Slough Estate Web Site - December 21, 2005
Slough Estates International has entered into a sale and leaseback transaction to acquire the headquarters of Alstom Power (part of the French industrial group Alstom) in La Courneuve, Ile de France, immediately to the north of Paris for €24.5M, net of acquisition costs.
The 10.9ha property provides 53,000m² of office and light industrial accommodation which Alstom have leased back for a 9 year fixed term at an annual rent of €1.4M. Included in the sale is a 4.4ha prime industrial site with substantial frontage onto the A86 motorway (the second Paris ring road) - this represents a development opportunity for the provision of new light industrial accommodation.
The sale and leaseback element of the transaction reflects a net initial yield of 7.5% excluding the development site as at market value.
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Wednesday, December 21, 2005
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