Morgan Stanley's French property investment vehicle La Lucette announced that it has signed a preliminary agreement with German insurance group Allianz to sell the Colisée office building in Courbevoie, north-west of Paris. Although the financial details were not disclosed, market experts indicate that the transaction amounts to around EUR 160 mln.

Morgan Stanley's French property investment vehicle La Lucette announced that it has signed a preliminary agreement with German insurance group Allianz to sell the Colisée office building in Courbevoie, north-west of Paris. Although the financial details were not disclosed, market experts indicate that the transaction amounts to around EUR 160 mln.

The building, which was bought by La Lucette in July 2006, provides some 25,000 m2 of office accomodation and 289 parking spaces. Located at Avenue de l’Arche in the north-western district of Paris, the scheme is mostly let to Regus, Expansience, Gefco and Ace.

The disposal is conditional on the realisation of a number of conditions, which are today only partially realised, La Lucette said in a statement. The transaction is expected to be completed within the third quarter of 2010.

The sale agreement is part of La Lucette's EUR 200 mln disposal programme announced last year.

The acquisition is the latest by German investor Allianz after the purchase last week of the k3 green office building in Budapest from local developer Wing for around EUR 40-45 mln. Allianz plans to use the complex with 17,400 m2 of office space as its new head office in Hungary. The transaction reflected a yield below 7.5%.