The initial sale agreement focused on the building owned by Eurosic Grand Seine, with office area space of 21,600 m². The transaction amounted to €183.1 million, equal to the appraised value of June 30, 2014.
A second sales agreement, signed August 8 2014, with AEW Europe on behalf of institutional clients, concerns four active SIIC de Paris totalling an area of approximately 27,000 m². The three assets are located in Paris (10-12 Rue de Tilsit, 2 rue du Quatre September, 8 rue Lavoisier), and active in Montrouge (8 rue François Ory). The transaction amounted to € 301 million, at a price slightly higher than the appraised value of June 30, 2014.
"These sales, which cover nearly €500 million in assets, continues Group Eurosic's strategy that they have been upholding for the past three years: the rotation of its portfolio with the sale of mature assets and seeking new development projects. This all occurs with a view to improving the average portfolio returns." Said Nicolas Ruggieri, CEO of Eurosic Officer.
The promise of SIIC de Paris's assets, is part of a tender that was organized by Catella Property and BNP Paribas Real Estate. Eurosic has recently acquired a 92% stake in SIIC de Paris.