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Fonciere des Regions eyes $1.6bln property sales

French property company Fonciere des Regions (FDR.PA: Quote, Profile, Research) said on Tuesday it expected to execute up to 1.3 billion euros ($1.63 billion) of total real estate sales in 2008 as part of a plan to reduce net debt.

Flouting a sharp slowdown in property transactions since easy access to cheap property credit started to dry in summer 2007, Fonciere des Regions said it was in talks to sell up to 200 million euros of property before the end of the year.

This is in addition to 686 million euros of property sales already signed so far in 2008 and 410 million euros of sales awaiting completion.

The prices achieved were on average 7 percent higher than appraised values as at the end of 2007.

Together with Italian subsidiary Beni Stabili (BNSI.MI: Quote, Profile, Research), Fonciere des Regions' consolidated portfolio of assets is worth around 18 billion euros, 70 percent of which comprises office premises in France and Italy.

It also has a footprint in property markets in Germany, Belgium and Portugal via strategic stakes in specialist investors Fonciere des Murs, Fonciere Developpement Logements, Fonciere Europe Logistique and Parcs GFR.

Source: http://uk.reuters.com/

Print   2008-10-29