France-based Icade, an integrated real estate player, investor and developer, has signed an agreement to sell office building in Paris, Crystal Park, with South Korean investor advised by La Française, acting as asset manager and co-investor.
This sale totals €691 million excluding duties and the final deed of sale is expected to be signed by the end of July, once customary conditions precedent have been satisfied.
The 44,000-sq.m office building is located in Neuilly-sur-Seine, Western Crescent of Paris, stands out for its services and private, protected woodland areas covering 20,000 sq.m. Recently renovated, Crystal Park is fully leased to four first-class tenants.
Following nearly €600 million in property sales in 2018, this transaction will be carried out as part of implementing Icade’s 2019–2022 plan, with stepping up sales of core assets in a buoyant real estate market as one of the main priorities in 2019.
The proceeds from these sales will be reinvested in the Office Property Investment Division’s development projects and Icade Santé’s further expansion both in France and abroad.