Union Investment has sold the CityZen office complex comprising two buildings, A and B, offering some 38,000m² of space in the sub-market of Bois-Colombes, north-west of Paris. The buyer of building A which accounts for some 30,000m² is a fund advised by JP Morgan AM, while building B comprising the remaining 8,000m² is acquired by La Française Real Estate Managers on behalf of the SCPIs Epargne Foncière and LF Grand Paris Patrimoine. The purchase price was not disclosed. Union Investment acquired the office complex in 2012 at the development stage before it was completed in 2013.
Following the sale of the two CityZen buildings, Union Investment now holds 18 commercial properties in France worth around €2.8bn. France remains a very important investment market for Union Investment’s real estate business across the office, retail, hotel and logistics segments, both in the Paris region and beyond.