Union Investment Real Estate has sold the 'Aile Sud' office building to TF1, the largest private TV channel in France. The sale price is not disclosed.
Aile Sud offers 7,315 m² of office space.
Located in 54, rue de la Voie Lactée, the nine-story Aile Sud offering some 7,315 m² of office space was acquired by Union Investment in 1999 for its open-ended real estate fund UniImmo: Europa.
The building, directly let to TF1, generated a steady cash flow for the fund during the holding period of 12 years. SJ Berwin and Gide advised Union Investment on the deal.
"The deal is another document for our active asset management approach in France targeted on the sale of properties that had been acquired in the first investment phase between 1999 and 2004 and no longer apply to our fund strategy," says Dr. Karl-Joseph Hermanns-Engel, Member of the Management Board of Union Investment Real Estate GmbH, Hamburg.
Besides Aile Sud, in 2011 Union Investment successfully sold the 'Les Renardières' office building in Courbevoie, the Marriott Champs-Elysées and the Espace Gaymard office building in Marseille totaling a net sale of some 450 million.
"We are optimistic to reinvest the proceeds of the sales in Paris and the French regional markets during the next 12 to 15 months."
Source: Union Investment Real Estate GmbH