by matt | Feb 23, 2018 | deals
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In January 2013, Fairway advised Nacarat on its acquisition, from Monceau Assurances group, of a building located 20, rue de la Boétie in Paris (75008) and on the negotiation of a contract of real estate development for a major restructuring program in order to achieve 3.300 sqm of new offices, HQE-certified and Effinergie Rénovation-labelled.
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In February 2013, Fairway advised Icade, as tenant, for the rent of 3.272 sqm of office space from Agence Régionale de Développement in Le Beauvaisis building located in the Parc du Pont Flandres, an office park located in Paris (19°).
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In March 2013, Fairway advised Gecina on its acquisition of the Mirabeau tower located in Paris (75015) from Aberdeen, acting on the behalf of the German fund DEGI International, for an approximated price of 186 M€, excluding duties.
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In March 2013, Fairway advised Capio, a major player in the European health market, on the sale of a clinic development project in Bayonne to Gecimed, a Gecina subsidiary dedicated to the health real estate market. This transaction represented an investment of 70 M€ for Gecimed. The building should be delivered in the third quarter of 2015.
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In March 2013, Fairway advised Les Nouveaux Constructeurs Entreprises in the establishment of a partnership with AG Real Estate France for the implementation of the « White » office development project in Montrouge (92). This 23.000 sqm of offices and associated services project will be HQE – BBC – BREEAM certified. The delivery is expected in November 2015.
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In April 2013, Fairway advised Gecimed, on the sale of a portfolio of four clinics operated by Générale de Santé to a health fund operated by BNP Paribas REIM France. The total amount of the transaction is 80 M€, including duties.
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In May 2013, Fairway advised Les Docks Lyonnais, as landlord, on the negotiation of a lease to Banque publique d’investissement (BPI) concerning 10.500 sqm of office space in a building located 6-8 boulevard Haussmann in Paris (75009).
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In June 2013, Fairway advised ANF Immobilier in the co-investment with Caisse d’Epargne Rhône Alpes and DCB International for the acquisition and the construction of Alstom Transport site (36.600 sqm) in the Carré de Soie in Lyon (69), rented by Alstom Transport. The delivery is expected by the middle of 2015.
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In June 2013, Fairway advised Gecina on its acquisition of an office and commercial building located in Paris (8°), rue Marbeuf from the Caisse d’Assurances Vieillesse des Pharmaciens.
- In June 2013, Fairway advised Amundi Immobilier on its acquisition of an office building located in Paris (8°), avenue George V, from Archon.
by matt | Jan 23, 2018 | news
Our partners Marie-Claire Guéna and Emmanuel Galifer contributed to the drafting of the French version of The Legal 500 comparative guide regarding real estate.
Please click here to read the article
by matt | Nov 8, 2016 | news
The French 3% dividend contribution challenged by the Constitutional Council!
Paris, le 5 October 2016
The French Constitutional Council published on September 30 its decision concerning the French 3% dividend contribution.
As a reminder, the question was whether this 3% dividend contribution provided for by Article 235 ter ZCA of the French tax code is compatible or not with the Constitution in so far as it does not apply among companies of the same tax group as defined under Article 223 A, while it applies to intra-group distributions made between companies which are not tax consolidated, and notably to the ones made in favor of a foreign parent company.
The Constitutional Council has ruled that the difference of treatment between related companies which made distributions whether they are under the tax consolidation regime or not is not justified by either a difference of situation nor by a reason of public interest. The Constitutional Council has thus stated that the French 3% dividend contribution is contrary to the Constitution under its current wording.
The Constitutional council has postponed the effect of its decision till 1st January 2017, as an immediate repeal would have had for consequence to extend the French 3% dividend contribution to situations which have been exempted by the law makers, and leaves to the law makers the responsibility to fix this issue before year end. At this stage, the invalid texts are still in force and, as such, the decision of the Constitutional Council is not of any help for the dividend distributions which will take place until 31 December 2016. The outcome of this contribution might therefore be part of the finance bills discussion of year end.
At this stage, several options are open to solve this issue:
- Removal of the contribution: Nothing is less certain given the profitability of this contribution. As a reminder, this contribution of 3% was set up to compensate the loss of income resulting from the decision of the Court of Justice of the European Union dated May 10, 2012 stating the non-conformity with the Treaty of the withholding tax which was levied by France on dividends distributed to UCITS located in another EU state.
- Application of this additional contribution of 3% to distributions made between tax consolidated companies: In this case, considering the cost amounting to over one billion euros induced for French large groups, it is possible that the rate of contribution might be decreased.
- Extension of the exemption to all distributions made between companies in a same group whether tax consolidated or not.
Finally, it should be reminded that the compliance of this 3% contribution with the EU legislation is also challenged, as an infringement procedure (procedure No 2013/4329) was notified to France by the European Commission on April 28 2015. Further, we are waiting for a case law of the Court of justice of the European Union on this issue.
Olivier Mesmin Christine Daric
Avocat-Associé Avocat-Associé
by matt | Nov 8, 2016 | news
Our 2 partners Aubry d’Argenlieu et Frédéric Lefébure anked among the best French lawyers in real estate by The Legal 500 !
by matt | Jan 1, 1970 | Uncategorized
Fairway advised Generali Real Estate on the acquisition of two adjacent and independent “premium” office buildings located in the district of Le Marais in Paris.
The building named “Coeur Marais” located 64 rue des Archives (Paris 4th) offers 13,200 sqm of office spaces open on a large central atrium and a private garden of 500 sqm. The second building named “Fhive” is located 5 rue Charlot (Paris 4th) and is composed of 2 plateform with terraces for a total area of 8,300sqm. This real estate property meets high standards regarding energy and environmental performance.
These buildings were inaugurated in spring 2017 after two years of work and are fully leased to French and international brands.
This transaction is part of Generali Real Estate’s investment strategy targeting “premium” office assets and retail properties in the city centers of the main European cities.
“This transaction reflects the importance of the French real estate market for Generali Real Estate, which currently manage assets of about € 8 billion in France, including 6.2 in the Paris region,” says the press release.
