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Kaufman & Broad to sell French office complex development

French homebuilder Kaufman & Broad SA agreed to sell its 24,000-square-meter Highlight office complex along the banks of the river Seine in Courbevoie, France, to Eurazeo Patrimoine.

Eurazeo noted that the deal represents a total capital investment of about €70 million, including a minority stake in a partnership with the Decaux family's investment holding company, according to a release.

Highlight comprises three office blocks, restaurants and facilities that are being constructed around a landscape garden spanning 850 square meters.

An about 9,200-square-meter space at the complex will be home to Kaufman & Broad's future headquarters once the development is launched in the second quarter of 2021. The off-plan lease agreement signed by the seller represents 40% of rental payments, which are already secured. Eurazeo Patrimoine, as the asset manager, will handle the commercialization of the remainder of the asset.