Morgan Stanley Real Estate Investing has picked BNP Paribas Real Estate to sell an office building at Rue d'Uzès in Paris' second arrondissement. The scheme is held by Morgan Stanley's Eurasia open-ended investment fund.
Morgan Stanley Real Estate Investing has picked BNP Paribas Real Estate to sell an office building at Rue d'Uzès in Paris' second arrondissement. The scheme is held by Morgan Stanley's Eurasia open-ended investment fund.
The EUR 40 mln building is being marketed through an open bidding process.
It is the latest asset being put up for sale by an open-ended fund in France. Last month, PropertyEU reported that AXA's Immoselect under liquidation hired Catella to market the EUR 250 mln Liberté 2 office scheme in the southeastern district of Paris of Charenton.
It is understood that the complex, which offers 46,500 m2 of office space, is being marketed for a yield of 6-6.5%, reflecting the building's lack of green rating and its secondary location. The scheme is entirely leased to Groupe Natexis Banques Populaires with a 12-year lease.
