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.
Swiss real estate group Investis has boosted its real estate holdings with the CHF 139 mln (€149 mln) purchase of prime residential properties in Vaud canton.
