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- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
French REIT Tour Eiffel protected in crisis by lack of single large assets
The two British-born heads of French REIT/SIIC Société Tour Eiffel have taken quick action to trim their company to the economic crisis, helped by the fact that, at e1.1bn in assets, STE owns no large single properties. Going forward, they are concerned that private equity credit problems could limit access to debt for the large SIIC community. Robert Waterland and Mark Inch told PIE in an interview that the key for STE, the former manager of Paris's iconic tower, has been to lock in tenants and cash-flows by offering rental concessions in return for longer leases. However STE, trading like most European listed real estate at deep discount to NAV, has the advantage that it focuses on suburban and regional offices and business parks.