French property company Icade said that it has signed an agreement to sell a Haussmann building situated at 114 Avenue des Champs-Elysées in the eighth arrondissement of Paris for EUR 90 mln.
French property company Icade said that it has signed an agreement to sell a Haussmann building situated at 114 Avenue des Champs-Elysées in the eighth arrondissement of Paris for EUR 90 mln.
The sale is part of the company's 'asset arbitrage policy which consists of selecting mature assets which no longer create value, and whose sale would likely generate significant capital gains', Icade said. The company added that the sales price is in line with the appraisal value for the asset at end-June 2009.
In the third quarter of 2009 the Paris-based group also disposed of a portfolio of 1,148 housing units for a total of EUR 126 mln. The sale lifted the company's turnover to EUR 1.09 bn in the first nine months of the year, down 5.5% compared to the same period a year before.
Icade, a subsidiary of Caisse des Dépôts, has leased a total of 15,000 m2 of commercial space in the third quarter of 2009. This includes 5,000 m2 of space rented to the Sage group in the Millénaire 2 property, within the Parc du Millénaire business park; a further 6,300 m2 let to Pierre & Vacances, which as a result will occupy the entire 20,000 m2 Artois building from July 2010; and 3,100 m2 leased to Rexel in Icade's Parc des Portes de Paris.
The French listed company, which is switching its focus to commercial property, said that it is currently in the final stage of negotiations for the sale of its entire residential portfolio, and will focus in the future particularly on offices in the Paris region, shopping centres in the Paris region and in the large regional towns and clinics in France.
