Pieces of the SIIC

By Tara Anderson

Since the 2003 advent of the Sociétés Françaises d'Investissements Immobilièrs Cotées (SIIC), the listed real estate market in France has tripled. With new real estate legislation in place, further SIIC growth is expected. Here are the nine SIICs tracked in the FTSE EPRA/NAREIT Global Real Estate Index.

Affine (CAC:IML)
	Maryse Aulagnon —Président-Directeur Général Affine’s growth strategy is based on direct investments, acquisitions and portfolio purchases and long term partnerships. It’s equity market capitalization as of December 2007 was €304.1 million ($467.3 million). www.affine.fr
Foncière Des Régions (CAC: FDR)
	Christophe Kullman; Président du Directoire With portfolio assets worth €18 billion ($27.6 billion), Fonciere Des Regions leases to manufacturers and service companies. www.foncieredesregions.fr
Klepierre (CAC:LI)
	Michel Clair; Président Klepierre is the leading shopping center manager in continental Europe, with retail centers making up 86 percent of its portfolio. Its real estate assets are valued at €11.3 billion ($17.3 billion). www.klepierre.com
Mercialys (CAC:MERY)
	Jacques Ehrmann, Président-Directeur Général Mercialys’ assets are comprised mainly of shopping centers and self-service restaurants. The company benefits from consistent cash flow thanks to annual rent increases, low vacancy rates and low lease termination rates. The company’s equity market cap was valued at €183 million ($281 million) in June 2008. www.mercialys.fr
Silic (CAC: SIL)
	Dominique Schlissinger, Président-Directeur Général Silic is the leader in business park ownership in the Paris region. It’s equity market cap was valued at €3.2 billion ($4.9 billion) in June 2008. www.silic.fr
Société de la Tour Eiffel (CAC:EIFF)
	Mark Inch; Président-Directeur Général Société de la Tour Eiffel seeks to become an independent quoted property company that does not have dominant shareholders. The SIIC focuses on the acquisition and retention of high-yielding property assets withlong term leasing agreements. As of 2007, its property portfolio was valued at €1.19 billion ($2.9 billion). www.societetoureiffel.com
Unibail-Rodamco (CAC:UL)
	Guillaume Poitrinal; Président du Directoire Unibail-Rodamco is the leading Pan-European commercial property investor and developer. It owns assets in 14 European countries and has a property portfolio valued at €25.2 billion ($38.7 billion). www.unibail.com
Acanthe Développement (CAC: ACAN)
Alain Dumenil; Président-Directeur Général Eighty-two percent of Acanthe Développement’s portfolio value is located in the central business district of Paris where occupancy rates are at 95 percent. The company is continuing to grow with property acquisitions of top quality office buildings and minimal borrowing. www.acanthedevelopment.fr
Gecina Group (CAC: GFC)
Joaquín Rivero Valcarce; Président-Directeur Général Gecina Group has expertise in asset management, building service and maintenance, financial and real estate engineering, asset restructuring and development and marketing. Company assets, as of 2007, were valued at €13.2 billion ($20.3 billion). www.gecina.fr