Fonciere Inea has purchased an office development in Saint-Etienne, central-eastern France, for EUR 26 mln. The project will include some 13,654 m[sup]2[/sup] of offices and 260 parking spaces. The transaction value reflects a net yield of 7.5%.
Fonciere Inea has purchased an office development in Saint-Etienne, central-eastern France, for EUR 26 mln. The project will include some 13,654 m2 of offices and 260 parking spaces. The transaction value reflects a net yield of 7.5%.
The complex is being developed by a joint venture between Cogedim and Pierre Nallet, assisted by architect Manuelle Gautrand. Delivery is planned for the summer of 2009. The company said in a statement that more than 50% of the space has already been let to various State bodies (DDE, tax departments, EPORA). Foncière Inea's assets have reached a total of 186,000 m2 with a value of around EUR 250 mln.
