SFL and Ile de France Investissements have today agreed the sale
of the entire capital of Parelys, which owns a property located at 118
avenue des Champs-Elysees, for a net price of EUR 68 million.
The purchaser is Risanamento Europe (a wholly-owned subsidiary of
Risanamento S.p.A.), which will repay Parelys' debt as part of the
transaction, valuing the building at around EUR 92 million.
The property currently houses the main Mercedes showroom on the
Champs-Elysees, the offices of Laboratoires Pierre Ricaud, and a UGC
cinema in the basement. The total represents some 5,000 square meters
of gross lettable area and potential gross annual rental revenue of
some EUR 4 million. The transaction will be completed on 15 December
at the latest.
The vendor was represented by Cushman & Wakefield, Catella, Curtis
Mallet-Provost and Oudot & Associes. The purchaser was advised by
Clifford Chance and Wargny Katz.
Profile: With an exceptional property portfolio valued at some EUR
3.2 billion excluding transfer costs, located primarily in the Central
Business District (CBD) of Paris, SFL is the preferred vehicle for
investors wishing to invest in the French capital's commercial
property market. As the leading player in this market, the Group is
firmly focused on pro-actively managing high-quality property assets.
SFL has elected to be taxed as an SIIC since 2003.
SFL is quoted on the Euronext Paris Eurolist in Compartment A
(ISIN FR0000033409) - Bloomberg: FLY FP - Reuters: FLYP PA
This is a free translation of the original press release in French
