BNP Paribas Real Estate's development arm has announced the sale of four office projects representing a combined space of over 90,000 m[sup]2[/sup] during the first quarter of 2012. The total disposal price amounted to over EUR 500 mln.
BNP Paribas Real Estate's development arm has announced the sale of four office projects representing a combined space of over 90,000 m2 during the first quarter of 2012. The total disposal price amounted to over EUR 500 mln.
The assets include a 28,000-m2 office development at Boulevard MacDonald, in the 19th district of Paris. The scheme, which is pre-let in its entirety to BNP Paribas, was sold alongisde the 20,300-m2 Neo project in Vélizy to the Foncière Partenaires real estate fund, which is managed by BNP Paribas Real Estate Investment Services (BNP Paribas REIS).
Neo, a speculative project, is expected to be the only office building coming to the market in Vélizy until 2014.
In Issy-les-Moulineaux, BNP Paribas Real Estate has sold the Zenora office scheme, involving some 48,000 m2 of space. The complex consists of two buildings, Vega and Noda. Vega was sold to a French cosmetics company to accomodate the group's headquarters. Noda, a speculative project, was divested to Dutch listed real estate firm Wereldhave.
All four buildings are HQE-certified, BNP Paribas said in a statement.