Deka Immobilien has sold the office building “Le Malraux” in Paris from the portfolio of the WestInvest InterSelect open-ended real estate fund for around EUR 73 million. It has been purchased by the municipal water company “Eau de Paris”, which is currently based in the immediate vicinity and plans to turn the property into its new headquarters.
“Le Malraux” is located in the Parisian sub-market of “Paris Rive Gauche”, an established office location on the left bank of the Seine in the 13th arrondissement. The property was completed in 2001 and comprises a leasable space spanning more than 6,800 sqm and 42 parking spaces. It will remain fully leased to BCPE/Natixis Immo Exploitation SA until the end of March 2023.
This transaction is part of the fund’s ongoing portfolio optimisation plan to sell older properties and replace them with more strategic real estate investments. Furthermore, it was also possible to make a profit on the sale following a 14-year holding period.