French REIT sells Paris office for EUR 63m

French REIT Foncière des 6ème et 7ème arrondissements de Paris has announced the sale of an office building for EUR 63 mln.

The property is located at 1-1 bis, avenue Charles Floquet in the seventh arrondissement. It is completely vacant, offers around 3,000 m² of newly refurbished space and has been sold to an unnamed future occupier.

Foncière des 6ème et 7ème arrondissements de Paris said the asset represents around 6% of its total portfolio. 'This disposal, which has taken place for a price significantly higher than the property's latest appraised value, represented a real opportunity for the company, amid the current market environment,' it said in a statement.

Following the transaction, the company's portfolio has an occupancy rate of 95%.

Listed on the Paris stock exchange since 2007, Foncière des 6ème et 7ème owns roughly 60,000 m² of commercial real estate in Paris' sixth and seventh districts. The company posted a net result of EUR 6.5 mln in the first half of 2011.