French REIT Gecina has signed a preliminary agreement to sell the Angle office biulding to local life insurer AG2R La Mondiale for a price of nearly €145 mln, or a yield of 3.9%.

French REIT Gecina has signed a preliminary agreement to sell the Angle office biulding to local life insurer AG2R La Mondiale for a price of nearly €145 mln, or a yield of 3.9%.

Located in Boulogne-Billancourt, near Paris, the scheme offers over 11,000 m2 of space and is fully let to L’Equipe.

Gecina has completed nearly €262 mln of office sales since the start of the year. The divestments were carried out at an average 27% premium to the assets' appraised value per year-end 2014.

'This operation is in line with Gecina's asset rotation strategy, divesting mature and/or non-strategic assets,' the vendor said in a statement.

Gecina was advised by Etude Oudot, JLL and BNP Paribas Real Estate. The buyer was advised by Etude Thibierge, Cabinet LPA and Orfeo.