par TOUR EIFFEL (EPA:EIFF)
Press release - Société de la Tour Eiffel sells an office building in the Paris region, and continues to rationalise its portfolio
Société de la Tour Eiffel sells an office building in the Paris region, and continues to rationalise its portfolio
Société de la Tour Eiffel announces the sale of the 8,300 sqm Diagonale Ouest building at 8-14 avenue Gustave Eiffel in Montigny-le-Bretonneux (78), representing less than 2% of its portfolio (528,494 sqm as at 31/12/2023). Acquired in 1999, this corner building in the heart of the Saint-Quentin-en-Yvelines business district is let to several tenants and has a shopping arcade on the ground floor.
Société de la Tour Eiffel was advised by etude Screeb (notary), BNP Paribas and Arthur Lloyd (broker).
Disposal plan to adapt the property company's portfolio now well underway
In an environment that remains highly volatile, Société de la Tour Eiffel is continuing to roll out its roadmap, adjusting its implementation to the turbulent market environment. It remains committed to the sustainable transformation of its portfolio, bringing it more in line with change in the French real estate market in terms of use (2/3 office, 1/3 diversified), geography (2/3 Greater Paris, 1/3 major regional cities), and environmental and social quality (80% certified). The buildings sold in recent years were selected on the basis of a number of criteria, including overexposure to particular geographical areas, the amount of work required to bring them into line with regulatory and environmental standards, and portfolio rationalisation. Since 2022, the company has sold a dozen properties, ranging in value from €400,000 to just over €30m and representing a total of almost €200m, or 11% of the property company's portfolio.
“The transformation of our portfolio is based on rigorous asset rotation aimed at rebalancing our refurbishment needs and certain geographical exposures, as demonstrated by this sale. Since embarking on our roadmap in 2022, we have sold almost €200m in properties, at average prices in line with appraisal values, although the most recent transactions have been adjusted in line with market trends. As announced, the amount of these disposals has matched the amount committed to acquisitions over the same period,” said Christel Zordan, Chief Executive Officer of Société de la Tour Eiffel.
Calendar
- 15 May 2024: General Meeting of Shareholders
- 23 July 2024: 2024 half-year results (after market close)
- 24 July 2024: Analysts' conference (SFAF)
- February-March 2025: 2024 full-year results (after market close)
Contacts
Media relations
Laetitia Baudon
Consulting Director – Agence Shan
+33 (0)6 16 39 76 88
Investor relations
Aliénor Kuentz
Head of Client Relations – Agence Shan
+33 (0)6 28 81 30 83
About Société de la Tour Eiffel
With a property portfolio amounting to €1.7bn, Société de la Tour Eiffel is an integrated real-estate company with a strong culture of services. Société de la Tour Eiffel is a nimble player operating across a variety of asset types (offices, urban logistics, managed residential property, retail) in the Greater Paris area and major regional cities. An active player throughout the property cycle, it assists its tenants – companies of all sizes and sectors – through high-standard direct management of its properties. Société de la Tour Eiffel conducts a pro-active and transversal CSR policy that is an integral part of its strategic orientations.
Société de la Tour Eiffel is listed on Euronext Paris (B board) – ISIN code: FR0000036816 – Reuters: TEIF.PA – Bloomberg: EIFF.FP