PIE Events
- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
Upcoming Events
- Property Debt Breakfast
20 June 2012
London
French Masséna slips into loss after REIT/SIIC exit
French listed Foncière Masséna slumped to a net loss of E5m in 2010 reversing 2009's E23m profit after being forced out of the REIT/SIIC regime. Masséna is 99% owned by Crédit Mutuel but the SIIC regime allows no more than 60% of equity for a single shareholder. The loss of status brought a E10.8m penalty and tax charge of E15.5m, pushing it into the red.