La Française snaps up office asset from Gecina for €185m

French asset manager La Française Real Estate has acquired a prime office in the southern Paris suburb of Montrouge for €185 mln. 

The Park Azur asset was acquired from French investment firm Gecina, which sold the asset on behalf of French public pension fund ERAFP and SCPI.

The office property, with nearly 24,000 m2 of space, is fully let to the National Nuclear Research Center (EDF Group) under an eight-year lease.

Gecina acquired the project development in 2010 as part of a €440 mln package of three offices. The property was delivered in 2012 with a pre-let to EDF.

The deal is expected to close by the end of 2019.

Since the start of the year, Gecina said it had sold or signed provisional or definitive sales agreements for €984 mln, achieving an average premium of around +12% versus the properties' appraisal values.

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