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France Épargne Corporate

Corporate real estate sale and leaseback

France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. The company sells its operating property to a leasing company and occupies it under a finance lease with a purchase option.

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Real estate leasing in France in 2025

€4.0bn
of new real estate leasing contracts signed in 2025 (+6.8% year on year)
€1.6bn
of new contracts for retail premises in 2025 (+46% year on year)
€1.5bn
of new contracts for industrial premises in 2025 (+9.2% year on year)

Properties

Properties sold and leased back

  1. Industrial and logistics site

    Factories, workshops and warehouses used in the company’s business.

  2. Retail premises

    Shops, supermarkets and hotels that the company operates.

  3. Headquarters and offices

    An office building that houses the company’s headquarters.

  4. Refinancing

    The company repays existing debt with the sale price of the property.

    Refinancing

Market

Taxation of the capital gain and real estate leasing new business

Taxation of the capital gain on a real estate sale and leaseback by date of sale
Date of saleTax treatment of the gain
From 23 April 2009 to 31 December 2012Spread over the term of the leasing contract (article 39 novodecies of the French Tax Code).
From 1 January 2021 to 30 June 2023Spread in equal instalments over the term of the contract, up to fifteen years. The financing agreement had to be accepted between 28 September 2020 and 31 December 2022.
Since 1 July 2023No spreading. The gain enters the taxable income of the financial year of the sale.

Spreading ends and the balance becomes taxable if the lessee acquires the building, assigns its rights under the contract, ceases its activity or terminates the contract.

New real estate leasing contracts in France in 2025
Property typeAmount 2025Annual change
Retail premises€1.6bn+46%
Industrial premises€1.5bn+9.2%
Offices€0.6bn−37.6%
Other premises€0.4bn+2.8%
Total€4.0bn+6.8%

Industrial premises: factories, workshops, warehouses. Retail premises: shops, supermarkets, hotels. Other premises: clinics, hospitals, cinemas. Exact total: €4,011m.

Questions

Frequently asked questions

How does a real estate sale and leaseback work?
The company sells its property to a real estate leasing company and rents it under a finance lease. At the end of the contract, it acquires the property by exercising the purchase option, renews the lease or returns the property.
What tax regime applies to the capital gain on a sale and leaseback in 2026?
The spreading regime of Article 39 novodecies of the French General Tax Code covers sales made from 1 January 2021 to 30 June 2023. A sale made since 1 July 2023 falls under the ordinary rules. The capital gain is included in the taxable profit of the financial year of the sale.
What conditions applied to the spreading regime from 2021 to 2023?
The property had to be used in the seller’s commercial, industrial, craft, professional or agricultural business. Investment properties were excluded. The capital gain was spread in equal parts over the term of the finance lease, up to a limit of fifteen years.
What volume of real estate leasing is signed in France?
Real estate leasing companies signed €4,011m of new contracts in France in 2025. New business grew by 6.8% year on year after two years of decline.
From what amount can a company request an introduction?
France Épargne Corporate introduces to private debt funds the companies whose financing need reaches €20m or more.

Contact

Request an introduction to lenders

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Sources