Unibail and Dexia CLF Immo, partners in SNC 50 Montaigne with respective ownership interests of 90% and 10%, have signed a contract with Risanamento SpA to sell the shares in this company, which owns a building at 50 avenue Montaigne in the 8th district of Paris.
The building comprises 11,000 m² of office space that was renovated in 2004 and is leased entirely to Compagnie 1818, the Caisse d'Epargne Group's private banking unit, and to the consulting firm Bain & Company, as well as 2,000 m² of retail space, which is leased to Jil Sander and Barbara Bui. The building generates net rent of 10.4m per year, not including the potential rent that could be obtained from leasing 530 m² of commercial space that is currently vacant.
The sale, which is based on an asset value of 233m, will be completed effective 30 November 2005.
Risanamento SpA's legal advisers in this transaction were the Clifford Chance law firm and Mr Wargny, Esq., notary. The seller received legal advice from the law firms of Gide Loyrette Nouel and Francis Lefevre and Mr Ginisty, Esq., notary. The seller had previously entered into an agreement to find a buyer with marketing agents CBRE and DTZ.