AffiParis, which is in the process of merging with French REIT Affine Group, has divested its headquarters in Paris' rue Paul Baudry. The net price of EUR 96 mln represents a 1.5% discount to the asset's value per end-June 2012.
AffiParis, which is in the process of merging with French REIT Affine Group, has divested its headquarters in Paris' rue Paul Baudry. The net price of EUR 96 mln represents a 1.5% discount to the asset's value per end-June 2012.
In a statement, the French REIT said 'the transaction is the end of a sale process launched in late 2011, and enables the company to sell an asset that was of high quality, but accounted for an excessive portion of its portfolio (around 50%)'.
The building provides 9,400 m2 of fully-let office space on the corner of the rue Paul Baudry and the rue de Ponthieu in Paris' 8th arrondissement. The premises are almost entirely occupied by corporate law firm Baker & McKenzie since October 2006; the lease was renewed for a fixed six-year term in August 2011.
AffiParis was advised by BNP Paribas Real Estate and Haussmann Notaires. The buyer, represented by DTZ Asset Management, was advised by Théret Leroy Reberat Brandon and by law firm Fidal.
