Icade completes sale of Paris office building for €186m

Icade completes sale of Paris office building for €186m

Icade has completed the sale of the Millénaire 4 building in the Millénaire business park (19th district of Paris) for €186 million.

Icade had signed a preliminary agreement signed with Générale Continentale Investissements (GCI) and BlackRock Real Assets on December 21, 2021, to sell the building.

This new building, covering nearly 24,600 sq.m, is fully leased to BNP Paribas with a remaining lease term of 7 years.

Icade said, completed in October 2016, it adheres to the highest building and environmental standards (HQE, BBC and BREEAM Excellent).

Through the sale of the 29,000-sq.m Millénaire 1 building in April 2021 and the Millénaire 2 and 3 buildings in recent years in addition to this transaction, Icade has completed the redevelopment of the Millénaire business park and shown its ability to transform its land bank into genuine neighbourhoods.

The sales in the Millénaire business park total nearly €740m and have generated capital gains of over €260m, implying an equity IRR upon completion of c. 10%.

The proceeds from the sale of Millénaire 4 will enable Icade to launch new projects in this rapidly changing area by leveraging some of its land holdings, the company added.