IPBM buys French office for EUR 52m

By A staff reporter 2007-03-23T00:00:00+00:00

Listed property investment company IPBM, a subsidiary of GE Real Estate, has acquired 10,645 m[sup]2[/sup] of offices from Westbrook Partners and STAM in Bagneux, in the Ile-de-France region near Paris. The deal is valued at EUR 52 mln, excluding taxes. The building, called Latitude 20, is completely let for a six-year period. Property advisor IBG Carré acted for the seller.

Listed property investment company IPBM, a subsidiary of GE Real Estate, has acquired 10,645 m² of offices from Westbrook Partners and STAM in Bagneux, in the Ile-de-France region near Paris. The deal is valued at EUR 52 mln, excluding taxes. The building, called Latitude 20, is completely let for a six-year period. Property advisor IBG Carré acted for the seller.

IPBM was founded by GE Real Estate as part of Sophia GE at the end of 2006. It was listed as a SIIC, the French equivalent of the real estate investment trusts (REITs), last November.