A fund managed by Mitsubishi Estate Co., Ltd. (TSE:8802) signed a preliminary agreement to acquire Imagine building in Neuilly-Sur-Seine from Officiis Properties SA (ENXTPA:OFP) for €76.2 million on July 12, 2018. Europa Capital is acquiring the building Imagine on behalf of a fund managed by Mitsubishi Estate Company. In a related transaction, Balzac Real Estate Investment Management Sarl signed a preliminary agreement to acquire Think building in Neuilly-Sur-Seine from Officiis Properties SA.

The transactions will generate €142 million in sales proceeds for Officiis Properties SA. The transaction was authorized by the Board of Directors of Officiis Properties SA and is expected to be completed before September 30, 2018. Of the net proceeds, €76.4 million will be used to immediately reimburse the entirety of the outstanding mortgage debt of Officiis Properties (€53.1 million) and €23.3 million will be used to partly reimburse the outstanding debt of Officiis Properties Paris.

CBRE Capital Market acted as broker, Edouard Corbiere, Benoit Thebault and Arnaud Saint-Clair of Rothschild & Co acted as financial advisors and Allen & Overy acted as legal advisor for Officiis Properties. Dentons France and Wargny, Katz & Associated acted as legal advisors for Mitsubishi Estate Co.