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07 Dec 2021

Five days after flying from Paris to Beirut to attend the TAKREEM 11th Awards Ceremony night, and present along with Layal El Ikhtiar the award for Young Entrepreneur to Omar Itani of Fabricaid…Stephane Amine, took the executive decision and announced that: “We have closed the sale of Jeuneurs in Paris, France, which the REIT has held since its initial public offering in 2013. Jeuneurs is a seven storey 50,400 square foot, fully occupied office building located in the central business district of Paris, originally constructed in 1890 and whose single tenant lease is maturing on August 31, 2023. The $104.5 million (€71.2) million gross sale price represents a $64.9 million (€44.2) million increase over the acquisition price (excluding acquisition costs) and a $35.5 million (€24.2) million premium to fair market value at December 31, 2020. We are very pleased to crystallize the exceptional value gain, confirming once again the REIT’s strategy to partially capitalize on the sale of existing older assets in order to renew the portfolio with more modern and accretive assets. The REIT is currently considering different acquisition opportunities, including but not limited to the remaining joint ventures, with the objective of deploying all the available capital in the near future.”

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