CBRE Global Investment Partners, CBRE’s multi-manager, has bought a 20% stake in a Paris office tower.
The deal sees CBRE GIP take over an equity holding in Tour Adria at La Défense.
The stake could be worth as much as €120m given that a 68% stake in the tower was sold last year for around €450m.
The asset is 80% owned by a club of investors in a French OPCI structure, managed by Primonial REIM.
The French asset manager bought a 68% stake in the property last July from Testa, a subsidiary of Spanish property company Sacyr.
Prior to the global financial crisis, Testa had planned to list the 53,841sqm property in a French Société d’Investissement Immobilier Cotée (SIIC) REIT vehicle, having paid €560m for the asset in 2006 at a 6% yield.
CBRE GIP said the tower was fully let to Technip Group on a 12-year lease until 2021, with annual indexation.
Jeremy Plummer, chief executive at CBRE GIP, said: “Whilst the macro-economic environment in France remains challenging, the acquisition offers a unique opportunity to access a landmark building in one of the largest European business hubs at an attractive entry point in the cycle.”
CBRE Global Multi Manager, the indirect arm of CBRE Global Investors, last month changed its name to CBRE Global Investment Partners.
The platform recently said it has raised more than $1.1bn (€849m) since the start of the year.
Read IP Real Estate’s take on the fund-of-funds rebrand here