Asset manager STAM has sold a 6,470 sq m (69,642 sq ft) office building at 140 Avenue Jean Lolive, Pantin, in the north east of Paris, advised by Catella Property and Savills.
The property, which includes 98 parking spaces, has been bought by real estate investment company (société civile de placements immobilier, SCPI) Effimo 1, which is managed by SOFIDY, for €15.2. In addition the buyer plans to carry out €2.2m of refurbishment works on the building.
The building is fully let to France’s national tax department DNEF on a six-year closed lease.
Boris Cappelle, of Savills France, says: "This is a great example of the core plus fund strategy by which firms target good core investment buildings with reliable tenants. These are valuable investments even in less central locations."