Icade inks €165m Millénaire office sale in Paris to Deka

French REIT Icade has agreed the sale of the Millénaire 2 office building in the 19th arrondissement of Paris to German fund manager Deka Immobilien for €165 mln.

Millénaire 2 extends to around 28,500 m2 over six floors and includes 412 parking spaces. Built in 2007, it is fully leased to four tenants; ARS (Agence Régionale de Santé), the Ministry of Justice, Saint Louis Sucre and IFOP (French Institute of Public Opinion).

The property is part of the Parc du Millénaire development project which Icade has been developing since 2003, with four of the six buildings already delivered. The property arm of Caisse des Dépôts is currently developing Veolia’s future headquarters, a 45,000 m2 scheme due for delivery in summer 2016 and the 24,500 m2 Millénaire 4 building, planned for completion in October 2016.

The deal follows Deka's acquisition last week of a fully let office building in Neuilly, near Paris. Located at Avenue Charles de Gaulle, the 13,000 m2 asset was bought for the group's Deka-Immobilien Europa open-ended fund.