InfraRed sells Paris office building to La Francaise REM
InfraRed Capital Partners ("InfraRed") in joint venture with Générale Continentale Investissements (“GCI”) is pleased to announce that it has completed the sale of 'Citiscope', a 40,000sqm office tower situated in the centre of the Montreuil municipality, in the east of Paris, to French investor, La Francaise REM.
InfraRed acquired the building in October 2015 with a 43% occupancy and completed a number of refurbishment activities across its common areas to reposition it as a modern, Grade A office. Within less than two years and after a number of lettings to French public and private tenants the building was 100% occupied.
The sale marks the second successful exit in France within a year for InfraRed after the sale of Greenelle office project, in the 15th Paris arrondissement in December 2016.