AXA Real Estate Managers has sold a 46,000 m[sup]2[/sup] office building in Paris to a joint venture between two French institutions. The financial details were not disclosed but PropertyEU reported in March this year that the Liberté II property was on the market with a valuation of about EUR 250 mln.
AXA Real Estate Managers has sold a 46,000 m2 office building in Paris to a joint venture between two French institutions. The financial details were not disclosed but PropertyEU reported in March this year that the Liberté II property was on the market with a valuation of about EUR 250 mln.
Located on 5 Avenue de la Liberté in the Charenton le Pont (94) suburb of Paris, the building was completed in 2005 and is entirely let to Natixis on a 12 year lease which commenced in January 2011.
Earlier this year property adviser Catella was instructed to handle the sales process for the building which was owned by by the AXA Immoselect, an open-ended real estate fund that is in liquidation. It is understood Liberté II was being marketed for a yield of 6-6.5%, reflecting the building's lack of green rating and its secondary location in the French capital. The scheme is entirely leased to Groupe Natexis Banques Populaires with a 12-year lease.
Legal services on the transaction were provided by Cheuvreux Notaires for AXA Real Estate and by Etude Thibierge for the purchaser.
