French REIT Icade has announced the sale of three office properties in Nanterre, France to an unnamed institutional investor for a total of €434 mln.
The deal, which was first announced in October, involves the 155,200 m2 Paris Nord 2 and the 62,750 m2 Colombes business parks as well as the 24,200 m2 Axe Seine building.
The transaction will have a positive impact on Icade’s NAV per share, the company said in a statement. It also marks the end of the sale of non-strategic assets by the real estate arm of Caisse des dépôts Group.
The proceeds from the disposal will help fund the company's development pipeline and improve the LTV ratio.
