Icade has completed the sale of the Gambetta building in the 20th district of Paris to Primonial REIM France for €219 million.
Refurbished in 2019, the nearly 20,000 sqm building in Paris includes 16,000 sqm of office space fully leased to Publicis and 4,000 sqm of retail space.
”Just like the disposal of four core properties for over €500m in 2021 on very favourable terms and the completion of the sale of the Millénaire 4 building in April 2022 for €186m, this new transaction attests to the strong appetite of institutional investors for mature, high-quality office assets and the appeal of Icade’s office property portfolio,” said Icade in a statement.
The proceeds from these sales will be used to fund the office property investment division’s new development projects, the healthcare property investment division’s further expansion and the company’s deleveraging, the company said.
