LaSalle Investment Management has announced the sale of its third property in the Eastern Paris suburbs since the start of the year on behalf of the LaSalle French Fund II, bringing the total value of the three sales to around 125 million.
The most recent transaction involved the sale of the 'Opale' building to BNP Paribas Real Estate Investment Management for two of its SCPI investment vehicles, Valeur Pierre Union and Valeur Pierre Alliance. The building is located at 2, rue de Rosny in Montreuil (93) and achieved a sale price of approximately 45 million.
The building, which was completed in 2008, is fully let to the municipal services of the city of Montreuil; it comprises around 9,300 m² of office space spread out over five floors and 195 parking spaces located on two underground levels.
In May 2010, LaSalle announced the sale of the Proxima 2 building located at 102, rue de Paris, also in Montreuil, for approximately 18 million. The purchasers were SCPI Accimo Pierre, Primopierre and Immobiliere Privée France Pierre, managed by BNP Paribas REIM.
Completed in 2008, the building is fully let to a subsidiary of BNP Paribas and consists of approximately 4,200 m² of office space and 61 parking spaces spread over two underground levels.
Then in July 2010, LaSalle announced the sale of 'L'Européen II' located in avenue Paul Vaillant Couturiere in Bobigny (93) to the SCPI Notapierre, represented by B&C Asset Management for around 62 million. The building was completed in 2008 and provides 18,000 metres squared of office space. It is principally let to the Conseil General de Seine Saint Denis and to the CPAM.
Loïc Sanieres, European Director at LaSalle Investment Management, France said, "The Eastern Paris real estate market is not traditionally considered to be as established as that to the West. However, these transactions, which follow the full letting of all three assets, are evidence of the success of the acquisition strategy pursued by LaSalle French Fund II of taking localised risks in sectors that are marginally less traditional but adhere to the fundamentals."
Source: Citigate Dewe Rogerson
