SIIC de Paris, the French property arm of Spanish group Realia, said on Thursday that it is 'in exclusive negotiations' with Société Foncière Lyonnaise (SFL) to sell a 30% stake in the company before the end of the year. As part of the operation, Inmobiliaria Colonial's French subsidiary SFL plans to swap two office towers worth some EUR 286 mln for a minority interest in SIIC de Paris. The operation is aimed at lowering the stake held by majority shareholder Realia in SIIC de Paris to the 60% threshold envisioned for French real estate investment trusts.
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