Spanish property group Colonial has announced the sale of Le Vaisseau office building in Paris to the Institut Catholique de Lille and two office assets in Madrid to the Spanish REIT IberVallés.
The three disposal operations amounted to €60 mln and reflected a premium to gross asset value of more than 10%.
Le Vaisseau provides 6,300 m2 of space on Ile Saint-Germain in Issy-les-Moulineaux. It was designed by Jean Nouvel for the advertising agency CLM BBDO in 1992.
The two assets in Madrid, with a total surface area of 11,900 m2, are located at Alcalá Street 506 and Josefa Valcárcel Street 24, on the axis between the A-2 and Arturo Soria.
Pere Viñolas, CEO of Colonial, said that ‘the disposal of these assets responds to the active rotation policy of the company's portfolio, based on the divestment of non-strategic assets located in secondary areas, and on the acquisition of prime office buildings, located in the CBD areas of Paris, Madrid and Barcelona.’
In 2021, Colonial divested non-core assets worth €349 mln, at a premium of 11% to asset value.
