French REIT Icade has agreed to sell two office schemes in Paris and Villejuif, Val-de-Marne, for a total of €230 mln, in line with the assets’ latest appraised value.
In the French capital, Icade is selling the Millénaire 1 building in the 19th district to a real estate investment fund managed by Brookfield Asset Management.
The 29,000-m2 building located in the Millénaire business park was built in 2007 and renovated in 2018. It is fully let to two first-rate tenants from the financial sector.
In Villejuif, Icade has agreed to sell the Loire building to an investor from the insurance sector.
The Loire building has a floor area of around 20,000 m2 and was built in 2010. Fully let to the French bank LCL, it is part of the LCL campus, which comprises five buildings with a total floor area of 70,000 m2.
The sales, which are expected to be completed by the end of April, form part of Icade’s 2021 disposals plan and mark the resumption of opportunistic disposals of Core and Core+ assets in the Office Property Investment portfolio.
Icade said that it plans to reinvest the proceeds to finance the growth of its healthcare property arm as well as to reduce its loan-to-value ratio.
