The Colonial Group has completed the disposals of three non-core assets in the cities of Paris and Madrid for a total amount of approximately €60m. The asset in the French capital was sold to the Institut Catholique de Lille. It comprises 6,300m² and is located on Ile Saint-Germain in Issy-les-Moulineaux, which was designed by Jean Nouvel for the advertising agency CLM BBDO in 1992.
The sale of this non-core asset in Paris coincides with the disposal of two other non-strategic buildings located in secondary areas in Madrid. Specifically, the company has sold two properties from the Axiare portfolio to IberVallés.The first property, with more than 6,000m², is located at Alcalá Street 506. The second has a leasable area of 5,640m² and is located at Josefa Valcárcel Street 24, on the axis between the A-2 and Arturo Soria.
According to Pere Viñolas, CEO of Colonial, "the disposal of these assets responds to the active rotation policy of the company's portfolio, based on the divestment of non-strategic assets located in secondary areas, and on the acquisition of prime office buildings, located in the CBD areas of Paris, Madrid and Barcelona”.