Icade: preliminary agreement to sell the Crystal Park building for €691 million
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 Investment Division’s development projects and Icade Santé’s further expansion both in France and abroad.
(1): before the effect of commercial benefits and miscellaneous work remaining at the expense of Icade