Patron Capital has sold an €80m (£57m) Paris office to Eurosic.
The 203,300 sq ft office in Malakoff, south of Paris, represents a yield of circa 6.5%. The company said the approach from the French listed property company had been unsolicited and had started an informal sales process.
The purchase will be financed by the sale of more shares in the Eurosic OPCi, an entity similar to a REIT.
The property is fully let to Edenred as its corporate headquarters on a long lease.
Patron’s managing partner Keith Breslauer, said: “We are pleased to have successfully exited a further investment in France, with the investment reflecting our long-term strategic view of the French commercial property market where we will continue to seek to invest at least €200m capital over the next two years.”
