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Sign in Sign up for a FREE subscriptionKorean investor buys Western Paris office for €691m
Icade entered into a bilateral sale agreement with a leading South Korean investor advised by La Française, acting as asset manager and co-investor, for the Crystal Park building located in Neuilly-sur-Seine in the Western Crescent of Paris.
The sales price was €691 million ($779 million).
Recently renovated, the 44,000-square-meter (474,000-square-foot) Crystal Park is fully leased to four first-class tenants.
Following nearly €600 million ($676 million) in property sales in 2018, this transaction will be carried out as part of implementing Icade’s 2019–2022 plan, with stepping up sales of core assets in a buoyant real estate market as one of the main priorities in 2019. The proceeds from these sales will be reinvested in the Office Property Investment Division’s development projects and Icade Santé’s further expansion both in France and abroad.
