Equal-weight gross is 7.93% — why not load up on the highest yielder, Mercialys (9.96%)?

Because part of its 9.96% is a size price: a market cap of about EUR 0.9B and daily turnover of about EUR 2.2M — the yield includes a liquidity premium, and its single sector (French food-anchored retail galleries) offers no internal diversification. Equal weight is this site's honest answer to not knowing which name is best: Gecina/Covivio for scale and offices, Klépierre for quality and premium discipline, Mercialys for yield — capped by liquidity, not weighted by yield.

Icade is at a 71% discount with a '12.28%' dividend — is it really worthless?

Not worthless — just not buyable on the headline: strip the EUR 1.32 capital-return class item and the true recurrent dividend is EUR 0.60, a 3.84% gross yield — a mediocre number, attached to a falling earnings guide (FY2026 recurrent cash flow guided to EUR 2.90–3.10) and a merely 'considered' dividend with a scrip option. Its problem is the gap between headline and substance; this site prints the split table, and a reader who still wants it at the true 3.84% basis is making their own pricing decision.

Does the Paris rent cap (encadrement) affect the SIICs?

It affects housing (entry No. 92's direct route). Inside the SIIC basket only Gecina carries a residential segment and it is office-led; the other three are commercial assets — commercial leases are index-linked and freely negotiated, outside the cap's scope. This site writes the two mechanisms (the level cap versus the increase cap) separately on the France country page, because conflating them is the most common error in French property content.

Opportunity rank #91 (cash-flow board) · France

France's SIIC core basket: a statutory 95% payout inside 41–71% NAV discounts — after removing two fake yields

Our take: Do

5.16–9.96% France SIIC core basket dividend yields (filing basis, 12.8% withholding) · Verified range · Data as of: 2026-11-06

Composite-board score: 7.5 · Where it is strong: Net cash flow, Tax friendliness · methodology

Data updated: 2026-11-08

France's listed property regime (SIIC) is Europe's hardest cash channel: company-level exemption is bought with a three-leg distribution obligation — 95% of exempt rental profits, 70% of capital gains and 100% of subsidiary dividends (on a tax-profit basis). This site's basket holds only four core names (FY2025 distributions paid in 2026; prices at the 6 Nov 2026 close): Gecina (prime Paris offices) — a EUR 5.50 dividend on recurrent net income of EUR 6.68 (82% payout), 8.34% at EUR 65.95, at a 54% discount to EPRA NTA of EUR 144.1; Covivio — EUR 3.75 (+7%, all cash), 8.26%, at a 45% discount; Klépierre — EUR 1.90, 5.16%, the basket's only name at a premium to NTA (+2.5%) with its strongest balance sheet (A−/A ratings), with a footnote that must be read: only EUR 0.87 of the EUR 1.90 is attributed to SIIC activities, the rest coming from reserves/premium — its tax character for non-residents follows the AGM notice; Mercialys — EUR 1.00 (distributed 100% from the exempt segment), 9.96%, at a 41% discount, but a market cap of only about EUR 0.9B and thin trading. The equal-weight gross is 7.93%, and after the non-resident dividend withholding of 12.8% the in-hand figure is about 6.92% — the 12.8% is domestic law (no social charges on dividends), below the France–Singapore treaty cap of 15%, so no treaty claim is needed or possible for individuals. Two names are publicly excluded, with reasons: Icade's '12.28%' contains only EUR 0.60 of final dividend inside EUR 1.92 (EUR 1.32 is a capital-return class item, the tail of a healthcare disposal gain; its NTA fell from EUR 60.1 to EUR 53.3 to EUR 49.7 — that is not a discount, it is a descent); Altarea's '10.80%' is about 69% share-premium refund (true income of about EUR 2.46 per share, with the distribution at about 131% of FFO and paid mostly in shares). Verdict: do — one of the few euro income entries where gross, net and evidence are all hard; the conditions sit in the risk list, headed by this: if appraisal yields keep rising, NTAs fall toward prices, not the reverse.

In short: four lines first

What it costs to get in

Listed shares, from any amount (a practical diversified start is EUR 5,000–10,000)

Roughly what it earns

5.16–9.96%（France SIIC core basket dividend yields (filing basis, 12.8% withholding)）

How much work for you

Very hands-off (listed route, no French filing)

The biggest catch

The numbers that matter

France SIIC core basket dividend yields (filing basis, 12.8% withholding)

5.16–9.96%

Verified range As of: 2026-11-06 Source: Gecina FY2025 results (10 Feb 2026): recurrent net income of EUR 6.68 per share, dividend of EUR 5.50, EPRA NTA of EUR 144.1

Why we think it makes money

The codified strength of the distribution obligation (the 95/70/100 legs) plus checkable payout ratios (Gecina 82%, Covivio about 79%, Mercialys 79.4%) makes the French basket's income the most institutional in European REITs.

The 12.8% non-resident rate is statutory and final: no reclaim process, no treaty claim, no social charges — the highest in-hand certainty tier among major European markets.

