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Icade: sells part of Eqho and Crystal Park

( - Icade has said that, with an OPPCI held by top tier South Korean investors, on Friday 2 August it signed a bilateral agreement to sell 49% of the shares of the company holding the Eqho tower, for a total of 365 million euros.

Located at La Défense business district next to Paris, the Eqho tower has 78,500 m2 of offices and services and 1,110 parking spaces. It is fully leased to top-tier tenants with an average remaining lease term of almost seven years as at 30 June 2019.

The group has also granted the buyer a purchase option on the remaining 51%, maturing in December 2020. The effective sale of the 49% of the company holding the Eqho tower is scheduled for the end of September 2019, after the lifting of usual conditions precedent.

Icade has also announced the sale of the Crystal Park office block to Samsung Securities, advised by La Française, as an asset manager and joint investor, following the bilateral agreement signed on 5 June. 

For the record, this office block of 44,000 m² is found in Neuilly-sur-Seine and is fully occupied by four top-tier tenants, including PwC. This sale amounts to 691 million euros before duties, bringing a "deed in hand" return of 3.67%.

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