Union Investment has sold the CityZen office complex comprising two buildings, A and B, offering some 38,000 sq m of space in the sub-market of Bois-Colombes, north-west of Paris.
The buyer of building A which accounts for some 30,000 sq m is a fund advised by JP Morgan AM, while building B comprising the remaining 8,000 sq m is acquired by La Française Real Estate Managers on behalf of the SCPIs Epargne Foncière and LF Grand Paris Patrimoine. The sales price was not disclosed.
Union Investment acquired the office complex in Paris in 2012 at the development stage before it was completed in 2013.
The CityZen complex formed part of the UniImmo: Deutschland portfolio. The fund recently bought a 9,500 sq m office building at 40 Rue du Louvre in Paris in spring 2019. Also in Paris, November 2019 saw the completion of the 24,000 sq m Grand Central Saint-Lazare business centre, which simultaneously achieved fully let status.
Following the sale of the two CityZen buildings, Union Investment now holds 18 commercial properties in France worth around EUR 2.8 billion. France remains a very important investment market for Union Investment’s real estate business across the office, retail, hotel and logistics segments, both in the Paris region and beyond.