Invista European Real Estate Trust has sold two French office properties to German fund manager Pramerica for E56m ( £44.2m).
The two Lyon properties, totalling 191,800 sq ft, have been sold as a part of Invista’s strategy to sell once value has been realised through asset management, the company said.
The first property, at Ecully, Lyon, is 123,200 sq ft and is let to IBM, and chemical companies BASF Agro and Scotts France.
The second property, let to animal vaccine company Merial, totals 68,600 sq ft at Villerbane, Lyon.
Invista said the sale was at 0.18% above the properties’ combined valuation at 30 June 2008.
Proceeds from the sale are going to be retained by Invista, pending a refinancing of the compa