath character residence, 3 car garaging, 2 hor, Poitou - Charentes, 376300 euros
- Country home with 4 stables, land and gite, Aquitaine, 673100 euros
- Maison de Maitre in village with amenities, Poitou - Charentes, 249630 euros
- 150m from the beautiful sandy beaches., Languedoc - Roussillon, 461100 euros
France Real Estate for Sale
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