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Icade to sell 49% stake in Paris tower for €365M

French diversified real estate investment trust Icade agreed to sell a 49% stake in the holding company of Paris' Eqho Tower to a vehicle owned by South Korean investors for €365 million.

The deal values the asset at €745 million, excluding duties.

The building in the Courbevoie commune in Paris consists of 78,500 square meters of office and services space and is fully leased to tenants including KPMG, Banque de France and Air Liquide.

The transaction is expected to close by September-end, subject to customary conditions. The buyer was also granted the option to acquire the remaining 51% stake by the end of 2020.

Icade also closed the €691 million sale of the Crystal Park complex in Neuilly-sur-Seine, France, to Samsung Securities. The sale was agreed to in June.

The company also completed the €191 million acquisition of seven nursing homes, four post-acute care facilities and one psychiatric hospital.