French listed property firm Icade has agreed to sell the Gambetta office building in Paris to Primonial REIM for €219 mln.
Located in the 20th district of Paris, this nearly 20,000-m2 building includes 16,000 m2 of office space fully leased to Publicis and 4,000 m2 of retail space. Refurbished in 2019, it meets the highest building and environmental standards.
In a statement, Icade said that the deal ‘attests to the strong appetite of institutional investors for mature, high-quality office assets and the appeal of Icade’s office property portfolio’.
‘Through this sale, the Office Property Investment Division has taken a major step towards implementing its 2022 asset disposal plan,’ it added.
The proceeds from these sales will be used to fund the Office Property Investment Division’s new development projects, the expansion of the Healthcare Property Investment Division as well as the company’s deleveraging.
