Union Investment has sold the seven-storey Le Parissy office block located at 10 Rue d’Oradour sur Glane in Issy-les-Moulineaux, on the south-western fringes of Paris to Icade. The property is around 16,000m² of office space, with the purchase price exceeding the current market valuation of the building. The property has been fully let to film company Technicolor since 2009.
The building was constructed in 1997 and extensively refurbished between 2008 and 2009 to adapt it to Technicolor's specific requirements. The property includes an underground car park with 391 car parking spaces spread over four levels.
Following the sale of Le Parissy, Union Investment still holds eleven properties in the Paris area across the office, retail and hotel categories with a total value of some €2.4bn. Paris remains an important property market for Union Investment. A further focus is on attractive secondary cities such as Bordeaux, Lille, Lyon and Marseille.
