Société de la Tour Eiffel finalized the acquisition of an 8,300 m² office building in Bagneux (FR)

As announced on last 23 July at the half-year results presentation, Société de la Tour Eiffel has entered into the acquisition phase of its strategic plan after two years labelled by numerous disposals aimed at refocusing its portfolio on the Paris region.
The Company thus finalized in August the purchase of an 8,300 m² office building located in Bagneux and fully let to Orange for a closed-period of over 9 years.
This acquisition secures for the Company a rental income flow of €1.9 million representing an initial yield of 7.65%, which compensates from there on the negative flows linked to the disposals made at the beginning of the year.
Assets located in the Paris region now represent close to 75% of the portfolio by value (basis on 30 June 2014 pro-forma).
“In an over competitive investment market for assets with long-term leases, this acquisition shows our ability to identify and realize relutive transactions on our targeted segment.” indicates Frédéric Maman, Company’s Deputy Managing Director.
Source: Societe de la Tour Eiffel