Bouygues sells its future head office for EUR 155m

France's Bouygues Immobilier has sold two office developments in the new Seine Ouest business district in Issy-les-Moulineaux on the outskirts of Paris to property investment company SCI Naropa Properties, a wholly-owned subsidiary of Spain's Naropa Properties group. The transaction price comes to EUR 155 mln. The development includes Bouygues Immobilier's future head office, an eight-storey, 5,715 m² building, as well as a second six-storey, 10,735 m² building. Designed by Christian de Portzamparc - winner of the Pritzker Prize for architecture - this complex marks the entrance to the town of Issy-les-Moulineaux.

The French group said that the buyer has also agreed to purchase the second phase of its Seine Ouest development, involving some 7,275 m² of office space. The additional investment expected for the purchase of this project is EUR 65 mln. Naropa, already owner of the Spallis building in St-Denis, will then own some 23,725 m² of office space in the new business district Seine Ouest. The buyer was advised on the transaction by Carlos Peña of the law firm CMS Albiñana & Suarez de Lezo.