PARIS-French office REIT/SIIC Compagnie La Lucette has completed the sale of its Colisee building in Paris to Allianz Real Estate, which was carried out through a purchase of shares in a holding company. The Colisee purchase is reportedly valued at $198 million.

Lucette was taken over late last year by larger peer Icade, which is itself controlled by French state financing institution Caisse des Depots, and the Colisee sale forms part of Lucette’s plan to divest $243 million of assets. The 10-story Colisee building in the La Defense business district offers 267,000 square feet of office space and is rented to companies including Regus, Expansience and ACE Insurance. It was completed in 1998 and was acquired by Lucette in 2006.

The transaction is Allianz RE’s second major acquisition in Paris this year, following its purchase of the Capital 8 Messine office building from Unibail Rodamco. Capital 8 has a total lettable area of 194,000 square feet and is located near Parc Monceau in the heart of the CBD.