Excluding the two fake yields with their splits printed (Icade's EUR 1.32, Altarea's about EUR 5.54 per share) is this site's methodology on display: the France page turns headline-yield auditing into body text.

How to actually get in

Listed route: buy the four core names (GFC/COV/LI/MERY) through an international broker with Euronext Paris access, in any amount, EUR-settled; non-residents with only dividend income need no French account and no French tax filing. Mercialys is thin (about EUR 2.2M a day) — stage entries with limits.

What it costs, what it earns

Entry amount: Listed shares, from any amount (a practical diversified start is EUR 5,000–10,000)
How much work for you: Very hands-off (listed route, no French filing)

Costs & taxes, item by item:

Euro exposure: distributions and principal are in EUR.
The opportunity cost of persistent discounts: price on appraisal-yield terms — if exit yields rise, book NTA and dividend cover come under pressure together; treat discount repair as an option, not a base case.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

无购房居留/黄金签证（已确认不存在）

This asset does not count toward the channel No status channel

Threshold: —

法国没有任何购房居留计划：买房再贵也不产生居留权。相邻的 talent 通道全是主动经营通道（直接经济投资 ≥€300,000 于经营性资产并承诺就业、创办企业 ≥€30,000 等，以 service-public.fr 为准）；visiteur 长居是资源测试、且承诺不工作。买 SIIC 股份更与身份无关。本条目纯按现金流评估。

Source: service-public.fr（talent 框架）；法国移民法

Tax (investor level)

非居民个人股息预扣 12.8%（国内法，CGI art. 119 bis），且股息不征社会分摊金——居民的「30% 平税」对非居民坍缩为 12.8% 全包。

法新条约第 10 条上限为 15%（个人）——高于国内法 12.8%，故条约对新加坡居民个人不构成约束、12.8% 即操作税率；条约只对新加坡公司持有人有意义（≥10% 持股时 5%）。
直投房东落在每张税表的最差格：所得税最低税率 20%（净收入 €29,579 内）/30%（以上）+ 社会分摊金 17.2% 全额——非 EEA 居民无 de Ruyter 减免（CJEU Jahin 案确认条例不及第三国）。

Double-tax treaties: 股息以国内法 12.8% 为操作口径；直投所得按来源地规则。

Source: impots.gouv.fr；CGI art. 119 bis / 197 A；BOI-INT-CVB-SGP

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

Telling a falling NAV from a discount is this basket's permanent homework: Icade proved a "71% discount" can be value descending toward the price. Re-auditing each name's discount cause against the latest NTA and recurrent earnings every year is this entry's maintenance protocol. If these happen, our take changes: If any core name prints two consecutive double-digit NTA falls with a payout ratio over 100%, it leaves the basket (the Icade precedent).

Refinancing repricing: the sector's embedded debt cost of about 2% is climbing toward 3.3%+, pressing the growth of recurrent cash flow — dividends can stop growing before they stop being payable. If these happen, our take changes: Checked yearly against the four names' recurrent earnings prints and new-money rates.

French fiscal politics: proposals to raise the residents' flat tax or levy SIICs return every budget cycle — if the 12.8% non-resident rate moves, this entry's in-hand costing is redone. If these happen, our take changes: Follows enacted finance-act text; proposals live in the risk list only.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The tax character of Klépierre's non-SIIC portion (EUR 1.03 of the EUR 1.90) for non-residents was not verified against the AGM tax notice: this site conservatively applies 12.8% to the full amount.
Altarea's EPRA NTA per share was not captured — this site prints no discount figure for it. Icade's EUR 1.32 characterisation rests on exchange/vendor payment records and its disclosed healthcare-gain history; its AGM tax notice was not opened.

FAQ

Equal-weight gross is 7.93% — why not load up on the highest yielder, Mercialys (9.96%)?: Because part of its 9.96% is a size price: a market cap of about EUR 0.9B and daily turnover of about EUR 2.2M — the yield includes a liquidity premium, and its single sector (French food-anchored retail galleries) offers no internal diversification. Equal weight is this site's honest answer to not knowing which name is best: Gecina/Covivio for scale and offices, Klépierre for quality and premium discipline, Mercialys for yield — capped by liquidity, not weighted by yield.
Icade is at a 71% discount with a '12.28%' dividend — is it really worthless?: Not worthless — just not buyable on the headline: strip the EUR 1.32 capital-return class item and the true recurrent dividend is EUR 0.60, a 3.84% gross yield — a mediocre number, attached to a falling earnings guide (FY2026 recurrent cash flow guided to EUR 2.90–3.10) and a merely 'considered' dividend with a scrip option. Its problem is the gap between headline and substance; this site prints the split table, and a reader who still wants it at the true 3.84% basis is making their own pricing decision.
Does the Paris rent cap (encadrement) affect the SIICs?: It affects housing (entry No. 92's direct route). Inside the SIIC basket only Gecina carries a residential segment and it is office-led; the other three are commercial assets — commercial leases are index-linked and freely negotiated, outside the cap's scope. This site writes the two mechanisms (the level cap versus the increase cap) separately on the France country page, because conflating them is the most common error in French property content.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。