SFL to take over 77,000 m

Société Foncière Lyonnaise (SFL) is going to take over three office buildings in Paris from Sophia. The buildings have a total surface of 77,000 m². The takeover represents an amount of € 514.8 mln.

The three offices are fully let and have long term contracts. It concerns the following buildings: the Richelieu island in the Cité Financière (Banking quarters), building ‘Rives de Seine’ (with a lease contract) and the Coface building in La Défense. According to SFL the rent annually represents an amount of € 36 mln. and the net return on investment will be over 6.7% per year. The sale will be rounded up on April 29 at the latest.

Yves Mansion, Chairman of SFL, comments: “With these three buildings, SFL realizes its most important investment in its history. It also gives concrete form to its strategy to specialize in offices and to create result which is beneficiary to its shareholders.”

This transaction comes just after the stock battle between SFL and GE Real Estate Investissement France (GEREIF) for the takeover of Sophia. GEREIF has started its arbitrage of Sophia’s portfolio and SFL values their part at the moment its reference shareholders have decided to sell their participation.

Source: Immohebdo.info

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