STAM sells fully-let office building (FR)

Asset manager STAM has sold a 6,470-m² office building at 140 Avenue Jean Lolive, Pantin, in the northeast of Paris, advised by Catella Property and international real estate advisor Savills.

The property, which includes 98 parking spaces, has been bought by real estate investment company (société civile de placements immobilier, SCPI) Effimo 1, which is managed by SOFIDY, for €15.2 million. In addition the buyer plans to carry out €2.2 million of refurbishment works on the building.

The building is fully let to France's national tax department DNEF on a six-year closed lease.

Boris Cappelle of Savills France, says: "This is a great example of the core plus fund strategy by which firms target good core investment buildings with reliable tenants. These are valuable investments even in less central locations."

Source: Savills

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