French real estate firm Argan has sold a data center in Paris to Invesco Real Estate.
The Euronext-listed company, which specializes in warehouse developments, this week announced it had sold a facility in Wissous to the investment firm for €59 million ($64.8m).
The 22,000 sqm (236,805 sq ft) site, located at 1 Boulevard Arago in the department of Essonne to the south of Paris, is 100 percent leased to data center operator CyrusOne.
First revealed in 2021, CyrusOne operates the site as its PAR1 data center – offering a total of 27MW of capacity across six data halls and 10,250 sqm (110,330 sq ft) of technical space. It is the company’s only facility in France.
Previous reports suggest the first 4.5MW phase of the site is occupied by Amazon. CyrusOne has been granted approval for the next 6.9MW phase, and is working towards gaining approval for the final 15.6MW phase.
Reports suggest the site was previously owned by transport and logistics firm Kuehne + Nagel. According to Argan’s annual reports, the company had owned the site since at least 2020.
Argan’s portfolio totals around 3.6 million sqm, across a hundred warehouses in France. The company was assisted by CBRE and the Jubault Notarial Office on the transaction. It said the cash generated by the sale will help to self-finance its developments and reduce debt.
Investment firm Invesco has previously acquired Flexential data centers in Plano, Texas, and Hillsboro, Oregon in sale-leaseback deals alongside Legacy Investing. Last year, it also acquired an Equinix-occupied data center in San Jose, California, from local real estate firm Sobrato.
