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Sign in Sign up for a FREE subscriptionIcade completes €219m office sale
Icade has sold the Gambetta office building in the 20th district of Paris to Priminial REIM for €219 million ($233.9 million).
The 20,000-square-meter (215,000-square-foot) building includes 16,000 square meters (272,223 square feet) of office space fully leased to Publicis and 4,000 square meters (43,056 square feet) of retail space. Refurbished in 2019, it adheres to the highest building and environmental standards.
“Just like the disposal of four core properties for over €500 million [$534million] in 2021 on very favorable terms and the completion of the sale of the Millénaire 4 building in April 2022 for €186 million [$198.7 million], this new transaction attests to the strong appetite of institutional investors for mature, high-quality office assets and the appeal of Icade’s office property portfolio. Through this sale, the office property investment division has taken a major step towards implementing its 2022 asset disposal plan,” said Icade in a st
