French property developer Icade said it plans to merge with its four majority-owned property subsidiaries to allow it to acquire SIIC status, the French equivalent of a real estate investment trust, already enjoyed by those subsidiaries. The new SIIC status would be backdated to 1 January 2007, allowing Icade to add EUR 853 mln to its net asset value. The new group, which will still be called Icade, will enjoy an estimated net asset value of EUR 4.6 bn at end-June.
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