Groupama claims financial strength boost with sales
Groupama SA is to sell its share in real estate company Silic to government owned finance organisation Caisse des Dépôts (CDC) who will also be making a €300m (£251.9m) investment in the French insurer.
Groupama confirmed it will first sell a 6.5% stake in Silic for a 2.7% stake in CDC owned Icade and over time transfer its full holding again in a share exchange. Currently Groupama owns 44% of Silic with a reported value of €1.22bn.
The new holding company formed will have assets of over €9bn in business parks and offices in France.
In addition both parties have agreed that CDC will simultaneously purchase €300m shares issued by Groupama's wholly-owned subsidiary GAN Eurocourtage.
The
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