French property group Fonciere des Regions said on Tuesday that it has signed an agreement with Technical Property Fund I, the OPCI investment vehicle of BNP Paribas REIM, to sell a portfolio of 30 office properties for a total of EUR 95.1 mln excluding taxes. The portfolio consists of around 99,000 m[sup]2[/sup] of offices located mostly outside Paris and leased to France Telecom. In a statement, FdR said that the sale is expected to be completed by the end of the year.
French property group Fonciere des Regions said on Tuesday that it has signed an agreement with Technical Property Fund I, the OPCI investment vehicle of BNP Paribas REIM, to sell a portfolio of 30 office properties for a total of EUR 95.1 mln excluding taxes. The portfolio consists of around 99,000 m2 of offices located mostly outside Paris and leased to France Telecom. In a statement, FdR said that the sale is expected to be completed by the end of the year.
The company said that this is the first sale to an OPCI investment vehicle and added that it 'will closely monitor changes in the OPCI market so that additional opportunities can be taken advantage of.'
In spite of more challenging market conditions, FdR has signed deals worth some EUR 686 mln so far in 2008, and sealed sale agreements for another EUR 410 mln. In total, the company is expected to close sales of EUR 1.2-1.3 bn this year at an average price of 7% above the property appraised value. The sales are in line with the company disposal plan for 2008 aimed at reducing the firm's gearing.
