Our team composed by Emmanuel Cazin, Partner, Franck Denis, Counsel and Aude Dewilde, Associate, contributed to the drafting of the French version of The Legal 500 comparative guide regarding construction.
Please click here to read the article.
Fairway is ranked Band 2 – Real Estate section and Band 4 – Tax section in the 2018 edition of The Legal 500 Europe, Middle East and Africa.
Our partners Frédéric Lefébure and Aubry d’argenlieu are ranked as “leading individuals” – Real Estate section. Our Partner Emmanuel Galifer is ranked as “Next Generation lawyers” – Tax section.
According to The Legal 500, ” Fairway has one of the best teams in Paris for sophisticated transactions. The 30-lawyer real-estate boutique is made up of trusted advisers who provide ‘quick and accurate responses, are straight and efficient and ‘always find solutions and the team also has an excellent level of expertise and the willingness to make deals happen in the best possible conditions for all stakeholders”.
Our Partner Frédéric Lefébure and his associate Isabelle Renaudin advised Primonial REIM on the sale and leaseback acquisition from Léonard De Vinci Health Custer of a real estate complex for medical use of 43 000 sqm. on behalf of the SCPI Primovie.
This real estate complex, located in Chambray-lès-Tours, near Tours, includes two main buildings, in which short and middle stays activities are grouped and different buildings for consultation and external cares. This acquisition is realized simultaneously to the signing of a new lease for a firm 12-year period and is placed in a partnership with Léonard De Vinci Health Custer which could lead ultimately to the cession of others real estate assets of health owned by subsidiary corporations of the company Ovalie.
Primonial REIM highlights in its press release that “This acquisition concerns a major real estate complex which shows the ability of the healthcare teams of Primonial REIM to intervene in challenging real estate operations. Primonial REIM pays close attention to the strategic location of this asset. Indeed, Tours area represents simultaneously a pool of patients of 293 000 residents and benefits from a massive demographic growth due to its economic area and its proximity to Paris with high speed train. This establishment is ranked among the 10 most attractive private clinics of France.”
Our partner, Juliette Bril, spoke as Lead Speaker at the third edition of the Global Logistics Summit which was held at New Delhi on April 5th and 6th, to tackle the regulatory framework for logistics services and infrastructure at the Global Logistics Summit.
This summit co-organized by the World Bank Group, the Indian Ministry of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry (FICCI) provided platform to hold discussions for global experts, academics, government officials and private sector and industry representatives in order to improve logistics and connectivity which are vital for increasing intra-state and international trade flows.
By Emmanuel Galifer – Partner
As from the entry into force of the new provisions:
– Regarding distributions realized by companies subject to corporate income tax under standard conditions, there is no French withholding tax if the recipient is a tax resident and holds directly at least 5% of the capital of the distributing company during one year. If there is no such holding, a 15% withholding tax is levied.
– Regarding distributions realized by an investment vehicle such as SIIC / OPCI:
In addition, the definition of dividends is amended to take into account deemed dividend distributions.
The provisions concerning the taxation of capital gains are amended and provide that capital gains on shares of real estate companies are taxable in the State where the real estate assets are located, if the value of the structure sold is or has been derived, directly or indirectly, for more than 50% from real estate assets located in that State, at any time during the year preceding his alienation.
However, real estate assets allocated by the company to its own business activity are not taken into account for the computation of the ratio.
The definition of the tax residence is amended to take account of the effective liability to tax, and thereby complying with the OECD definition of tax residence.
The new tax treaty would apply as from January 1st, 2019 at the earliest, depending on the ratification process.
