Transactions - FEBRUARY 14, 2017

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Icade sells €225m office campus in France

by Andrea Waitrovich

Icade, a French REIT, has agreed to sell three office buildings in Villejuif, France, for a total of €225 million ($238 million) to French banking institution LCL.

The three buildings are located in the Métropolitan Campus in Villejuif, a suburb of Paris. The sale comprises the 154,376-square-foot Seine, the 86,186-square-foot Rhône and the 222,296-square-foot Garonne.

The sales are expected to be completed during the second and third quarter, subject to satisfaction of customary conditions precedent.

On the same campus, Icade has renewed two leases totaling approximately 320,000 square feet with LCL, which is the sole tenant of the Rhin and Loire buildings within the Métropolitan Campus.

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