The French government has decided to offload 1700 unwanted real estate assets over the next three years in a move to reduce the country’s debt and to fund new investments.

The disposal of the properties, comprising chateaux, barracks and Parisian mansions mainly located outside of Paris, is part of a new strategic real estate programme announced by the François Baroin, the Budget Minister.

Baroin said: “The new plan will allow the state to have a real estate portfolio which is more suited to its purpose, better maintained and of better quality.”

Offices make up 28% of total assets, with plots of land accounting for a further 24%. Residential units and military barracks make up the rest.

Baroin also stated that the country has an excessive amount of state-owned properties in the face of a growing public deficit which currently amounts to €1,490bn. The properties will be sold by transparent public auctions with the local authorities having the pre-emption right on the assets, the majority of the properties earmarked for sale are useless and unsuitable.

The French government has already sold real estate worth over €3bn over the past four years.