French REIT Eurosic and bank Caisse des Dépôts have joined forces to acquire an office development project in the French city of Rennes from developer Fimoren.
French REIT Eurosic and bank Caisse des Dépôts have joined forces to acquire an office development project in the French city of Rennes from developer Fimoren.
Financial details were not disclosed but the buyers said the deal will provide a gross yield of over 8%.
The complex will offer 7,200 m2 of office space on delivery scheduled for the second quarter of 2015. It will house the new global headquarters of Thomson Video Networks which has agreed to take a 12-year firm lease on the entire asset.
'The property is located in a district with a strong development potential,' commented Thierry Riba, director of regional investment at Eurosic.
Eurosic has a portfolio of over €1.4 bn largely consisting of offices in the Ile-de-France region.
