French property company Societe de la Tour Eiffel has acquired the headquarters of energy company Cogema for EUR 55 mln. The office development, situated in Velizy, northern France, comprises a 12,200 m[sup]2[/sup] tower, constructed in 1980, and a 5,620 m[sup]2[/sup] 'Energy park' area, developed in 1991.
French property company Societe de la Tour Eiffel has acquired the headquarters of energy company Cogema for EUR 55 mln. The office development, situated in Velizy, northern France, comprises a 12,200 m2 tower, constructed in 1980, and a 5,620 m2 'Energy park' area, developed in 1991.
The property company said it intends to completely renew the site. The fuel manufacturer Cogema will remain the tenant of the premises until September 2007, newspaper Business Immo reported. The total investment, to be transferred by 2009, comes to EUR 55 mln, with a discounted yield estimated at 7.35%.
Additionally, the property group, registered as a SIIC (the French real estate investment vehicle) has purchased the Fortis financial group's stake in a club park at the University of Orsay for EUR 6 mln. The value reflects a net initial yield of 8%.
