French property giant Fonciere des Regions (FDR) has sold a 18,300 m[sup]2[/sup] office complex at La Défense to French bank and insurance group Groupama for EUR 126.5mln, excluding costs. The sale is expected to be finalised in July 2008. The asset, located in the Michelet district of La Défense, is part of a real estate complex with more than 30,000 m[sup]2[/sup] of space. Following the transaction, Groupama will be the sole owner and occupier of the whole complex. In a statement, FDR said that the transaction raises the group's total sales in 2008 to more than EUR 1bn.
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