Union sells Paris CityZen office complex to JPMAM, La Française

Union Investment has sold the CityZen office complex comprising two buildings, A and B, offering some 38,000 m2 of space in the sub-market of Bois-Colombes, north-west of Paris.

The buyer of building A which accounts for some 30,000 m2 is a fund advised by JP Morgan AM, while building B comprising the remaining 8,000 m2 is acquired by La Française Real Estate Managers on behalf of the SCPIs Epargne Foncière and LF Grand Paris Patrimoine.

The sales price is kept confidential.

Union Investment acquired the office complex in 2012 at the development stage before it was completed in 2013. In addition to around 38,000 m2 of rental area, the CityZen complex boasts 466 parking spaces.

The asset formed part of the UniImmo: Deutschland portfolio. The fund in the spring also bought a 9,500 m2 office building at 40 Rue du Louvre.
 
Following the sale of the two CityZen buildings, Union Investment now holds 18 commercial properties in France worth around €2.8 bn.

JLL and BNP Paribas Real Estate brokered the deal.

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