AG Real Estate France, the French subsidiary of Belgium’s AG Real Estate, is selling two car parks valued at around €47 mln to Catella Real Estate (CREAG), a German investment fund.
The two car parks are in prime locations in Paris: the first on Avenue Kléber in the 16th arrondissement and the second under the Marché Saint-Germain in the 6th arrondissement, both operated by the Indigo group.
The two underground car parks have a total of nearly 690 public parking spaces and are open to annual and monthly subscribers as well as daily visitors.
The Kléber car park consists of five basement levels beneath a Haussmann-style building, situated in a residential area, close to major Parisian avenues and numerous tourist hotspots (Palais de Tokyo, Palais de Chaillot, Place du Trocadéro, Arc de Triomphe, Eiffel Tower, etc.).
It has a standard layout, with accesses onto Avenue Kleber. The car park has 279 spaces.
The Marché Saint-Germain car park consists of six basement levels and is located in the heart of Saint- Germain-des-Prés, beneath a 19th century shopping gallery listed as a historic monument.
Each floor measures nearly 3,000 m2, and the car park has 411 spaces.
Thibault Delamain, managing director - head of Investment and Asset Management, AG Real Estate France, commented: ‘This transaction is fully in line with AGRE’s strategy for renewing its portfolio. We have held these cash- flow assets for 10 years and in the current uncertain economic environment, this sale is an impressive achievement and demonstrates AGRE’s ability to create value by diversifying its asset portfolio.’