Société de la Tour Eiffel continues to transform its portfolio and announces the sale of a property park in Marseille

25/11/2024

– Société de la Tour Eiffel announces the sale of Parc Eiffel des Aygalades, a property complex located at 35 boulevard du Capitaine Gèze, in the 14th district of Marseille. With a total surface area of almost 19,100 sqm, this park represents less than 4% of the total surface area of Société de La Tour Eiffel’s portfolio, representing 522,728 sqm on June 30, 2024. Acquired in 2008, this 13-building complex has benefited from a number of transformations and redevelopments during its ownership period, contributing to its attractiveness on the local real estate market.

For this transaction, Société de la Tour Eiffel drew on the expertise of notary Wargny Katz, tax experts De Pardieu Brocas Maffei and brokers CBRE and Cushman & Wakefield.

 

A disposal strategy aligned with the transformation of the real estate portfolio

In a market context that remains highly constrained, and at a time when the company is facing major challenges in terms of balance sheet equilibrium and occupancy rates, this sale and those made recently, including the Diagonale Ouest building in Montigny-le-Bretonneux (78) last July, are fully in line with Société de la Tour Eiffel’s roadmap, which aims to adapt its portfolio to changes in the French real estate market. The company is thus pursuing its strategic repositioning towards a third of assets of diversified typologies, consolidating its territorial coverage with a target of a third of assets in major regional cities, and its commitment to sustainability by aiming to certify 80% of its portfolio according to demanding environmental and social standards.

The assets concerned by the disposals are selected according to precise criteria to meet these portfolio rebalancing objectives. Since 2022, this disposal plan has resulted in transactions worth over €210 million, or around 12% of the portfolio (by value).

“As part of our roadmap, we are continuing to implement our divestment plan, with valuations broadly in line with appraisals, with the exception of the latest transactions which include adjustments of between 20% and 28% dictated by market trends. The transformation of our portfolio is based on rigorous asset management, and a necessary rotation according to rehabilitation needs and geographical adjustments. At the same time, we are determined to pursue our objective of certifying 80% of our portfolio, in line with our environmental and social commitments,” says Christel Zordan, Managing Director of Société de la Tour Eiffel.

Parc Eiffel des Aygalades – Marseille

 

Indicative timetable

• 16 December 2024: Extraordinary General Meeting of Shareholders
• March 2025: 2024 annual results
• 15 May 2025: Annual General Meeting
• July 2025: First-half 2025 results

 

Contacts
Relations Presse – Laetitia Baudon – Directrice Conseil – Agence Shan – +33 6 16 39 76 88 – laetitia.baudon@shan.fr
Relations Investisseurs – Aliénor Kuentz – Directrice de Clientèle – Agence Shan – +33 6 28 81 30 83 – alienor.kuentz@shan.fr