Italian insurer Generali has appointed advisors to manage the sale of a fully let office complex in Montreuil, to the east of Paris, PropertyEU has learned.
The complex – known as Terra Nova 5 – is expected to formally be launched for sale in the next few weeks with a guide price in the region of €150 mln.
Agents JLL and CBRE have been appointed to manage the process.
Designed by architects Hubert Godet, the HQE-certified complex was delivered in 2010 and provides around 20,000 m2 of office accommodation as well as 224 parking spaces. It is completely occupied with the main tenant being BNP Paribas which occupies 13,000 m2.
All parties declined to comment.
Major office sales mandates in Paris
The office scheme is the latest to be put up for sale in Paris over the past month after a quiet start to the year. In the largest instruction so far, brokers JLL, Strategies & Corp have won the mandate to sell the Amundi headquarters in Paris for a price believed to be in the region of €600 mln.
The landlord, French asset manager Primonial picked the agents last week out of a total of eight major advisors pitching for the sale instruction, which is believed to be the largest currently ongoing in the French office property market.
Also in late April French REIT Icade recruited advisors BNP and Catella to sell Le Millénaire 4 office complex in Paris for about €220 mln while Oxford Properties, the property arm of Canadian pension fund giant OMERS, is currently sounding out investor interest for its 92 Avenue de France office complex in Paris.
The landlord has hired brokers CBRE and C&W to start quietly marketing the core investment opportunity with a price believed to be over €300 mln.
Another sizable asset for sale in Paris offering a more core-plus /value-add play is Sud-Pont at the Montparnasse train station. The landlord, French insurance group CNP is understood to be close to calling for offers on the office complex which is expected to fetch over €300 mln.
The institutional investor and its asset manager DTZI started marketing the asset in March through brokers BNP Paribas Real Estate, CBRE and Eastdil. The 27,363 m2 eight-storey office building is centrally located and has core-plus/value-add potential as its largest tenant, the French Ministry of Health, is planning to move out, providing an opportunity for the new landlord to fully redevelop the asset and significantly increase the investment value.