AG Real Estate’s French arm is selling two car parks in Paris to Catella Real Estate AG (CREAG) in a €47m deal.

AG Real Estate France said it has agreed to sell the Avenue Kléber and the Marché Saint-Germain car parks to German manager CREAG.

Both assets are operated by Indigo.

Thibault Delamain, managing director and head of investment and asset management at AG Real Estate France, said the transaction is fully in line with the firm’s strategy for renewing its portfolio.

“We have held these cashflow assets for 10 years and in the current uncertain economic environment, this sale is an impressive achievement and demonstrates AGRE’s ability to create value by diversifying its asset portfolio.”

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