PropertyEU
Savills picked to sell EUR 360m of Paris assets
Date: 5 October 2011
Category: Office
International property broker Savills started marketing this week for the Start Project in Saint-Quentin-en-Yvelines near Paris for a price of around EUR 115 mln. The asset is being sold by a joint venture of French property group Icade and Belgian developer Codic after it reached full occupancy at the end of September.

Consulting and engineering group Egis - a 75%-subsidiary of Caisse des Depots - took a nine-year rental contract on the entire development which offers 26,000 m2 of office space over eight floors. Delivery is planned for June 2013.

Meanwhile, Pramerica has also picked Savills for the sale of its flagship Tour Vista, a fully-let 15,700-m2 office tower at La Défense. Delivered in 2007, the scheme has a 10-year construction guarantee and is being marketed for a price of EUR 140 mln. It boasts a BREEAM energy certificate.

Also at Paris' financial business district, Savills is expecting offers by mid-October for Le Balzac, a 15,000-m2 scheme planned to receive HQE Exploitation certification. The asset is being divested by European shopping centre specialist Corio. Le Balzac is fully leased to CSC under a seven-year rental agreement. The asking price is over EUR 100 mln.
 
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