French REIT sells three Paris properties for €425m 

Icade, the property affiliate of French state-owned financial institution Caisse des Dépôts et Consignations, has agreed to sell two business parks and an office building in Paris.

The sales price was €425 million ($490 million).

The business parks are Paris Nord 2 (155,200 square meters/1.67 million square feet), Colombes (62,750 square meters/675,435 square feet) and the Ax Seine building (24,200 square meters/260,486 square feet) located in Nanterre.

The signing of the sale is expected before the end of the year. 

With this sale, Icade is pursuing the dynamic management of its commercial portfolio, in line with the objectives announced during the presentation of its plan 2019–2022 last July. The proceeds of this sale are being earmarked in particular for the financing of th