HSBC France has completed the sale of its head office buildings on the Champs Elysées and Rue Vernet in Paris in a EUR 400 mln sale-and-leaseback transaction. The buyer is an OPCI real estate fund managed by Ciloger.
HSBC France has completed the sale of its head office buildings on the Champs Elysées and Rue Vernet in Paris in a EUR 400 mln sale-and-leaseback transaction. The buyer is an OPCI real estate fund managed by Ciloger.
The banking giant is leasing back the properties through a nine-year lease agreement, with break clauses in year four, five and six.
The deal was initially announced by the bank at the beginning of January, with the City of Paris having a two-month pre-emptiion right to take over the properties. 'The City has given up its right to buy the asset,' HSBC said in a statement.
Over the past months, HSBC has sold its London headquarters at Canary Wharf to South Korea's National Pension Service for $1.3 bn, (EUR 900 mln) and its New York City building to Isreal's IDB Holding Corp for $330 mln.
