Icade to sell office building in Nanterre

Icade to sell office building in Nanterre

Icade has signed a bilateral preliminary agreement with SCPI Elysées Pierre, a fund managed by HSBC REIM, for the sale of the over 16,000-sqm AXE 13 office building in Nanterre-Préfecture (Hauts-de-Seine).

Located in the Nanterre-Préfecture area, the over 16,000-sq.m building is fully leased to AXA for another 8.2 years. It is part of a complex of four buildings built between 2006 and 2010.

Only eight minutes from Paris CBD by public transport, the building adheres to the highest construction and environmental standards. It offers a wide range of amenities (staff restaurant, event space, meeting rooms, auditorium) as well as fully adaptable office space suitable for flex office arrangements.

With a selling price in line with the asset’s appraised value, the sale is scheduled for the end of October 2022, once the customary conditions precedent have been met.

Following the sale of the Millénaire 4 and Gambetta buildings in April and June, this new sale brings the volume of disposals since the beginning of the year to nearly €570m.

It further demonstrates the interest that institutional investors have in quality core office assets such as those in Icade’s office portfolio, particularly the ones in the NanterrePréfecture area.

Icade said the proceeds from these sales would be used to fund the Office Property Investment Division’s new pipeline development projects, the Healthcare Property Investment Division’s further expansion and the company’s deleveraging.