PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
MSREF sells Lucette control to Icade, takes 4.5% stake
French SIIC/REIT Icade and its counterpart Compagnie la Lucette are to merge. Morgan Stanley Real Estate Fund V, which controls Lucette, last month reached agreement with Icade for the latter to acquire MSREF's 94.5% stake in exchange for 4.5% of Icade total equity. The deal makes MSREF the second largest shareholder in Icade after the French state-controlled investment bank Caisse des dépôts et consignations. The combination will boost Icade assets under management to e5.7bn in total, thereby making Icade the second largest office property owner among French SIICs. (See upcoming PIE/PFE editions for full story)