Times are tough, but some still manage to pull the chestnuts out of fire. Property Regions (FDR) has come to an agreement with Groupama and Predica to buy them a nice batch of offices worth 267 million euros. Constrained by debt (58.8% of its equity), the listed property company expects to fund its operations by issuing 3.9 million new shares. Groupama will rise to 5% of its capital. Predica, Cr?dit Agricole subsidiary, already owns 3.2%, rising to 7%.

On a stone three coups. While expansion of its heritage, FDR strengthens its capital without increasing debt. Having divested 633 million in assets since January and renegotiated its credit lines, the property enjoys a "timely", as President of its Executive, Christophe Kullmann. FDR put his hand on quality assets at a price considered attractive."At 6 500 euros per sqm with a yield of 7% is an operation which shows that the crisis was moving prices, said Christophe Kullmann. Bankers return, insurance companies have collected a lot of money and tradeoffs we are favorable bond yields are low and risk aversion has decreased. "

At year end, FDR will make a second capital increase for existing shareholders by offering to purchase 200 million new shares at a preferential price. Its debt would then fall back to more reasonable levels, around 56% of its equity.

The post-crisis?

Is this the beginning of the post-crisis? After nine months of sluggishness, investment tends actually to leave, knowing that we've been through. The major transactions in the fourth quarter will not save the year, the worst the industry since 1998.But they will help give an award to products that arise on sale in the coming months.

Observed around the pressure to lower rents have hit a low point in the beautiful neighborhoods of central Paris. Good resistance that appeals to insurers, such as German funds, often little indebted, or private investors who wish to also do good business.

Among the big "deals" finalized or could be, the sale by the HSBC bank's headquarters in Paris on the Champs-Elysees. A long-awaited transaction that the market estimated at 400 million euros. It could be done under a Qatari sovereign wealth fund, if the parties agree. In the suburbs of Paris, another building, new one, will soon be sold by U.S. fund Carlyle at Credit Agricole, which could make his future headquarters.Since January, Kl?pierre in turn sold 400 million euros in offices and shops. The listed property, owned 52% by BNP Paribas, is selling one billion of assets by the end of 2010, but refrain from seizing opportunities.

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