French office REIT Societe Fonciere Lyonnaise (SFL) has emerged as the buyer of the Pasteur building in Paris from Primonial Reim France.
Although financial details were not disclosed, the asset was put up for sale in early 2021 for a price of some €600 mln. The transaction is taking the form of a share deal involving SCI Pasteur, the company owning the asset.
Located at 91-93 Boulevard Pasteur in Paris' 15th arrondissement, the 40,000 m2 office complex was bought by Primonial in 2015 from Abu Dhabi Investment Authority.
Situated near Montparnasse train station in the southwest of the French capital, the three-building property is solely occupied by asset manager Amundi, under a 12-year, non-cancellable lease effective from 1 February 2022. First built in 1965, the asset was renovated in 2012 and includes 443 parking spaces.
‘This transaction is fully in line with SFL's strategy of strengthening its position in central Paris with large, highly accessible assets offering medium- to long-term redevelopment prospects,’ the buyer said in a statement.
JLL and Strategies & Corp advised on the deal.
