Icade: Acquisition of the “Pointe Métro 1” complex in Gennevilliers for €123m (subject to conditions precedent)

Located 300 metres from the Gabriel Péri metro station in the Cœur de Seine development zone, 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 having 23,518 sq.m of leasable floor space and 429 parking spaces. Sold by Foncière NW2, a SPPICAV managed by Normandie REIM, this building has been fully leased since its completion in 2010 to a first-class tenant. The remaining lease term is 5 years. For Icade, this acquisition is consistent with the growth of its portfolio of office assets likely to increase in value. The acquisition is expected to be completed in September 2019 once the customary conditions precedent have been fulfilled.