French real estate investor and developer Icade has completed the sale of the Millénaire 4 building, part of the Millénaire business park in Paris, for €186 mln.
The completion of the transaction follows the signing of a preliminary agreement with Générale Continentale Investissements (GCI) and BlackRock Real Assets last December.
Completed in October 2016 and with nearly 24,600 m2 of space, the Millénaire 4 complex fulfills the highest building and environmental standards (HQE, BBC and BREEAM Excellent).
It is fully leased to BNP Paribas with a contract that lasts for another seven years.
Icade has earned nearly €740 mln from sales of the four buildings in the Millénaire business park, generating over €260 mln in capital gains and implying an equity IRR upon completion of around 10%.
After completing the redevelopment of the Millénaire business park, Icade now plans to use the proceeds to kick off new projects in the area by leveraging some of its land holdings.
With a portfolio of €15.5 bn on 31 December 2021 in Greater Paris and major French cities, Icade is focused on developing real estate projects with a reduced carbon footprint, in cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected.
