BNP Paribas sells 4 projects for EUR 500m

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.