Icade accelerates its portfolio’s asset rotation

Sale of 49% of the Eqho Tower for €365M

Following the signing of a preliminary sale agreement on August 2, 2019 , Icade has today sold a 49% interest in the company holding the Eqho Tower to an OPPCI owned by leading South Korean investors represented by Etoile Properties for €365M, based on a total asset value of €745M  excluding duties.
In addition, an option to purchase the company’s remaining share capital (51%) by December 2020 has been granted to the buyer.
Located next to the Boulevard Circulaire which surrounds Paris-La Défense, the Eqho Tower consists of 78,500 sq.m of offices and services and 1,110 parking spaces. It is fully leased to first-class tenants with a weighted average unexpired lease term of nearly 7 years as of June 30, 2019.

Including the sale of the Crystal Park asset finalised on August 2, 2019, total disposals since the beginning of the year amount to €1.1 billion. On average, disposals were completed 12.5% above the appraised value of the assets as of December 31, 2018.

Acquisition of the “Pointe Métro 1” complex for €123M

Following the signing of a purchase agreement on July 23, 2019 , Icade finalised the acquisition of the “Pointe Métro 1” complex by way of a share deal on September 25, 2019. Located in Gennevilliers (Hauts-de-Seine), the complex was sold by Foncière NW2, managed by Normandie REIM, for €123m. 
Located 300 metres from the Gabriel Péri metro station, Pointe Métro 1 is set in a dynamic environment undergoing major transformations. The Pointe Métro 1 complex, designed by Jean-Paul Viguier and HQE Construction-certified, consists of three buildings totalling 23,518 sq.m of floor space and 429 parking spaces. 

This complex has been fully leased to a first-class tenant since its completion in 2010. The remaining lease term is 5 years.

These transactions, involving the sale of core assets and reinvestment in the development pipeline for office assets and/or assets likely to increase in value, are in line with Icade’s strategic plan, which aims to recycle capital through stronger rotation in the office portfolio.