Accor has announced that it has entered into exclusive negotiations with the Valesco Group to sell its Paris headquarters, the Sequana Tower, for 465 million euros ($461.2 million).
The transaction, which is subject to the usual due diligence, is expected to close by the end of the year.
"This sale is accompanied by a 12-year sale and leaseback agreement. It is part of the group's asset-light strategy, which aims to simplify Accor's balance sheet structure," the firm stated in a company release.
Accor acquired the tower in 2018 for 363 million euros. At that time, the group had been a tenant on the site since 2015. The Sequana Tower, formerly known as the Mozart tower, has a surface area of 43,000 square meters. It is located in Issy-les-Moulineaux, in the Val de Seine business district.
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