French REIT Icade has sold a 10,500 m2 office building in Paris to a French insurance group for an estimated €131 mln.
French REIT Icade has sold a 10,500 m2 office building in Paris to a French insurance group for an estimated €131 mln.
The sale to Assurances du Crédit Mutuel was signed on 23 December 2014.
The 14-floor property, known as Link, is located on boulevard de Grenelle in the 15th district of Paris. It was delivered in 2009 and entered Icade’s asset portfolio with the takeover of Compagnie La Lucette.
The investment volume was not disclosed. However, Icade said that with the sales of Link and a portfolio of Mr Bricolage home-improvement stores it had divested €257 mln of assets during December 2014. European and Asian investor Tikehau Capital Group acquired the Bricolage portfolio for €126 mln.
The two transactions, Icade added, were carried out at a €23.6 mln premium to the fair value of the assets at end-June 2014 and generated almost €82 mln of capital gains.
Icade manages €9.1 bn of assets across the spectrum of commercial and residential real estate sectors in France. A major focus is office space and business parks in the greater Paris region.