The board of French property group Icade has approved the merger between the company and its four units – Icade, Icade Fonciere Publique, Icade Patrimoine, and Icade Fonciere des Pimonts - to clear the way for the company to convert to a SIIC, the French equivalent of real estate investment trusts. The conversion will be effective as of January 1, 2007, Icade said.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
