Commerz Real has divested the Technopole Velizy office complex to the south-west of Paris to French insurance gruop SMABTP.
Commerz Real has divested the Technopole Velizy office complex to the south-west of Paris to French insurance gruop SMABTP.
Financial details were not disclosed. However, press reports put the deal value at €219 mln, representing a 15% discount to the price paid for the asset by Commerz Real back in 2007.
Situated in the Southern Parisian suburb of Meudon, the High-Quality Environmental scheme provides 54,200 m2 of floor space fully let to Bouygues Telecom with a 12-year fixed lease. Designed by architects Valode & Pistre, the complex was completed in 2009 and offers two restaurants, an auditorium with 150 places as well as a parking lot with 1,848 parking spaces.
According to PropertyEU's database, Commerz Real paid €260 mln six years ago for the asset, which was added to the portfolio of its Hausinvest europa open-ended real estate fund (today known as hausinvest).
Agents Catella Property and BNP Paribas Real Estate and law firm Wargny Katz advised the vendor.
Broker DTZ and law firms Lefèvre Pelletier & Associés and Gecob acted for the buyer.
