Icade signs a preliminary agreement to sell 49% of the Eqho Tower for €365M
On August 2, 2019, Icade, which fully owns the company holding the Eqho Tower, and an OPPCI owned by leading South Korean investors represented by Etoile Properties, signed a bilateral sale and purchase agreement with respect to the sale of a 49% interest in that company, based on a total asset value of €745m excluding duties.
The Eqho Tower consists of 78,500 sq.m of offices and services and 1,110 parking spaces. It is located in Courbevoie, next to the Boulevard Circulaire which surrounds Paris-La Défense. It is fully leased to first-class tenants (including KPMG, Banque de France and Air Liquide) with a weighted average unexpired lease term of nearly 7 years as of June 30, 2019.
Icade has also granted the purchaser an option to acquire the remaining 51% by the end of 2020.
The sale of the 49% stake in the company holding the Eqho Tower is scheduled to be completed at the end of September 2019, once the customary conditions precedent have been fulfilled.