PIE Events
- German Property Breakfast
14 February 2012
Stockholm
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22 February 2012
London
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03-04 May 2012
Vienna, Austria
French defence ministry plans to sell up to e1bn of assets
The French defence ministry is to restructure its real estate in a plan that encompasses a new company controlled by state asset manager Caisse des Depots, and reorganisation of its departments on a site in Ballard, south of Paris, that will become a kind of French Pentagon. Aim is to sell 12 properties by 2014, with a target price of e800m-e1bn. The ministry will establish a company to take charge of disposals, and will involved a public private partnership covering around e500m in assets. Paris missed its e600m asset disposals planned for 2008 and last year sold only e395m worth of properties. It is committed to sell e1.4bn worth of assets before the end of 2009 but the economic crisis is making it more difficult as ministries are not willing to reduce property prices.