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Société Foncière Lyonnaise to sell French asset for reported €400M

Inmobiliaria Colonial SA's French unit Société Foncière Lyonnaise agreed to sell the In/Out building in Paris to French fund Primonial for approximately €400 million, PropertyEU reported July 31.

Inmobiliaria Colonial, a Spanish real estate investment trust, declined to disclose the financial terms of the agreement in its July 28 release about the transaction. However, it noted that the price for the 35,000-square-meter office building at the French capital's Boulogne-Billancourt district will be confidential until the transaction is finalized, said to be within two months.

Primonial was able to beat offers from other bidders to win the asset leased entirely to the Organization for Economic Cooperation of Development, pursuant to a 12-year deal signed in 2015.