Cushman & Wakefield, the world’s largest privately owned real estate services firm, and Dotta Real Estate, one of the oldest agencies in Monaco, have been jointly instructed by SBM Offshore – a provider of floating production solutions to the offshore energy industry – to execute a sale and leaseback of part of its real estate portfolio in Monaco.
The transaction comprises three offices, covering a gross portfolio area of 11,000 sq m, located in the principality’s Fontvieille business district and includes 64 parking spaces.
SBM Offshore, Monaco’s largest private employer with over 7,400 staff worldwide, will enter into nine or 12 year triple net leases, with annual indexation, for the assets which have an annual rental value in excess of EUR5m.
Monaco is viewed as one of the most attractive places in the world to build up a real estate portfolio – lease revenues are not subject to corporate income taxation and there is no capital gains tax to pay on the future resale of property.
The investment is expected to appeal to sovereign wealth funds, family offices and ultra high net worth investors. The appointed advisers will be available to discuss the investment opportunity in MIPIM, the international property conference taking place in Cannes from 12 to 15 March 2013.