A South Korean investor has purchased a huge office complex called Crystal Park in the French capital Paris for €691 mln.
The seller, Icade, is one of the largest listed companies in France. It entered a bilateral sale agreement for the transaction with the Asian buyer, whose identity has not been made public.
Located in Neuilly-sue-Seine in the west of the city, Crystal Park comprises 44,000 m2 and is fully leased to four tenants, including the accountancy firm PriceWaterhouseCoopers (PwC). The site is notable for its services and private, protected woodland areas covering 20,000 m2.
Investment manager La Française advised on the deal, acting as asset manager and co-investor. The deal is expected to be signed in July, an Icade spokesperson said.
Icade is in selling mode in 2019. According to the company, it has plans to divest core assets this year because of a buoyant phase in the real estate market.
Icade has €11.3 bn AUM in office and healthcare, with development revenues totalling €1.2 bn last year.