German fund manager Union Investment has sold the seven-storey Le Parissy office block in Issy-les-Moulineaux in the Paris area to French REIT Icade.
The purchase price of the 16,000 m2 asset was not disclosed, but exceeded the current market valuation, Union Investment said. The property, located at 10 Rue d’Oradour sur Glane in Issy-les-Moulineaux, has been fully let to film company Technicolor since 2009.
After acquiring the office building in 2003, Union Investment held it in its open-ended retail real estate fund UniImmo: Europa. The building was constructed in 1997 and extensively refurbished between 2008 and 2009 to meet the tenant's requirements. The property includes an underground car park with 391 car parking spaces spread over four levels.
Following the sale of Le Parissy, Union Investment still holds 11 properties in the Paris area across the office, retail and hotel categories with a total value of around €2.4 bn. The Hamburg-based investment manager also continues to be represented in the Issy-les-Moulineaux sub-market through the Issy 3 Moulins shopping centre.
Union Investment said that Paris remained an important property market for the fund, but that it would also continue to focus on secondary cities in France such as Bordeaux, Lille, Lyon and Marseille.
