Italian real estate group sells French assets for $1.7b

Milan-based Risanamento SpA has sold six French properties for $1.68 billion to a joint venture between Chelsfield and The Olayan Group. The properties are part of a nine-property portfolio sale.

The six assets are located in Paris and comprise four office buildings and a retail property totaling 438,092 square feet and one apartment complex totaling 59 units.

The highest priced office asset was the eight-story, 215,278-square-foot Actualis Complex in Paris with a sales price of $722.7 million, or $3,589 per square foot. The CBD property has street retail level. Tenants include Sephora and France Telecom Group. Risanamento acquired the property in 2006 for $278.7 million from Financiere Pinault.

The second highest priced office asset was the 118,404-square-foot 50 Avenue Montaigne