Wereldhave completes sale of NODA office building in Paris

Wereldhave has successfully completed the sale of the NODA office building in Issy-les-Moulineaux (Paris).

The NODA office building was sold for € 185m net, which is € 8.9m or 5.1% in excess of the book value as at December 31, 2014, when the building was transferred from the development portfolio to investments. On a net basis, this is € 39m above the development costs (including the fit-out contribution to tenant Coca-Cola). It represents a running exit yield of 2.9% (if fully rented at market conditions of 4.5%).

An earn-out mechanism for leasing out the remaining 1/3 of the building can generate an additional income of up to € 2m, depending on the timing of leases signed.

The NODA office building, which was awarded BREEAM ‘Outstanding’ during the design stage, received the BREEAM certificate ‘Outstanding’ post construction on 15 October 2015, with a score of 93.23%.

Allez & Associés acted as notary to Wereldhave.

For full press release, download the pdf below.

Press Release: completion sale NODA