French property company Eurosic said on Friday it has bought an office building at Boulogne-Billancourt, Hauts de Seine, from Oppenheim. The building has a leasable area of 6,800 m[sup]2[/sup] and is fully let to a single tenant until 2012. The total cost of this acquisition is EUR 37 mln. Espace Consultant acted as property advisor for this transaction.

French property company Eurosic said on Friday it has bought an office building at Boulogne-Billancourt, Hauts de Seine, from Oppenheim. The building has a leasable area of 6,800 m2 and is fully let to a single tenant until 2012. The total cost of this acquisition is EUR 37 mln. Espace Consultant acted as property advisor for this transaction.

Additionally Vectrane, a subsidiary of Eurosic, concluded a preliminary agreement with Atos Wordline Group for the expansion of office space that the group currently occupies at the Lille-Seclin site. In return for a binding nine-year lease, the expansion deal requires investment of EUR 46 mln, of which the first tranche of EUR 22 mln must be completed in 2009. The goal of these investments, in addition to improving the existing site, is the construction of two office buildings with a total leasable area of 16,200 m2, including an initial tranche of 8,700 m2. The agreement also provides for a binding nine-year extension of Atos' current lease, beginning in 2009.

Eurosic has also sold a portfolio of holdings no longer considered strategic to Foncière LFPI, for EUR 32 mln (net to seller). Catella Property advised Eurosic for this transaction.

'These transactions, which are in line with the business plan, illustrate Eurosic's dynamic growth. They demonstrate the Group's ability to create value that improves asset yields while it continues to work closely with its tenants,' said ceo Meka Brunel.