Icade sells 15,000-m[sup]2[/sup] project to City of Paris' agency

French developer and investor Icade has announced the sale of a 15,000-m² office project as part of the vast McDonald urban redevelopment programme near Paris.

The French REIT said Régie Immobilière de la Ville de Paris (the real estate agency of the City of Paris) has signed a preliminary agreement to acquire the High-Quality Environmental (HQE) development project which is designed by architecs Odile Decq.

Construction work is set to begin in the second half of 2011, with delivery planned by the end of 2013.

The McDonald urban redevelopment plan involves the creation of 165,000 m² for housing, office and retail purposes in the northeast part of Paris. Icade controls a share of the company owning the warehouses, along with French financial group Caisse des Depots and Semavip, a public-private agency created to manage the redevelopment of Paris Nord-Est and Clichy-Batignolles, two of the city's largest renewal programmes.

Icade is developing 1,100 residential units, 31,000 m² of retail surface and 43,000 m² of commercial space on the site, which previously housed the warehouses of McDonald.

Separately, Icade has announced the leasing of 9,000 m² of space in its H20 office building in Rueil-Malmaison. The property will house the headquarters of Heineken Group in France.