Germany’s Union Investment Real Estate has confirmed it is looking to sell the prime mixed-use Centre d’Affaires Paris-Trocadéro complex on Paris’ Avenue Kléber.

The asset manager has mandated advisor CBRE to start marketing the scheme which it bought in 2009 on behalf of its UniImmo: Deutschland open-ended fund.

According to those who track the market, the 41,234sqm scheme is expected to fetch over €700m. A Union Investment spokesperson declined to comment on the price.

He said: “It’s a good time to strategically evaluate exit scenarios for generational assets like large inner-city mixed-use properties in European gateway cities.” He added: “Paris next to London shows itself as first mover market at the beginning of a new real estate cycle with investors preparing to reenter the arena.”

The property is the biggest launched for sale this week. In London, advisors CBRE and JLL have been instructed to sell Standbrook House for £140m (€166m), or a net initial yield of 3.5%, while in Spain landlord Futuros Mobiliarios has put Hotel Villa Padierna Palace in Marbella on the market through JLL for a price of €150m.

In the recently completed deal section, Specialfastigheter sold a €750m mixed portfolio of seven assets including the Swedish Defence Forces headquarters on Lidingövägen to Fortifikationsverket, a Swedish government agency under the Ministry of Finance, tasked with managing government-owned defence-related buildings and land. 

Caroline Reuterskiöld Wall, acting director general and chief legal Officer at Fortifikationsverket, said: “Through this acquisition, we will gain even greater control over Sweden’s defense properties and this will increase security for our partners.”  

In the fund section, Blackstone raised $8bn of capital commitments in the final close of its most recent real estate debt fund, Blackstone Real Estate Debt Strategies V, confirming investors’ strong appetite for real estate debt. 

Several major financing transactions closed this week, including French residential landlord In’Li securing a €400m sustainability-linked four-year loan from lenders Crédit Agricole, BPCE, CIC, BNP Paribas, HSBC Continental Europe, Société Générale and La Banque Postale.

Also in the residential sector, specialist real estate finance provider Maslow Capital completed two development loans totalling £114m, supporting YourTRIBE in delivering two PBSA assets in Walthamstow and Greenwich.

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
Centre d’Affaires Paris-Trocadéro mixed Paris Union Investment Real Estate 41,234 m2 €700 CBRE Bought in 2009, the asset is owned by Union Investment’s UniImmo: Deutschland fund.
Standbrook House retail London Lai Wing 21,538 ft2 £140 (€167) CBRE and JLL The sale reflects a net yield of 3.5%.
Hotel Villa Padierna Palace hotel Marbella, Spain Futuros Mobiliarios 121 rooms €150 JLL Villa Padierna Palace Hotel is a luxury 6-star hotel with 121 rooms and suites as well as 9 exclusive villas.
Ibex House office London Lender to Henderson Park 191,100 ft2 £120 (€143) NA The art deco building was acquired by Henderson Park in 2019.
The Lewis Building and its adjoining neighbour Priory Court office Birmingham Gulf Islamic Investments 254,190 ft2 £73 (€86) NA The sale reflects a 9% net initial yield. Tenants include The Ministry of Justice, JD Wetherspoon, BGF, Freightliner 6 and Regus.
20 Kildare Street office Dublin Kennedy Wilson 65,000 ft2 €70-80 CBRE and Knight Frank The office block is fully occupied generating a rent roll of €4m a year.
Ten Hanover Quay office Dublin Kennedy Wilson 68,300 ft2 €70 CBRE and Savills Global fintech and payments provider Fiserv is the tenant.
167-169 avenue Charles-de-Gaulle living Paris CDC 254 flats €40+ NA The property is one of the largest social housing projects carried out in Neuilly-sur-Seine.
Lawson Street PBSA scheme living Birmingham Sama Investment Group 184 rooms £30 (€35) Lambert Smith Hampton The Lawson Street scheme comprises 184 studio rooms in an eight-storey building close to Aston University and Birmingham City University.
Almondvale Retail Park retail Livingston, Scotland Nuveen Retail Warehouse Fund 104,639 ft2 £17.7 (€21) Rosebury Real Estate The sale reflects a net initial yield of 9.75%.
Walnut Tree Close purpose-built student accommodation site living Guildford, Surrey, UK Private family office 345 bedrooms NA Beachrock The asset has a gross development value of £100m.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Bond investors CTP Unsecured €1000 The two €500m bonds have a 6-year and 10-year maturity. The 6-year bond was issued at a 3.625% fixed coupon and the 10-year bond was issued at a 4.25% fixed coupon.
Crédit Agricole, BPCE, Crédit industriel et commercial (CIC), BNP Paribas, HSBC Continental Europe, Société Générale and La Banque Postale In’li Resi portfolio €400 The four-year, “sustainability-linked” revolving credit facility refinances three existing revolving credit lines.
Maslow YourTRIBE two London PBSA schemes £114 (€135) The schemes will provide a total of 638 PBSA beds and 10,600 sq ft of commercial space.
Banking syndicate Vandor Entire portfolio €117 The maturity date of this financing is 5 years, and its annual interest rate corresponds to the sum of 3-month EURIBOR and an initial margin of 1.90% per annum.
Eldridge Real Estate Credit Morar Care 7 care home portfolio £97 (€115) The capital will be used to refinance five existing care homes and finance the development of new facilities in Frinton and Billericay.
Coutts Ability Group Bristol Airport Hampton hotel £27.5 (€33) The existing development finance was refinanced onto a five-year loan of £27.5m, significantly reducing the overall cost of debt for the borrower.
Maslow Capital SafSon La Ermita del Santo Shopping Centre €30 The bridging loan will support the redevelopment of La Ermita del Santo Shopping Centre into a high-quality mixed-use residential project.
Investec The James coliving scheme in Birmingham £17 (€29) The loan funds the development of a 150-unit co-living scheme in Birmingham city centre.
Helaba and Berlin Hyp Aurelis Real Estate Emma portfolio NA The original facility, which has a volume in the mid triple-digit million range, has been extended ahead of schedule until November 2030.
BayernLB, HypoVereinsbank/UniCredit and Stadtsparkasse Augsburg RH Group and Competo Capital Partners Go For It office development in Munich NA The office campus, divided into four buildings with a total of 38,000 m2, will be completed by 2027.

 

Funds on the market   
Firm Fund Strategy Details
Blackstone Blackstone Real Estate Debt Strategies V Investing worldwide in different fields, including global loans, liquid securities, structured solutions for financial institutions and corporate credit. The fund attracted commitments worth $8bn.
PineBridge Benson Elliot Benson Elliot Real Estate Partners VI Investing in European real estate with a value-add strategy. The €500m capital raised for Benson Elliot Real Estate Partners VI gives the fund an expected €1.25bn in investment firepower with the use of leverage.

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