AEW has agreed to buy an office block in the Boulogne-Billancourt district of Paris for €104m (£95m) from Schroder European REIT.
Schroder European REIT bought the building for €37.5m in 2016. The deal delivers a profit after acquisition and development costs of €28m, with net proceeds of €70m, according to a statement on the deal from the REIT, which did not confirm the identity of the buyer.
The sale has been structured as a forward funding. The building will change hands during the second half of 2022, after the REIT completes a refurbishment. The building was recently prelet to engineering group Alten on a 10-year lease.
Julian Berney, chairman of the Schroder European REIT board, described the sale as “a transformational transaction, which will be highly accretive to shareholder returns”.
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