DEGI sells Guynemer office building in Paris to SIIC de Paris (FR/DE)

DEGI Deutsche Gesellschaft für Immobilienfonds mbH sold from its DEGI INTERNATIONAL fund the office building 'Guynemer' in Paris' La Défense business district for a total of €117,7 million to SIIC de Paris, a subsidiary of the Spanish developer and investor Realia.

The Guynemer office building.

The Guynemer office building.

DEGI had bought the building, which is completely let to EDF (Electricité de France), in June 2004 for a total investment of €84 million and has now been able to realize a price well above the last valuation. The strong dynamics of the French office market is also reflected in the share price of DEGI's fund which rose net by €0.37 after the disposal. "We captured this market opportunity. Active portfolio management pays off directly for the investor," says DEGI's Managing Director Malcolm R. Morgan.

In July 2005, DEGI had already sold advantageously another office building of DEGI INTERNATIONAL in the capital of France after holding it two years. In this transaction, DEGI was advised by it local asset manager STAM EUROPE. EXA was the advising agent to Realia/SIIC de Paris.

Source: Allianz

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