French development group Icade has sold the Prelude project in the French city of Bordeaux to UFG-LFP's SCPI UFG Pierre investment fund. The transaction price amounts to EUR 22 mln, excluding taxes.

Prelude will be the first office building to be delivered in the Euratlantique business district, one of the largest regeneration projects in Bordeaux.

Designed by architects Chaix&Morel, the office building will be High Quality Environmental (HQE) certified and will offer 8,500 m2 of office space on seven storeys as well as 55 parking spaces. Delivery is scheduled for the first quarter of 2013.

'This sale marks the recovery of the market, and represents one of the first speculative sales in the region since the crisis', Icade said in a statement on Wednesday.

The buyer was advised by Etude 14 Pyramides while law firm Tardy-Planechaud & Burias acted for the vendor. Colliers UFG was responsible for marketing the asset.