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.
