MGPA-CarVal JV sells 17,000 m2 office near Paris

A joint venture of MGPA's Europe Fund III, CarVal Investors and Immobilière d’Ile-de-France has sold an office complex in Malakoff to the southwest of Paris.

The Viva scheme, which provides 17,000 m2 of space, had been acquired by the joint venture as a speculative development in July 2011 and was completed in May 2013. The transaction was financed by Natixis and Credit Foncier de France.

Designed by architects Arte Charpentier, the HQE certified asset is 50%-leased to Sofinel, a unit of energy groups EDF and Areva, with a nine-year rental agreement.

'Our active management has allowed us to deliver the building ahead of schedule and to market it nearly six months before delivery,' said Jean-Philippe Olgiati, MGPA Director for France & Italy.

Frédéric Laurent, managing director of CarVal Investors added: 'Viva is a new high-quality building that we were able to lease in a highly competitive rental market.'

The vendors were advised by Lefèvre Pelletier & Associés and notary Bégon, Herbert, Bougeard, Brulon, Bonneau.