French property company La Lucette is going forward with its strategy to dispose of non-strategic assets with the sale of an office project in Clichy, France. The scheme was bought by an OPCI investment vehicle managed by French fund manager Stam Europe for an undisclosed amount.
French property company La Lucette is going forward with its strategy to dispose of non-strategic assets with the sale of an office project in Clichy, France. The scheme was bought by an OPCI investment vehicle managed by French fund manager Stam Europe for an undisclosed amount.
The development, providing a total area of 17,000 m2 and 375 parking spaces, is scheduled to be delivered at the end of 2009. It is completely let to the French railway group SNCF.
The transaction has been closed on the basis of a net initial yield of 7.2%. Once completed, the building will generate a yield of 7.7%, thanks to the financing structure involved in the deal, La Lucette said.
La Lucette expects to close around EUR 200 mln of disposals in 2009, of which EUR 135 mln have already been announced. In the first quarter of the year the company sold the hotel Radisson and the Moreuil logistics asset.
