French real estate investment trust Eurosic has put a EUR 500-600 mln core office portfolio in the Paris region on the market as part of its new value-add strategy, PropertyEU has learned.
French real estate investment trust Eurosic has put a EUR 500-600 mln core office portfolio in the Paris region on the market as part of its new value-add strategy, PropertyEU has learned.
The Paris-based firm, which owns and manages a portfolio valued at EUR 1.4 bn, is understood to have hired Catella to market the properties comprising four major HQE office schemes in Puteaux, Paris CBD, Boulogne and the 13th arrondissement of the French capital. The portfolio is being marketed as a package for between EUR 500 and 600 mln, or an average yield of 5.5%. A staged sale is also not ruled out in case bids for the entire portfolio come in too low.
The assets, which are all fully let on long-term leases, offer a total of some 60,000 m2.
The disposal is part of a major shift in Eurosic's goal to refocus the business on a value-add strategy. The company, which earlier this year saw a change of its major shareholders after Charles Ruggieri's Batipart took control of the firm, has recently bought a EUR 346 mln portfolio of 23 secondary assets from GE Capital Real Estate. Earlier this month Eurosic carried out a EUR 170 mln capital increase to finance the purchase, backed by the new majority owner and its allies, insurers Predica and ACM Vie.
Earlier this week, the company also announced the sale of a Pierre & Vacances asset in the Center Parcs Sologne for a total of EUR 54 mln.
