Eurosic agrees EUR 350m GE portfolio deal in France

French real estate investment trust Eurosic has signed a preliminary agreement to acquire GE Capital Real Estate's EUR 346 mln office property portfolio in France.

The Paris-listed firm's said in early July it had entered into exclusive talks on the 150,000-m² portfolio which consists of multi-tenant office buildings located in Paris (30%), and other major cities throughout France, primarily in Toulouse, Nantes and Lyon.

The transaction includes the transfer of the team managing the portfolio, which is 95%-let.

Eurosic, which owns and manages a portfolio valued at EUR1.4 bn, has been in the spotlight since May when Batipart confirmed its intention to launch to mount a full bid for the Paris-listed group. Batipart, which has already acquired a 19.5% stake in the company as part of an investment consortium, plans to make a EUR 34.30 per share offer for Eurosic.