Morgan Stanley's French SIIC Compagnie La Lucette announced on Friday it has signed an agreement to sell a portfolio of three assets to an unnamed French insurance company for EUR 100 mln. The portfolio comprises two office and retail buildings with a surface of some 8,000 m[sup]2[/sup]. The properties, which also provide 81 underground parking spaces, were restructured at the end of the 1990s. They are let to Bloomberg, HSBC and Discovery Channel and also house the corporate head office of La Lucette. The company said the sale will be completed by the end of this year.
Morgan Stanley's French SIIC Compagnie La Lucette announced on Friday it has signed an agreement to sell a portfolio of three assets to an unnamed French insurance company for EUR 100 mln. The portfolio comprises two office and retail buildings with a surface of some 8,000 m2. The properties, which also provide 81 underground parking spaces, were restructured at the end of the 1990s. They are let to Bloomberg, HSBC and Discovery Channel and also house the corporate head office of La Lucette. The company said the sale will be completed by the end of this year.
Additionally, the French SIIC has sold two assets to CAAM RE, the real estate asset management arm of French bank Crédit Agricole. La Lucette said it has sold Le Golf Hotel Pierre et Vacances de Seilh, near the Toulouse airport as well as the Renaissance building in Antony. The Pierre et Vacances resort consists of a three-star hotel with 116 rooms and 56 apartments. The complex, which is let to Pierre et Vacances, was sold for a price of EUR 19.4 mln.
The Renaissance consists of 11,000 m2 of offices entirely let to Linedata, IBM, Pomona and Segula Technologies. The transaction price amounts to EUR 36.3 mln.
The disposals allow the company to achieve its EUR 300 mln sales target for 2008.
