Colonial divests historic Paris office property in Paris for €60m

Spanish-listed company Colonial, owned by Qatar Investment and Mexican group Finnacess, has sold a historic office building in Paris to a French family office.

Although the parties released no official figures, the price is said to be around €60 mln.

The 4,600 m2 property, located on 6 Rue Hanovre in the financial district of the French capital, was renovated in recent years to offer bright, well laid-out office space.

Built in 1908 by the architect Adolphe Bocage, it is registered in the Supplementary List of Historical Monuments.

The vast lobby leads to a majestic horseshoe staircase, while the Art Deco facade features rectangular bays on the third floor and bow windows above.

The building, which was in the portfolio of French commercial real estate group Société Foncière Lyonnaise, is currently leased to video game company Pretty Simple.

Colonial owns high quality Madrid, and Barcelona office portfolios and a Paris office portfolio via ownership in Société Fonciere Lyonnais.

Colonia expects to raise €700-800 mln by divesting mature assets, a strategy that should be completed by the end of H1 2023.

In January, Colonial sold three office buildings in the prime area of Madrid to Spanish family office Prallariz for €300 million.


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