The group has set new growth in its net recurring income as itsobjective in 2010. It is maintaining an active distribution policy,and for 2009 is proposing up to €6.9 per share, with €3.3 availablein cash, plus six shares of Italian unit Beni Stabili. Describingthe scheme as exceptional, it said it has should cut the directholding by FdR to 52.5% from the current 68%.

CEO Christophe Kullmann says FdR has set new growth in its netrecurring income as its objective in 2010. "After 10 years ofgrowth and the good resistance of its business model in 2009,Foncière des Régions wishes to consolidate its real estate positionfocused on commercial real estate and large clients," he says.

FdR was caught at the start of the global crisis with acomparatively high debt load. It noted that it cut debt last yearby €1bn to reduce loan to value to 55.6% from 58.8% atend-2008.