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MRM exits office sector with €38M sale of French asset

French retail-focused real estate company MRM has officially exited the office sector with the sale of the Nova office building in the northwestern suburbs of Paris to an investment vehicle owned by the TwentyTwo Real Estate and Massena Partners groups for €38 million, excluding transfer taxes.

The 81%-occupied building, located in the commune of La Garenne-Colombes, underwent a redevelopment in 2012. It comprises 10,600 square meters of office space across 17 floors, with 254 parking spaces and amenities.

MRM has now sold €126 million worth of office properties since June 2013 as part of its shift in focus to the retail sector. The company is in the process of carrying out a €35 million investment in its retail portfolio, including seven of its nine existing properties. Its planned extension of the Valentin shopping center near Besançon, France, is slated for completion in 2019, according to a release.