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Icade confirms sale of 2 assets in Paris to French REIT for €145M

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Icade confirms sale of 2 assets in Paris to French REIT for €145M

Icade confirmed the sale of the Nanterre Seine business park and the Défense 3 building located in Paris' Nanterre district for a total price tag of approximately €145 million.

French REIT Société de la Tour Eiffel was the buyer of the two assets, with sales expected to be completed by the end of the year.

The assets have a total leasable floor area of 84,000 square meters. The business park contains office and business premises leased to about 60 tenants.

The sale is in line with the company's five-track strategic roadmap disclosed in November 2015, where it revealed its plans to optimize its business parks portfolio through divestments.

The REIT raised €140 million in a capital increase launched Nov. 25, and said it would channel proceeds toward partially financing the purchase of these Nanterre assets.