Icade sells 49% of Paris Tour Equo to Korean investors for €365m

French listed property giant Icade said on Wednesday that it has finalised the sale of a 49% stake in the Parisian Equo tower to an OPPCI invested by unnamed South Korean investors and managed by Etoile Properties.

The deal, which was first agreed in August, also includes a call option on the remaining 51% share of the major office complex, to be exercised by December 2020.

Located along the circular boulevard of Paris La Defense, the Eqho Tower comprises 78,500 m2 of offices and 1,110 parking spaces. It is 100% leased to major tenants with an average remaining lease term of nearly seven years.

In a statement, Icade said that it has sold €1.1 bn of assets since the beginning of the year,  at an average premium to year-end 2018 market value of 12.5%.

Separately, the company said that it has finalised the acquisition of the Jean-Paul Viguier-designed Pointe Métro 1 asset in Gennevilliers for a total of €123 mln. The vendor is Foncière NW2 managed by Normandie REIM.

The complex consists of three buildings, with a surface area of 23,518 m2 and 429 parking spaces. It is fully leased with a remaining lease term of years.

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