Icade buys Paris office for €123m

French REIT Icade has purchased an office property in Gennevilliers, Paris, for €123 mln.

Located in the city’s Coeur de Seine development zone, the Pointe Métro 1 comprises 23,518 m2 of lettable space across three stories, with 429 parking spaces.

Icade purchased the building from Normandie REIM, which made the divestment from its Foncière NW2 fund. To facilitate the deal, Icade has signed a share transfer agreement.

The tenant is media group, Prisma, which has occupied the building since it completed in 2010. Five years remain on the current lease. The complex is a certified high quality environment.

‘The acquisition is consistent with the strategy of targeting office assets likely to increase in value,’ Icade said in a statement.

The acquisition is expected to complete in September when conditions are fulfilled.

Icade has €4.9 bn invested in offices in the Paris region, out of its total portfolio of €8.9bn assets under management. Annual rental income stands at €402 mln, with offices contributing €259 mln to the total. The portfolio's occupancy rate is 95%.

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