AXA Investment Managers – Real Assets has bought France’s tallest office tower from Beacon Capital Partners.
The Tour First tower was bought for a club of investors and France’s Assurances du Crédit Mutuel.
The 80,000 sqm asset is 83% let and is the French headquarters of accountancy firm EY.
Pierre Vaquier, chief executive, said: “This transaction demonstrates our continued ability to bring together ‘clubs’ of leading international investors in the acquisition of landmark real estate assets and to position investments in coherence with market cycles.”
The transaction, he said, is a “substantial investment” in the European office market, matching the firm’s clients’ requirements for high quality, core assets.
“It demonstrates our confidence in the strength and prospects of the Paris office market,” he said.
It is the second time that the firm has owned the 231m tower. An AXA Investment Managers and Beacon Capital joint venture invested €300m in a redevelopment of the asset between 2007 and 2011. Beacon then took acquired full ownership of the building via a share deal.