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.