French listed property company Klepierre has signed agreements to sell two commercial properties in the heart of Paris for a total of EUR 198.5 mln. The assets consist of an office building located at avenue Kléber leased for two thirds to Credit Suisse and the rest to Veolia Environnement.
French listed property company Klepierre has signed agreements to sell two commercial properties in the heart of Paris for a total of EUR 198.5 mln. The assets consist of an office building located at avenue Kléber leased for two thirds to Credit Suisse and the rest to Veolia Environnement.
German open-ended fund Commerz Real is buying the 10,000 m2 building for EUR 117.6 mln, reflecting a yield of 6.12%. The asset generated net rents of EUR 3.6 mln during the first half of the year.
The Paris-based property company has also disposed of the Galerie Nationale shopping centre located in Tours to private investors for EUR 41.8 mln. With 34 shops, the mall covers an area of 8,250 m2, and generates net rents of around EUR 2.7 mln in 2010.
Over the summer Klepierre also sold an office building located at Rue La Pérouse in Paris to Commerz Real for EUR 32 mln. The 3,250 m2 building is occupied by the Klépierre-Ségécé group and generates net annual rents of EUR 2 mln.
Klepierre said that the divestments are in line with its disposal programme, which has seen a number of large sell-offs earlier in 2009 for a total of EUR 155 mln. In the first six months of the year Klepierre sold its 25% equity interest in the Toulouse Blagnac, Toulouse Saint-Orens and Noisy-Arcades schemes, as well as the company's ownership in the Le Mans Centre Sud mall.
