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Icade closes 2 French property transactions

French real estate investment trust Icade completed the sale of a 49% stake in the company that owns Eqho Tower in Paris to South Korean investors represented by Etoile Properties for €365 million.

The deal valued the office asset at €745 million, excluding duties. The building consists of 78,500 square meters of offices and services space with 1,110 parking spaces. Icade granted the buyers an option to purchase the remaining 51% stake by December 2020.

Icade also completed the acquisition of the Pointe Métro 1 complex in Gennevilliers, France, from Normandie REIM-managed Foncière NW2 for €123 million. The three-building complex offers a floor space of 23,518 square meters and 429 parking spaces. The complex is fully leased to a single tenant with a remaining lease term of five years.