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PAREF SIIC (French REIT), a real estate company specialised in investment and asset management on its own
account and on behalf of third parties, announces that the sales of the Pantin-Courtois property has been
successfully finalised.
The office building of approx. 8,000 m2
is fully leased to the Direction Générale des Impôts (French Tax
Administration). The transaction values the entire building at €24.6 million, reflecting a capital gain of €3.7
million vs. the initial acquisition cost in December 2007.
Through an alternative financing structure, PAREF will
realise an accounting capital gain in excess of €10 million as well as a cash multiple of 3.4x with a levered IRR of
14.4%.
With the previous sales of the Vaulx-Le-Pénil property, closed in May 2017, the current Year to Date total sales
proceeds amounts to €28.1 million.
This transaction is in line with the value creation strategy of PAREF through its active in-house asset
management as applied in recent years. PAREF is successfully implementing a selective disposal strategy for its
mature assets, with the objective to further position its portfolio towards sizeable office properties in wellestablished
locations within the Greater Paris region or within France’s major regional cities.
Paref was advised on this transaction by Knight Frank and JLL and accompanied by the notary Wargny Katz.
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