German property fund manager KanAm has purchased an office building in the Paris region from French real estate company Gecina for EUR 133.5 mln. Located in Poissy commune, about 24km from the centre of Paris, the property comprises 48,396 m[sup]2[/sup] of space and is fully leased to automobile group PSA. The property was completed in 2002.
German property fund manager KanAm has purchased an office building in the Paris region from French real estate company Gecina for EUR 133.5 mln. Located in Poissy commune, about 24km from the centre of Paris, the property comprises 48,396 m2 of space and is fully leased to automobile group PSA. The property was completed in 2002.
The transaction was handled by Jones Lang LaSalle, and the advisors were Gide Loyrette and Me Brulon for the buyer, and Wargny Katz for Gecina.
Gecina said the sale is in line with its portfolio management strategy, which is focusing in priority on assets located in the Paris central business district and Western Crescent. The group disposal program for 2008 represents approximately EUR 700 mln for the office and residential businesses.
Gecina is a French real estate investment trust (SIIC) listed on Euronext, with a portfolio valued at over EUR 13 bn at end-June 2008, primarily made up of office and residential properties, with the majority located in Paris and the Paris region.
