French business park owner Silic has acquired an office building with 14,500 m[sup]2[/sup] of space in Nanterre from CBRE Investors. The property, located at 21/29 Trois Fontanot, is fully rented out to French electricity company RTE and the social security assistance provider Epasa. According to market sources, the transaction price comes to more than EUR 70 mln.
French business park owner Silic has acquired an office building with 14,500 m2 of space in Nanterre from CBRE Investors. The property, located at 21/29 Trois Fontanot, is fully rented out to French electricity company RTE and the social security assistance provider Epasa. According to market sources, the transaction price comes to more than EUR 70 mln.
The asset was held by CBRE Investors' Strategic Partners Europe Fund II, which bought it in 2005 and subsequently carried out a vast refurbishment programme on the asset. 'This project is a perfect example of our strategic know-how in converting an out-of-date building into a modern and efficient office property,' said Christine Sonnier, managing director of CBRE Investors.
'The acquisition completes the positioning of Silic in this location, with 156,800 m2 of services sector property', Silic said. 'By the end of 2010, the Silic portfolio will increase to 174,000 m2 with the delivery of the Grand Axe 2 property, which is currently under construction'. CBRE Investors was advised by Keops, Baker & McKenzie and law firm Lasaygues, while Silic was assisted by Socomie, Gide Loyrette Nouel and Ginisty-Fils & Associés.
Silic has also announced the resignation of its CEO Dominique Schlissinger who has reach the statutory retirement age. He is being replaced by Francois Netter, who is also the head of Groupama Real Estate.
Separately, CBRE Investors announced the purchase last week of six high street retail assets for EUR 43 mln, reflecting a blended yield of 5.3%. The properties are located across the UK in Chiswick, Royston, Chester, York, Chelmsford and Truro and have a weighted unexpired lease term of nine years. CBRE Investors purchased the portfolio in an off-market deal from Tony Khalastchi and Flodrive Group. David Baroukh Associates and GCW acted for CBRE Investors.