Icade acquires Esso head office for EUR 96m

Icade Fonciere des Pimonts has signed an agreement with ExxonMobile's French subsidiary Esso for the purchase of Esso's headquarters in Rueil Malmaison, Ile de France, for EUR 96 mln, excluding costs.

The building complex was built by Esso in 1990 in a business park at in a prime location facing the Seine. It consists of 22,500 m² of office space and a 5,000 m² plot of land with building rights. Under the deal, Esso will vacate the premises in 2008, and Icade will then undertake a EUR 20 mln revamp of the scheme due for completion in early 2009.

Icade was advised by the French notary firm Cheuvreux, and Herbert Smith. The seller was assisted by the notary Pisani and Linklaters. The transaction was completed by the international property advisor Jones Lang Lasalle.

Icade Foncière des Pimonts is a subsidiary of Icade specialised in holding medium- to large-sized office property assets, and is involved in commercial property acquisitions. The company operates a portfolio of office buildings located in Paris' business district, La Défense, Boulogne-Billancourt, and Issy-les-Moulineaux. Its portfolio, valued at EUR 707 mln, comprises 10 office buildings with 84,886 m² of office space, as well as a 32% stake of a property developer owning 143,800 m² of retail space.