On June 5, 2019, Icade entered into a bilateral sale agreement with a leading South Korean investor advised by La Française, acting as asset manager and co-investor, for the Crystal Park building located in Neuilly-sur-Seine (in the Western Crescent of Paris).

This 44,000-sq.m building complex stands out for its services and private, protected woodland areas covering 20,000 sq.m. Recently renovated, Crystal Park is fully leased to four first-class tenants. This sale totals €691(1) million excluding duties and the final deed of sale is expected to be signed by the end of July, once customary conditions precedent have been satisfied. Following nearly €600 million in property sales in 2018, this transaction will be carried out as part of implementing Icade’s 2019–2022 plan, with stepping up sales of core assets in a buoyant real estate market as one of the main priorities in 2019. The proceeds from these sales will be reinvested in the Office Property

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Marylou Ravix

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